ser Archive - 15 September 2018

"15 September 2018" Archive

HC on filing of Transfer Pricing Appeals in ritualistic manner

Pr. CIT Vs Barclays Technology Centre India  Private Ltd. (Bombay High Court)

Any inclusion or exclusion of comparables per se cannot be treated as a question of law unless it is demonstrated to the Court that the Tribunal or any other lower authority took into account irrelevant consideration or excluded relevant factors in the ALP determination that impact significantly....

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ICAI invites Suggestions on evaluation of examination answer books system

The Group formed to review the evaluation of examination answer book system invites Suggestion/ Feedback of the CA students on the evaluation of examination answer books system through the following link:-...

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Posted Under: Income Tax |

Deemed dividend provisions not applicable if Assessee is neither registered nor beneficial shareholder of payer company

DCIT Vs M/s. Gilbarco Veeder Root India Pvt. Ltd. (ITAT Mumbai)

DCIT  Vs Gilbarco Veeder Root India Pvt. Ltd (ITAT Mumbai) The appellant before us is a company which has received a sum of Rs.90 crores from other concern, i.e. Portescap. The assessee-company as well as the other concern, i.e. Portescap, have common shareholders inasmuch as the entire shareholding of the assessee-company as well as tha...

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Duration of 12 months specified to constitute a PE is activity specific

Bellsea Ltd. Vs ADIT International Taxation (ITAT Delhi)

Onus is heavily upon the revenue to establish that that assessee's activity had crossed the threshold period of 12 months and hence constitutes PE in India in terms of Article 5(2)(g) so as to tax the receipts in India as per Article 7....

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Deduction under section 54F on Multiple flats received under JDA

Mrs. S. Suma Vs The Income Tax Officer (ITAT Bangalore)

As far as the deduction u/s. 54F of the Act on the question whether if under a JDA multiple flats are given to the owner whether deduction u/s.54F of the Act can be given, the decision of the Hon’ble High Court of Karnataka and the other decision cited before us supports the plea of the […]...

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TDS U/s. 194H applicable on Discount on prepaid products offered to distributors by telecom service provider

Tata Teleservices Ltd. Vs ITO (ITAT Delhi)

Discount on prepaid products offered to distributors by assessee engaged in telecom services was in the nature of commission which did attract of section 194H....

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No Service Tax on Transportation of effluents under GTA Services

Oil and Natural Gas Corporation Ltd.  Vs Commissioner of Central Excise & Service Tax (CESTAT Chennai)

transportation of effluents cannot be treated as transportation of ‚goods‛ and hence there cannot be any service tax liability under ‘Goods Transport Agency’ as defined in Section 65 (150b) of the Finance Act, 1994. This being so, the tax liability of Rs.1 1,24,258/- and the penalty imposed thereof cannot sustain and are set aside...

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Form GSTR– 9 – Annual Return for Normal Taxpayer

The Central Board of Indirect Taxes and Customs, vide notification no. 39/2018 – Central Tax dated 4th September, 2018, has notified the format of annual return for the normal taxpayer in FORM GSTR – 9. The significant point to be noted here is that since the Goods and Service Tax was introduced in India on […]...

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Posted Under: Income Tax |

Trust cannot be treated as NBFC to pay service tax on Banking & Financial Services

M/s. Mahasemam Trust Vs The Commissioner of Central Excise (CESTAT Chennai)

M/s. Mahasemam Trust Vs Commissioner of Central Excise (CESTAT Chennai) There is no dispute, that appellants are a Registered Charitable Trust. There is also no allegation that they have been approved to function as a bank or even as a non-banking institution by the R.B.I. This being so, they cannot be termed as a “Banking […]...

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ICMAI increases minimum stipend for Practical Training

Institute Of Cost Accountants Of India Revises Minimum Stipend for the Practical Training from Corporate/Organization effective from 1st October, 2018 onwards vide Circular Ref. No.: DOS/8/09/2018-19   September 10, 2018 Revision in Minimum Stipend for the Practical Training from Corporate/Organization As approved by the Council in its ...

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Posted Under: Income Tax |