"27 January 2019" Archive

Raw Marks & Scaling Records of CA Exam may be given under RTI

Rajat Kumar Mehra Vs CPIO, ICAI (CIC Delhi)

Rajat Kumar Mehra Vs CPIO (CIC Delhi) The Commission, after hearing the submissions of both the parties and perusing the records, observes that the appellant has sought his raw marks and scaling record. However, the CPIO vide letter dated 28.07.2017 incorrectly denied the information under Section 8(1)(j) of the RTI Act stating that the a...

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Posted Under: Corporate Law |

Penalty U/s. 271(1)(c) cannot be imposed for non deduction of TDS

Netambit Value First Services (P) Ltd. Vs DCIT (ITAT Delhi)

Merely because assessee-company had claimed deduction of expenditure without deducting TDS on interest payment, which was not accepted by Revenue, by itself, would not attract the levy of penalty....

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CESTAT upholds Penalty on CHA Company & Director for not following KYC Norms

HLPL Global Logistics Pvt. Ltd. Vs CC, New Delhi (CESTAT Delhi)

HLPL Global Logistics Pvt. Ltd. Vs CC, New Delhi (CESTAT Delhi) We are in agreement with the finding of the ld. Adjudicating authority that CHA helps not properly verified the functioning of the client from at the declared address by using reliable independent and authenticate documents. This was a serious lapse on part of the […]...

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Allowability of Depreciation on assets leased out

TATA Moters Ltd. Vs DCIT (ITAT Mumbsi)

Where assessee was a rightful owner of leased assets and lessees had confirmed the ownership of assets, and they had not claimed depreciation in their books of account for purchase and lease of assets, assessee was duly entitled to depreciation on such assets....

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No Penalty on Additional surrendered Income if no specific query was raised by search party

DCIT Vs Pradeep Aggarwal (ITAT Delhi)

DCIT Vs Pradeep Aggarwal (ITAT Delhi) Since the assessee in the instant case has surrendered additional income and paid the taxes due thereon and no specific query was raised by the search party at the time of search to substantiate the manner of earning such income, therefore, following the decision of the Hon’ble Gujarat High [&hellip...

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Mere Sharp share price movement not enough to infer that assessee manipulated share price

Arun Kumar Vs ACIT (ITAT Delhi)

Arun Kumar Vs ACIT (ITAT Delhi) The ld AO has not brought any evidence on record to show that these agencies have alleged any stock manipulation against the assessee and or the brokers and or the Company. In absence of any evidences it cannot be said that merely because the stock price moved sharply, the […]...

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Date of possession can be taken as Date of Acquisition to claim S. 54 Benefit

Smt. Ranjana R. Deshmukh Vs ITO (ITAT Mumbai)

Smt. Ranjana R. Deshmukh Vs ITO (ITAT Mumbai) Admittedly, though the assessee had entered into an agreement to purchase the new property viz. A-801, Lodha Luxuria on 29.01.2009, but then the possession of the same was delivered to her only as on 18.05.2012. We are persuaded to subscribe to the claim of the ld. A.R […]...

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Trade Advances in the course of business cannot be termed as deemed dividend

Nutan Malpani, Vs Asst. Commissioner of Income Tax (ITAT Hyderabad)

Nutan Malpani Vs ACIT (ITAT Hyderabad) We noticed that when the assessee is having a regular business connection with the company and in that process, assessee receives or pays certain advances, they can be considered as ‘trade advances’ and not otherwise. In the given case, certain transactions which were treated by the Assessing Off...

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HC explains ‘application of income’ vs. ‘diversion of income by overriding title’

PCIT Vs M/s. Chamundi Winery and Distillery (Karnataka High Court)

PCIT Vs M/s. Chamundi Winery and Distillery (Karnataka High Court)  It is clear that the Courts and the Tax Authorities can look into the real purpose of the commercial arrangements and transactions to reach the truth and the transactions having the sole purpose of tax avoidance may be held to be having no effect on […]...

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Gujarat HC revokes CBIC Circular & extends GST exemption to DISCOM’s ancillary services

The recent ruling of Gujarat High Court (HC) Torrent Power Ltd. v. Union of India, strikes down paragraph 4(1) of Circular No. 34/8/2018-GST dated 1 March 2018 as being ultra vires to the provisions of CGST Act and exemption notification No. 12/2017-Central tax (Rate), dated 28 June 2017. On 1 March 2018, CBIC issued Circular […]...

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Posted Under: Corporate Law |