"04 April 2018" Archive

Strict action against if Movement of goods without generating e-way bill

No- JC/BCP/e way bill /2018-19/B-553 04/04/2018

It may be brought to the attention of all concerned that those unauthorisedly causing movement of goods, without generating e-way bill, wherever due, will be liable for strict action from the Department. Hence, I take this opportunity to remind everyone to adhere to the e-way bill rules and generate e-way bill wherever due, while causing ...

Capital gain assessable in the hands of legal heirs who inherited the land and shared sale consideration

Sushila Devi Meena Vs ITO (ITAT Jaipur)

Capital gain to be assessed in the hands of all the legal heirs who have inherited the land and also shared the sale consideration. Cost of acquisition has to be determined by considering relevant provisions of the Act as well as the fair market value of the land as on 01.04.1981....

Input service credit not allowable on Insurance of family members of the employees

Mercedes Benz India Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Mumbai)

The input service credit on insurance is denied on the ground that these insurance has been taken for the family members of the employees which is in nature of perquisites. I do agree with the finding of the lower appellate authority as the insurance of family members of the employees has no concern with the business of manufacturing of t...

Deductions U/s 80G for Donation

Contributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the Income Tax Act. All donations are not eligible for deduction under section 80G. Only donations made to prescribed funds qualify as a deduction....

A claim of creditor cannot be said to be barred by limitation if acknowledged by the debtor

Commissioner Of Income Tax Del Vs. M/S Banaras House Ltd. (Delhi High Court)

A division bench of the Delhi HC comprising Justice Sanjiv Khanna and Justice Chander Shekhar denied the dis allowance made in case of old creditors under section 40(1) of the Income Tax Act. ...

Builder to pay tax based on completion stage if significant risk and reward are transferred to buyer

M/s. A.N. Build well Pvt. Ltd. Vs. DCIT (ITAT Delhi)

In the case of M/s. A.N. Build well Pvt. Ltd Vs. DCIT, the ITAT Delhi bench comprising Amit Shukla (JM) and SH. O.P. Kant (AM) was held that if the significant risk and reward are transferred to the buyer, the amount received from the buyer to the extent of the stage of completion of the project has accrued to the Assessee- Builder and it...

CESTAT is not proper Appellate Forum for Dispute of Rebate Claim

Shree Rajasthan Syntex Ltd. Vs Union of India (Rajasthan High Court)

That the present writ petition may kindly be allowed and the impugned order dated 1010.2017 (Annex.13) passed by the Respondent No.4, impugned Order-in-Original dated 31.3.2005 (Annex.9) and impugned order – in – Appeal dated. 12.8.2015 (Annex.10) may kindly be quashed and set aside...

Addition U/s. 68 justified if Genuineness & creditworthiness of donor not proved

Kailash A. Kothari Vs ITO (ITAT Mumbai)

Kailash A. Kothari Vs ITO (ITAT Mumbai) Learned departmental representative submitted that it is abundantly clear that the said donor has no capacity to give the said gift. He submitted that in absence of the cogency of the capacity, mere declaration of gift cannot be accepted as sufficient. He further submitted that the bank statement [&...

In Absence of service of notice U/s. 143(2) assessment order passed by AO is not sustainable

Vikas Asopa Vs ITO (ITAT Delhi)

Both appeals by assessee are directed against the different orders of the learned Commissioner (Appeals)-12, New Delhi, dated 28-2-2017 for assessment year 2011-2012, challenging the addition on merit as well as levy of penalty under section 271(1)(c) of the Income Tax Act, 1961....

No TDS on interest on compensation under Motor Vehicles Act, 1988

The New India Assurance Co. Ltd. Vs Savitri Devi (Punjab and Haryana High Court)

Impugned in the present revision petitions are the different orders passed by Motor Accident Claims Tribunal, Bathinda, whereby the J.D.-Insurance Company was directed to deposit within 15 days the TDS amount, which has been deducted at source. The J.D. was given liberty to withdraw the TDS amount from Income Tax Department....

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