"25 October 2022" Archive

Freight from transportation of cargo via feeder vessels covered under India-France Tax Treaty not taxable

CMA CGM SA C/o. CMA CGM Agencies (India) Private Limited Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that freight charges received from transportation of cargo through feeder vessels being part of shipping income in International Traffic is covered under Article–9(1) of the India–France Tax Treaty and hence not taxable in India....

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Interest on income tax refund not taxable in terms of India-Netherland DTAA

Koninklijke Philips N.V C/o Deloitte Touché Tohmatsu India Pvt. Ltd. Vs DCIT (ITAT Kolkata)

ITAT Kolkata held that interest on income tax refund is a ‘debt claim’ payable by the Revenue in terms of Article 12(3)(a) of the India-Italy Treaty and thus such interest is not taxable and no TDS ought to be done by the AO....

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Addition u/s 56(2)(vii)(b) sustained as immovable property received without consideration

ITO Vs Pramod A. Thakur (ITAT Pune)

ITAT Pune held that addition u/s 56(2)(vii)(b) of Income Tax Act sustainable as assessee failed to prove that the developer had agreed to share its developed area; which in turn, had come to the assessee from his father by way of nomination....

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Depreciation on windmill turbine available in year it is put to use

ACIT Vs Kansara Popatlal Tribhovandas Metal Pvt. Ltd. (ITAT Ahmedabad)

ITAT Ahmedabad held that as the additional evidence produced clearly indicates that company has put to use the windmill turbine in the year, depreciation on the same is available....

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Service tax not to be included in gross receipts for computing presumptive tax u/s 44BBA

ACIT Vs Cathay Pacific Airways Limited (ITAT Kolkata)

ITAT Kolkata held that service tax collected by the assessee on the amount paid to it for rendering the services is not to be included in the gross receipts for the purpose of computing the presumptive income of the assessee u/s. 44BBA of the Income Tax Act....

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Advisory on Filing TRAN forms for Taxpayers from Daman and Diu & Ladakh

Press Release No. 561 25/10/2022

Taxpayers of Daman and Diu & Ladakh are hereby informed that they can file or revise their TRAN-1 or TRAN-2 Forms only through their newly allotted GSTINs. Kindly do not use the old GSTIN for filing of TRAN forms....

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Swift Message vs Purpose codes

SWIFT mechanism Introduction Before 1990 money was used to transfer electronically through cable message service from one bank to another using ‘Telegraphic Transfer’ mode. But unfortunately, this was found not secured and in absence of automated system SWIFT was founded in 1973 to replace the telex or telegraphic transfer. It...

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Posted Under: Income Tax |

Section 263 order without appreciating facts in true perspective is not sustainable

R.P. Polypacks Pvt. Limited Vs DCIT (ITAT Kolkata)

R.P. Polypacks Pvt. Limited Vs DCIT (ITAT Kolkata) In brief, the issue according to the ld. Commissioner is that the assessee had made provision of Excise Duty, which was not an allowable expenditure and ld. Assessing Officer has erred in accepting this claim of the assessee in an assessment order passed under section 143(3) of […]...

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ITAT condone delay as notice & penalty order was not served on assessee

Dinesh Babu Saxena Vs ITO (ITAT Delhi)

Dinesh Babu Saxena Vs ITO (ITAT Delhi) As against the penalty order dated 30/09/2016, the assessee has preferred the Appeal before the CIT(A) with a delay of more than 12 months. It is the specific case of the assessee before the CIT(A) that the assessee has not received any notice u/s 271(1)(c) or the order […]...

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Clarification regarding pension to be taken for commutation after retirement

No.42/15/2022-P&PW(D)/3 25/10/2022

Doubts have been raised as to which pension i.e pension authorized at the time of retirement or the pension revised subsequently and payable at the time of application for commutation shall be allowed to be commuted....

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