"08 April 2018" Archive

No Disallowance U/s. 14A on strategic investments out of Commercial expediency

Dy. CIT Vs. Alpha G. Corp Development Ltd. (ITAT Delhi)

Where assessee had made investment in subsidiary companies not to earn tax free income but out of commercial expediency, no dis allowance under section 14A was called for....

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Summary of clarifications issued by CBIC on issues related to GST on Job Work

The content of the article is based on Circular No.38/12/2018 dated 26th Mar’18. Various issues with respect to job work have been clarified by this circular. Summary of this circular has been prepared....

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Posted Under: Income Tax |

GST: Participate in the movement against profiteering

Under GST suppliers of goods and services must pass on any reduction in tho rate of tax or tho benefit of Input Tax Credit to consumers by way of commensurate reduction in prices. If this is not done. the consumers Interest is protected by the National Anti-profiteering Authority, which may order :...

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Posted Under: Income Tax |

Rule 8D of Income Tax Rules is Prospective & cannot be applied to AY prior to 2008-09

Commissioner of Income Tax Vs M/s Essar Telehoding Ltd. (Supreme Court of India)

CIT Vs M/s Essar Telehoding Ltd. (Supreme Court of India) Applying the principles of statutory interpretation for interpreting retrospectivity of a fiscal statute and looking into the nature and purpose of sub­section (2) and sub­section (3) of Section 14A as well as purpose and intent of Rule 8D coupled with the explanatory notes in th...

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SSI exemption benefit cannot be denied on use of assigned brand name

M/s. Kusum Industries Shri Mithlesh Mathur Vs Commissioner of Central Excise & ST (CESTAT Delhi)

As the appellant is using the brand name of another person but it was by way of assignment deed. In that circumstances, the appellant is not using the brand name of another person but they are using their own brand name as assigned to them. In that circumstance, benefit of SSI exemption Notification No. 08/2003-CE dated 01.03.2003 cannot ...

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Charging of interest U/s. 234B(1) in regular assessment not necessary for charging interest U/s. 234B(3)

The Commissioner of Income-tax Vs M/s. Baby Marine Exports (Kerala High Court)

CIT Vs M/s. Baby Marine Exports (Kerala High Court) If the regular assessment was upheld finally and there was a reassessment and re-computation of total income, the assessee would have been liable to pay advance tax to that extent also, on which, an interest would be levied under Section 234B(3). It is been held that […]...

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No penalty on income on which tax been paid before notice U/s. 148 & disclosed later

Prabhjit Singh Sidhu Vs. Asst. DIT (International Taxation) (ITAT Chandigarh)

Prabhjit Singh Sidhu Vs. Asst. DIT (International Taxation) (ITAT Chandigarh) The facts before us also demonstrate that the disclosure in the return of income filed under section 148 of the Act was voluntary and before detection of the same by the Revenue. The payment of taxes on the said income two months prior to issue […]...

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Family Name use not amounts to use of Brand Name of 3rd Parties

M/s Rastogi Furnishers & Decorators P. Ltd. Vs. CCE (CESTAT Delhi)

M/s Rastogi Furnishers & Decorators P. Ltd. Vs. CCE (CESTAT Delhi) Aaffixing the family name or brand name in the letter head does not amount to the use of brand name of third parties. In the instant case, there is no third party who owns the brand name of ‘Rastogi‘. The Department has neither issued […]...

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ITAT cannot re-appreciate understanding of order passed

Procter & Gamble Home Products Pvt. Ltd. Vs. Income Tax Appellate Tribunal & Others (Bombay High Court)

The grievance of the Petitioner is that the impugned order dated 28th July, 2017 to the extent it allows the Revenue's application for rectification, is without jurisdiction. This is so as it amounts to review of its order dated 6th June, 2016 which had been passed in an appeal for Assessment Year 200405 after due consideration of the ve...

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Important Due Dates in Goods & Service Tax

Articles compiles due date of GSTR-3B For the March, 2018,GSTR-6 for July 17 – April 18,GSTR-5A for March 2018, GSTR-5 for March 2018,GSTR-4 for the quarter of Jan-Mar, 2018,GSTR-1 for the quarter of Jan-Mar, 2018,GSTR-1 For the Month of March 2018, GSTR-1 For the Month of February 2018, RFD-10 for July 2017 to September 2017, [&hel...

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Posted Under: Income Tax |

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