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Matter restored for AO’s disallowance which was not in terms with section 115JB for fresh verification

April 12, 2024 279 Views 0 comment Print

Tribunal restored the matter of AO’s disallowance, which was deemed inconsistent with Section 115JB by directing assessee’s claim of deduction for computing book profit under Section 115JB required fresh verification in the light of the Chart furnished by assessee, which had been reproduced in the order.

ITAT allowed additional depreciation claim of Rs. 49.5 cr notwithstanding Authorities failed to appreciate Amended Provision of S. 36(1) (iia)

April 12, 2024 276 Views 0 comment Print

Tribunal allowed a claim of Rs. 49.5 crore in the interest of Principle of Natural Justice after finding that the respective authorities failed to appreciate the amended provision of Section 36(1)(iia) of the Income Tax Act, 1961, resulting in the denial of an additional depreciation claim.

ITAT allowed expenditure incurred on Paintings as revenue deeming it essential for Business

April 8, 2024 342 Views 0 comment Print

Expenditure incurred on paintings was allowable as revenue expenditure deeming it essential for creating a conducive business environment and accordingly to be construed as expenditure wholly and exclusively incurred for the purpose of business of assessee.

GST & Excise Officer cannot adjudicate until SVLDRS discharge Certificate revoked by Designated Committee

April 4, 2024 153 Views 0 comment Print

Authority / power to revoke or cancel the Discharge Certificate on the premise that the material particulars furnished in the Discharge Certificate was false, lied with the exclusive jurisdiction of the Designated Committee.

TDS was correctly deducted by Hindustan Lever, rules Orissa HC in challenge by Works Contractor for ‘Wheel’, ‘Surf Excel’ and ‘Domex’ Production

April 4, 2024 198 Views 0 comment Print

Assessee-company had entered into a Purchasing Agreement with M/s. Hindustan Unilever Ltd. whose main business was manufacture and sale of detergents, etc.

An inquiry to be continued by Adjudicating Authority as per Notification dt. 27.9.2018 was in vogue and not under superseded notification

April 4, 2024 360 Views 0 comment Print

The contention of assessee-company that the person issuing the show cause notice i.e., Special Director was “the” Adjudicating Authority and all proceedings pursuant to the show cause notice issued by him should be continued and concluded by the person issuing the show cause notice and no other was rejected.

No reassessment for Client code modification on failure to prove malafide purpose of shifting profit  

April 3, 2024 180 Views 0 comment Print

Reassessment proceedings on the ground that assessee was one of the beneficiary of Client Code Modification (CCM) by some broker was quashed as there was no material to infer that such client code modification had been done with the malafide purpose of shifting  the profit or evasion of the tax.

No TDS on Sales Commission to Wholly-Owned Subsidiary under Section 40(a)(i)

April 3, 2024 231 Views 0 comment Print

TDS was not to be deducted on payments to Manthan Systems Inc. (MSI) for sales commission under section 40(a)(i) as services rendered to assessee by the said Manthan Systems Inc. was not falling within the ambit of FTS or under Article 12 of the treaty, assessee was not liable to deduct TDS on the payment made to the MSI.

CHA was not required to advise on Assessment aspect to Clients unless Solicited

March 27, 2024 267 Views 0 comment Print

When the EDI system itself permitted assessee to pay the cess using the scrip, there could not have been suppression of facts etc. Therefore, a penalty under Section 114A of the Act is unsustainable, especially when the duty demand was otherwise time-barred.

AO can invoke Section 154 for Glaring Mistakes in Assessment Orders

March 26, 2024 1905 Views 0 comment Print

Where an AO had also failed to do what was required under the law at the time of passing Assessment Order and had passed an Assessment Order with such defects, such assessment orders could be rectified by the officer by exercising power under section 154.

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April 2024