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Penalty u/s 114 leviable on CHA for mis-declaring goods

June 17, 2022 1527 Views 0 comment Print

Behag Overseas Vs Commissioner of Customs (CESTAT Chennai) Misdeclaration of goods and attempt to export such goods is punishable under Section 114 of the Customs Act. A Customs House Agent, who is a party to the mis-declaration, is liable to pay penalty. Facts- On specific intelligence, it was alleged that red sanders log are being […]

56(2)(viib) applies to company, issuing shares at premium, where public are not substantially interested

June 17, 2022 3141 Views 0 comment Print

Dy.CIT Vs Sembcorp Energy India Limited (ITAT Hyderabad) Applicability of section 56(2)(viib) is only in a case where the shares are issued at a premium by a company in which public are not substantially interested. Facts- During the course of assessment proceedings, it was craved before AO that price at which the shares were issued […]

Time limit u/s 11B doesn’t apply to refund of mistakenly paid tax

June 17, 2022 1350 Views 0 comment Print

Rattanindia Power Ltd. Vs Commissioner of Customs (CESTAT Delhi) Section 11B doesn’t apply to refunds pertains to an amount paid under mistake without any liability. Facts- That appellant is registered under service tax and are engaged in distribution of electricity during the period from July 2012 to June 2017. The appellant had paid service tax […]

Addition u/s 68 sustained for LTCG exemption from bogus co. share

June 17, 2022 897 Views 0 comment Print

Zeeshan Azizmohmed Shaikh Vs ITO (ITAT Mumbai) Both SEBI and BSE corroborated the fact that Kailash Auto Finance Ltd was not a genuine company – LTCG exemption u/s 10(38) denied – addition u/s 68 sustained Facts- The assessee is an individual and is engaged in the business of trading in paper. The assessee filed its […]

Trust being revocable trust, income to be taxed in beneficiaries

June 17, 2022 2046 Views 0 comment Print

Arcil CPS 002 XIII Trust Vs ITO (ITAT Mumbai) Assessee trust is a Revocable Trust and contribution by beneficiaries is a revocable transfer. Hence, the income shall be taxed in the hands of the beneficiaries. Facts- The assessee is an AOP in the nature of trust in the business of securitization of debts and processing […]

Belated employee’s cont. to PF/ ESI made before return due date, disallowance unjustified

June 17, 2022 1194 Views 0 comment Print

J & K Tourism Development Corporation Ltd. Vs ACIT (ITAT Amritsar) No disallowance can be made that the payment to the employee’s contribution to PF and ESI paid by the assessee before the due date of filing of return of income u/s. 139(1). Accordingly, we hold that no disallowance can be made in the assessment […]

Addition untenable as no incriminating material found during search

June 17, 2022 303 Views 0 comment Print

Paramount Probuild Pvt. Ltd. Vs DCIT (ITAT Delhi) Held that when there is no incriminating material was unearthed during the course of search in respect of an issue, then no addition in respect of such an issue can be made in the assessment u/s 153A & 153C of the Act. Facts- The assessee Company is […]

Cash system vis-à-vis TDS credit adjustable in the year of receipt

June 17, 2022 1506 Views 0 comment Print

Chirag M. Shah Vs ITO (ITAT Ahmedabad) It is observed that it is crystal clear that there are provisions under the IT Act; namely, section 199 of the IT Act, 1961 and Rule 37BA of the IT Rules, 1962 and the proper mechanism is also provided under the Act and Rules. Thus, respectfully following the […]

Export incentives deductible u/s 80IB(11A)

June 17, 2022 3972 Views 0 comment Print

Nekkanti Sea Foods Limited Vs PCIT (ITAT Visakhapatnam) That the export entitlements (MEIS) and the duty drawback of promotion scheme is an income asssessable under the head “profits or gains from business or profession” accordingly, eligible for deduction u/s 80IB(11A). Facts- The assessee is engaged in the business of export of frozen shrimp and other […]

Mark-2-Market loss on foreign exchange derivative allowed

June 16, 2022 2100 Views 0 comment Print

Held that M2M loss on SWAP contract was allowable where loans were converted into foreign currency loan to take benefit of low interest rate and loss recognized on account of foreign exchange fluctuation as per notified Accounting Standard 11 was an accrued and subsisting liability and not merely a contingent or hypothetical liability.

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