"06 March 2020" Archive

Object clause alone cannot be a basis to determine head of income

MLC Properties LLP Vs DCIT (ITAT Bangalore)

The issue under consideration is whether the rental income earned by the assessee is taxable under the head "Income from House Property" as claimed by the assessee in the return of income or under the head "Income from Business" as held by the AO in the assessment order....

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No contravention of EXIM Policy in case finished goods after job work cleared to DTA

Commissioner of Central Excise Vs Universal Ferro & Allied Chemicals Ltd. (Supreme Court)

Commissioner of Central Excise Vs Universal Ferro & Allied Chemicals Ltd. (Supreme Court of India) Conclusion: Since in the transaction between the UFAC and TISCO, there was no transfer of property in goods to the UFAC and, as such, it could not be considered to be a sale under section 4 of the Sale of […]...

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Power to conduct Service Tax Audit Upheld by Delhi High Court

Aargus Global Logistics Pvt. Ltd. vs. Union of India & Anr. (Delhi High Court)

Delhi High Court  after hearing detailed arguments  dismissed the Writ Petition filed by the Petitioner and has held that Section 174(2)(e) of the CGST Act, 2017 specifically empowers the authorities to institute any investigation, inquiry, verification, assessment proceedings, adjudication, etc. under Rule 5A of the Service Tax Rules....

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ICAI obliged to specify reasons for closure of misconduct case to Complainant

Trideep Raj Bhandari Vs ICAI (Delhi High Court)

ICAI was under an obligation to provide reasons to the complainant for its prima facie conclusion of the Chartered Accountant being member not guilty of any misconduct on the complaint made by a Complainant. ...

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HC criticises AO for delaying refunds for window dressing of revenue collection

Huawei Telecommunications (India) Company Private Limited Vs Union of India and others (Punjab and Haryana High Court)

Huawei Telecommunications (India) Company Private Limited Vs Union of India and others (Punjab and Haryana High Court) he note of approval of the Principal Commissioner was also perused by us, the only reason mentioned was that there was an amount outstanding of Rs. 5 crores odd against the petitioner and for the said reason, the [&hellip...

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Filing of forms in Registry MCA-21 by IRP or RP or Liquidator- MCA clarifies

General Circular No. 08/2020 06/03/2020

Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional) (IRP) or Resolution Professional (RP) or Liquidator) appointed under Insolvency Bankruptcy Code, 2016 (IBC), 2016 MINISTRY OF CORPORATE AFFAIRS vide General Circular No. 08/2020 dated 06.03.2020, has issued clarification for statutory...

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No attachment of property acquired prior to commission of criminal or PMLA offence

Seema Garg Vs Deputy Director, Directorate of Enforcement (PMLA) (Punjab and Haryana HC)

Where property acquired could not be attached prior to the commission of a scheduled offence such as criminal offence or introduction of Prevention of Money Laundering Act (PMLA) unless the property obtained from the offence was held or taken outside the country....

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Applicability of Tax Audit under Income Tax for Assessment Year 2020-21

​In this article we tried to clear confusion for TAX AUDIT APPLICABILITY from AY 2020-21. Hope you all find it useful, Please give your valuable feedback. & do lt me know if any error. Thanks in advance. The finance Bill, 2020 has brought a major amendment to section 44AB of Income Tax Act, 1961. Moreover, […]...

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Posted Under: Income Tax |

Income from cloud services was neither taxable as ‘Royalty’ nor as ‘fees for included services’

Rackspace, US INC Vs DCIT (ITAT Mumbai)

Income from cloud services was neither taxable as 'royalty' nor as 'fees for included services' as the customers did not operate the equipment or have physical access to or control over the equipment used by the assessee to provide cloud support services and did not make available technical knowledge, experience, skill, know-how etc....

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Benefit of exemption u/s 11 cannot be denied in case of deemed registration u/s 12A

The Bengal Chamber of Commerce & Industry Vs Income-tax Officer (ITAT Kolkata)

Order under section 143(1) denying benefit of exemption under section 11 in case of granting of deemed registration by CIT after expiry of time limit of six months was contrary to the legal principles and thus, rejection of assessee’s application for rectification under section 154 was invalid....

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