Income-tax (7th Amendment) Rules, 2018- CBDT seeks unique number for identification of non-resident- CBDT amends Forms for advance ruling -Notification No. 31/2018-Income Tax Dated 13th July, 2018 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 31/2018-Income Tax New Delhi, the 13th July, 2018 G.S.R. 647(E).―In exercise of the powers conferred […]
Special Bench of Mumbai Tribunal in the case of Narang Overseas Pvt Ltd vs ACIT reported in 111 ITD 1 (Mum ITAT ) (SB) had held that mesne profits received by assessee for wrongful deprivation of use and occupation of property constitutes capital receipt and hence not chargeable to tax. Respectfully following the same , we hold that the ld CITA had rightly granted relief to the assessee by holding that the receipt of Rs 90 lacs by the assessee is a capital receipt not chargeable to tax.
Asstt. STO Vs Indus Towers Ltd. (Kerala High Court) In the present case the delivery chalan which accompanied the transport is one issued by the assessee respondent, over which the assessee has absolute control and could be subject to manipulation. The assessee having transported the goods with delivery chalan, could very well sell the goods […]
ACIT Vs Rajiv Nayar (ITAT Delhi) The AO, based on TDS information, assessed the corresponding professional income, on accrual basis, in the relevant year. Whereas the appellant’s contention is that since he has offered professional receipts for tax on cash/receipt basis as he follows cash system of accounting; therefore, charging of certain professional income on accrual […]
Tribunal after going through the terms of the agreement has held that the reimbursement of cost cannot be considered to be part of fee for technical services, hence, is not taxable.
Where assessee had not proved actual rendition of the foundation services and also whether alleged service providers possessed necessary expertise and infrastructure to render the foundation services, AO was justified in making addition of payments made to them, under section 69C.
In respect of assessments completed prior to date of search that have not abated, the scope of proceedings under section 153A has to be confined only to material found during search. As no material, whatsoever, was found in the course of search, question of making addition on account of unexplained share capital could not have been the subject-matter of proceedings under section 153A.
New Okhla Industrial Development Authority Vs CCIT (Supreme Court) Appellant namely ‘New Okhla Industrial Development Authority; claimed that he is covered by Clause (ii) of the Explanation to Section 10(2) i.e. Municipality as referred to in clause (e) of Article 243P of the Constitution. We, while discussing above provisions, have already held that the appellant […]
As per the exemption Notification No. 6/2005-ST dated 01.03.2005, there is a condition which is to be complied with by the service provider and as per the condition, the provider of taxable service has an option not to avail the exemption and such exemption once exercised in a financial year, shall not be withdrawn during the remaining part of the year.
CBIC rescinds notification No. 36/2012- Customs (ADD) dated the 16th, July 2012 by which it imposed definitive anti-dumping duty on the imports of ‘Grinding media Balls’ (excluding Forged Grinding Media Balls), originating in, or exported from Thailand and China PR, as it has now issued a new Notification No. 36/2018-Customs (ADD) dated 13th July, 2018 […]
