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In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 48/2017, dated the 8th June, 2017, published vide number G.S.R. 561(E), dated the 8th June, 2017, in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), at page 8, in Form No. 26QC-
In this appeal the only issue that is to be decided as to whether the CIT-A justified in holding that the purchase of sales tax exemption certificates is a revenue expenditure in the facts and circumstances of the case.
Amount of TDS was debited from the bank account of the assessee on the due date i.e. 7.10.2009 and the delay in deposit of such tax by a day was on account of system and connectivity issues at the bankers’ end, which were beyond the control of the assessee.
Since assessee had not claimed any expenditure in its computation of income, there was no scope for dis allowance under section 14A as dis allowance under the section can be made only when deduction of certain expenditure is claimed.
A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline.
In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961, the Central Government, hereby specifies Joint Secretary (Ops.), NATGRID, Ministry of Home Affairs, Government of India, for purposes of the said clause.
To facilitate the process of furnishing information, Principal Director General of Income-tax (Systems) would enter into a Memorandum of Understanding (‘MOU’) with NATGRID which inter-alia, would include the mode of transfer of data, maintenance of confidentiality
Assessing Officer to examine from the original bank documentations/ agreements/ sanction letter and to ascertain whether the requirement of non-payment of commission to the guarantors was incorporated in the terms and conditions of bank for sanctioning of credit limit or whether any undertaking to this effect was taken from the company or not in terms of RBI guidelines noted above.
Assessee- company was engaged in business of broadcasting of sports channel, namely Ten Sports across globe, including India. Its subsidiary (Taj India) was appointed as exclusive distributor of TV Channel Ten Sports to cable operators and other permitted systems on principal-to-principal basis.
In a recent ruling, the division bench of the Bombay High Court held that the assessee cannot claim that the sale of attached property is time-barred under Rule 68B of the Second Schedule, where he has applied to Settlement Commission for extension of time for payment of demand as per Order of Settlement and his application is pending and writes to TRO for putting sale on hold based on such application.
