Since the income of CGS International and Marble Arts & Crafts can only be classified under Article 14 or Article 22 of the DTAA – both of which provide that the income shall be taxable in the State of residence (UAE)–the issue as to whether the services provided by the two UAE entities fall within the scope of professional services under Article 14 is irrelevant to the outcome of this case.
Permission/denial by the RBI to register an assessee as NBFC does not decide the issue of carrying of business or make the business illegal. We hold that the interest income earned by the assessee has to be taxed under the head business income and all the expenses related with it have to be allowed.
The Assessee contented that the so-called vend fee in the present case is nothing but a consensual arrangement by which ultimately machinery and equipment used by sugar mills which were very old and which require urgent repair / replacement could be so repaired or replaced.
Once the registration u/s 12AA granted to trust and the activities of the trust are genuine and as per object of the trust, CIT or any other authority empowered in this behalf cannot cancel registration on ground of involvement of trust in any activity other than charitable purpose.
There is undoubtedly no material available to even remotely reflect that consideration over and above what was shown to be paid in the registered sale deed of the said property was made over to the seller. In these circumstances, it was not fair in the first place to refer the said property for estimation of its market value by DVO.
In the recent judgment of the Hon’ble jurisdictional High Court in the case of Madhukar Khosla vs. ACIT (supra), the Hon’ble Court has held that ‘if there is no reason to believe that the income has escaped assessment based on new tangible material, then the reopening of assessment amounts to impermissible review’.
The assessee company is not the shareholder in M/s Precision Stock & Credit Pvt. Ltd. and received the amount from the said company in the course of ordinary business activities. Therefore, in view of ratio laid down by the Hon’ble Jurisdictional High Court in the aforesaid referred to case, the provisions of section 2(22)(e) of the Act were not applicable.
The assessee submitted that he produced following evidences before the AO to prove the identity and creditworthiness of Shri Vinod Kumar :- (i) Copy of Share Application received from Mr. Vinod Kumar (ii) Copy of Shares Certificate of shares Allotted to him (iii) Copy of confirmation received from him
LHO, BHUBANESWAR- INVITES APPLICATION FOR SELECTION AND EMPANELMENT OF CHARTERED ACCOUNTANT FIRMS FOR OUTSOURCING OF CONCURRENT AUDIT AT STATE BANK OF INDIA, BHUBANESWAR Start Date :11-JUN-2015 – Close Date :27-JUN-2015 1. State Bank of India: Overview State Bank India (“SBI” or “Bank”) a body corporate constituted under the State Bank of India Act, 1955 having […]
Mere cash deposit in the bank account of the creditor cannot be said that the creditor has no creditworthiness. Then by disagreeing by the other decisions the Hon’ble Tribunal held that in the present case, not even a notice was issued by the Assessing Officer to the creditors to examine and verify the case of the assessee regarding creditworthiness and identity of the creditors.
