During the course of assessment proceedings the Income Tax Officer has raised certain queries with regard to deductions, which were replied by the assessee and the in the assessment order in paragraph no.4.1 the Assessing Officer has dealt with the question of grant of deduction and has allowed deductions. In our opinion, the reasons given for reopening the assessment and the notice issued under section 148 of the Act is nothing, but a change of opinion. It is not the case of escape assessment as nothing was concealed by the assessee nor he has failed to furnish the material relevant to the assessment year before the Assessing Officer. For the aforesaid reasons, notice issued under section 148 of the Act deserves to be quashed.
From the documents on record, it can be seen that part of the penalty was confirmed by the CIT(Appeals). However, with respect to the rest, the same was deleted. The Tribunal concurred with such view of CIT (Appeals). Several additions were struck down in the assessment proceeding itself and were sent for reconsideration. With respect to disallowance of deduction under section 80IA of the Act, the authorities held that the claim cannot be stated to be a wrong claim. Relying on the decision in the case of CIT v. Reliance Petroproducts (P.) Ltd. [2010] 322 ITR 158, such penalty was deleted.
We do not find substance in the submission of the Respondent-Revenue that there is no requirement to offer a personal hearing as the same was not asked for by the Petitioner. This court in the matter of Sahara Hospitality (supra) has held that it is mandatory wherever it is possible to do so on the part of the Revenue to grant a personal hearing before passing an order under Section 127(2) of the Act. Thus merely because the Petitioner had not specifically asked for a personal hearing it will not absolve the revenue of its obligation to ordinarily grant such a hearing.
Input services used in manufacture of exempted intermediate product is eligible for credit, if such intermediate product is used in manufacture of dutiable final product In the present case, ONGC is a manufacturer both of dutiable and exempted products. Crude oil as well as natural gases are exempted products. The Tribunal has held against the Appellant in regard to its entitlement to avail of input service on the ground that crude oil at Mumbai Offshore is in itself a saleable commodity since it is transferred or sold in part to other purchasers at Mumbai Offshore.
The Central Board of Excise and Customs has clarified that the activity of providing pandal and shamiana along with erection thereof and other incidental activities is a declared service [section 66E(f)] liable to service tax and not deemed sale involving “transfer of right to use goods”. The Board has explained that such an activity is […]
Given Below is the list of Income Tax Officers transferred by virtue of Annual Transfer of Income Tax Officers from Pune, Thane, Satara, Nashik, Dhule, Kalyan, Palghar, Ahmednagar, Kolhapur, Sangli, Satara, Ratnagiri, Ichalkaranji, Aurangabad, Jalgaon, Nanded, Parbhani, Beed, Panvel Under the Charge of CCIT/ DGIT (Inv.) Pune, Thane and Nashik. Download List in PDF Format […]
An Agreement (DTAA) and Protocol Signed Between India and Malta for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion With Respect to Taxes on Income The Double Taxation Avoidance Agreement (DTAA) and the Protocol between the Republic of India and Malta for the avoidance of double taxation and for the prevention of […]
No security would be required to be furnished by such dealers, who apply online for registration with the Department up to the 30th of June, 2013. However, the dealers, who apply for registration manually, shall furnish the prescribed security, in the usual manner.
The recovery of the demand on these three heads has to be stayed in view of a strong prima facie case being made out. The balance due and payable by the assessee would work out to Rs.159.49 crores. The assessee has under cover of its letter dated 28 March 2013 paid an amount of Rs.100 crores under protest.
1. These Regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2013. 2. They shall come into force on the date of their publication in the Official Gazette.
