"14 September 2019" Archive

Document not found during search on assessee cannot be subject matter for addition -section 153A

DCIT Vs Vikas Jain (ITAT Delhi)

DCIT Vs Vikas Jain (ITAT Delhi) Apparently, it appears that the seized document was found at a place other than the place where the search on the assessee has been carried out. Thus, in these circumstances, it cannot be said that this document was found in possession or control of the assessee. If that be […]...

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No exemption U/s. 10(23C)(vi) if Educational institution not exists solely for education

Sutlej Educational Charitable Trust Vs CIT (E) (ITAT Amritsar)

Sutlej Educational Charitable Trust Vs CIT (E) (ITAT Amritsar) The only issue, thus, that survives is that the funds (or income) of the educational institution are (or, is) not to be utilized by the assessee-trust, owning and managing it, for any other (non-educational) object/purpose, which, as afore-noted, there are several (also refer ...

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No penalty for cash receipt and repayment of same due to business exigency

CIT Vs Shri.T.Perumal (Madras High Court)

CIT Vs Shri. T. Perumal (Madras High Court) Here is a case where the loan taken from friends and repayment of the same in cash. The reason that taking of loan is found to be genuine and the same is for business exigency, it is not a case of undisclosed income. If the assessee had […]...

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Section 12AA registration cannot be denied merely because assessee claimed exemption u/s 10(23C)

CIT (E) Vs M/s Beant College of Engineering & Technology (Punjab and Haryana High Court)

CIT (E) Vs M/s Beant College of Engineering & Technology (Punjab and Haryana High Court) The Tribunal while dealing with the objection of the CIT(E) that the assessee had been claiming exemption under Section 10(23C)(iiiad) of the Act and, therefore, should not have filed the application under Section 12AA of the Act, had noticed that...

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Anti-dumping duty on imports of Electrical Insulators from China

Notification No. 37/2019-Customs (ADD) (14/09/2019)

Notification No. 37/2019-Customs (ADD)- Seeks to impose the definitive anti-dumping duty on the imports of Electrical Insulators originating in, or/and exported from China PR GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 37/2019-Customs (ADD) New Delhi, the 14th September, 2019 G.S.R.657(E). – Whe...

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Seeks to rescind notification No. 11/2015-Customs (ADD) dated 11th April, 2015

Notification No. 36/2019-Customs (ADD) (14/09/2019)

Seeks to rescind notification No. 11/2015-Customs (ADD) dated 11th April, 2015 vide Notification No. 36/2019-Customs (ADD) dated 14th September, 2019 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 36/2019-Customs (ADD) New Delhi, the 14th September, 2019 G.S.R.656(E).-In exercise of the powers conferred...

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Retrospective amendment in section 9(1)(vi) cannot override India-Ireland DTAA

Ixia Technologies International Ltd. Vs ACIT(IT) (ITAT Kolkata)

Ixia Technologies International Ltd. Vs ACIT(IT) (ITAT Kolkata) Since assessee`s case is covered by beneficial provisions of the India-Ireland DTAA, hence the retrospective amendment made in the provisions of section 9(1)(vi) of the Act, which provides that royalty would include consideration for transfer of all or any rights in respect o...

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All About Income Tax E-Assessment Scheme 2019

The CBDT on 12th September 2019, notified the much talked about e-assessment procedure vide Notification no. 61/2019. The stakes were high, as it was expected to reduce the red-tapism in the country, during an assessment proceeding. This notification was quickly followed up by another notification vide 62/2019, giving effect to the Income...

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Posted Under: Income Tax |

The growth of collective redress (class action suits) in Europe

The concept of class action was introduced in India under the Companies Act, 2013. But this article analyses the same under the heading “collective redress” on the basis of” European Commission’s 2013 Recommendation on Collective Redress” in Europe. In a lay man’s language, the class suit is initiated by an individual or a sma...

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Posted Under: Income Tax |