"January, 2019" Archive - Page 30

Service tax does not form part of gross receipts for computation U/s. 44BB

DDIT Vs weatherford Oil Tools (ME) Ltd. (ITAT Delhi)

Dy. DIT (IT) Vs weatherford Oil Tools (ME) Ltd. (ITAT Delhi) On Issue relating to the service tax, learned AR placed reliance on the decision of the Hon’ble Jurisdiction High Court in the case of CIT vs Mitchell Drilling International P. Ltd. 380 ITR 130 in support of his contention that the service-tax being statutory […]...

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Addition for capital contributed by partner in assessee firm not justified

Shri Gems Vs ITO (ITAT Delhi)

If AO was not satisfied regarding transaction relating to the cash deposited by partner whose identity was not in doubt and assessee had furnished all the relevant documents, then addition could have been made in the hands of said partner and not in the hands of the assessee....

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News of mass prosecution notices for small TDS default is completely misleading: CBDT

Central Board of Direct Taxes (CBDT) today said that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies. CBDT clarified that Mumbai Income Tax TDS office has issued prosecution show cause notices...

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Gain on Sale of Mutual Fund is Capital Gain: ITAT Delhi

ACIT Vs Sunil Bakht (ITAT Delhi)

ACIT Vs Sunil Bakht (ITAT Delhi) The holding period of the assessee is minimum of 72 days and maximum of 186 days in the four schemes. The assessee contended before the ld CIT(A) that these are the only four transactions during the year. Magnitude of the investment coupled with the volume is also not much. […]...

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TDS not deductible on payments of Roaming Charges

Ms Idea Cellular Ltd. Vs  ACIT (ITAT Delhi)

M/s Idea Cellular Ltd. Vs  ACIT (ITAT Delhi) In the absence of any human intervention during the actual roaming process, payment would not be fee for technical services and cannot be regarded as payments to Section 194J are applicable. FULL TEXT OF THE ITAT JUDGMENT Challenging the order dated 18.3.2015 passed by the learned Commissione...

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Appointment of Special auditor U/s. 142(2A) at fag-end of expiry of limitation is illegal

M/s. Unitech Limited Vs DCIT (ITAT Delhi)

Where special auditor was appointed under section 142(2A) at fag-end of expiry of limitation to pass assessment order and for sole purpose of extending limitation period for assessment order, i.e., just before 23 days in expiry limitation under section 153(1) such appointment was illegal and invalid therefore, to be quashed....

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IRDAI (Insurance Brokers) (First Amendment) Regulations, 2018

Notification No. IRDAI/Reg/2/153/2019 21/01/2019

These Regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Brokers) (First Amendment) Regulations, 2018....

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TDS not deductible on by-product retained by millers, as same was not passed on as Milling Charges

ITO (TDS) Vs. M/s Punjab State Warehousing Corporation (ITAT Chandigarh)

ITO (TDS) Vs. M/s Punjab State Warehousing Corporation (ITAT Chandigarh) The main contention of the Department is that by-product retained by the millers have considerable market value and further that a sum of Rs. 15/- paid as ‘milling charges’ is a nominal cost which is insufficient to meet even the actual cost of services rendered ...

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Fema: Reg. opening of project office relating to defence sector in India

Notification No. FEMA 22 (R)/(2)/2019-RB 21/01/2019

In the case of proposal for opening a project office relating to defence sector, no separate reference or approval of Government of India shall be required if the said non-resident applicant has been awarded a contract by/entered into an agreement with the Ministry of Defence or Service Headquarters or Defence Public Sector Undertakings....

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Non-Operation of a Centralised System not an Excuse to delay Service Tax Payment & avoid penalty

Meinhardt Singapore PTE. Ltd. Vs Commissioner of Service Tax (Delhi High Court)

Meinhardt Singapore PTE. Ltd. Vs Commissioner of Service Tax (Delhi High Court) Whatever be the constraint, the assessee was faced with, it was duty bound to remit amounts collected by it towards service tax, in a planned manner, and as required by law. The deposit belatedly, by it, on the ground that the amounts were […]...

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