Where books of account and other documents belonging to other person, i.e., the assessee as recovered from searched party did not indicate receipt of unaccounted money by the assessee, such books and documents could not be considered as incriminating material for initiation of proceedings under section 153C against the assessee.
ACIT Vs. Shri K.R. Kaviraj (ITAT Bangalore) In the light of the judgment of the Honorable Supreme Court in the case of Aditya Minerals Pvt. Ltd. (239 ITR 817) the impugned payment made for acquiring mining rights is capital expenditure and cannot be allowed as revenue expenditure. The reliance placed by the ld.CIT(A) on the […]
Norka Roots Vs. CIT (Kerala High Court) As per Section 12AA of the Income Tax Act, the Commissioner is empowered to call for documents or information from the assessee, which are necessary to satisfy the authority about the genuineness of the activities of the institution. The Division Bench of this Court had also directed that […]
Rule 10(1)(e) of the Valuation Rules stipulates that all other payments actually made are to be made as a condition of sale of the imported goods by the buyer to the seller or by the buyer to the third party to satisfy and obligation of the seller to the extent that such payments are not included in the price actually paid or payable, shall be added to the price actually paid or payable for the imported goods.
Ld. Counsel for the appellant submits that the projects in question are not commercial in nature as Era Business School is an educational institution recognized by AICTE and awarding degrees/diploma recognized by law. It is his further submission that National Automative Testing Center is for testing the vehicles for homologation which is a statutory requirement as per motor vehicle rules for compliance by the manufacturer of automobiles.
A two-Judge Bench of the Delhi High Court in Dabur India Ltd. vs. Pr. Commissioner of Income Tax held that Transfer Pricing adjustment is applicable to overseas subsidiary despite of receiving any royalty.
IBBI seeks public comments on contents of Request for Proposal (RFP) for inviting resolution plans for a corporate debtor going through Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code, 2016.
CIT (Central) Vs. M/S Russian Technology Center (P) Ltd. (Delhi High Court) The preceding enumeration of the circumstances of the case show that the assessee had furnished all relevant data before the AO and the CIT(A), which, however, were not inquired into by the AO. Instead he obdurately adhered to his first impression and/or initial […]
CESTAT Delhi held that imparting training in English, French, German, Spanish language by the appellant are entitled for exemption under notification No. 9/2003 ST dated 20.6.03 and notification No. 24/2004 dated 10.9.2004. Therefore the appellant is not liable to pay service tax.
A two-judge bench of the Bombay High Court, in The Commissioner of Income Tax, Valsad v. M/s. C. N. Builders & Developers held that the deduction under section 80-IB is available to the assessee- Builder, even if the construction is not according to the plan approved by the authorities.
