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There is no dispute with regard to the fact that the assessee herein is a IATA agent and it is authorised to sell air tickets at a price range that are usually fixed by the airline companies. It is also a fact that the competition between different airline companies has increased due to presence of a number of airline companies and the same has resulted in fixation of ticket rates at different levels at different points of time. Accordingly, it appears that the IATA agents are given option to fix the ticket rates within the maximum and minimum range that are fixed by the airline companies.
In the case of CIT Vs. Manjunatha Cotton and Ginning Factory, Karnataka High Court has laid down the following Principles for levy of penalty Under section 271(1)(c) of the Income Tax Act, 1961 :- (a) Penalty under Section 271(l)(c) is a civil liability.
The provisions of Rent Control Act can be applied only in case of bonafide letting out of properties and not in case of colourable transactions which are only an arrangement to reduce tax liability. In this case the company had let out the property to the daughter of the director who controlled the company and is responsible for taking all decisions Instead of letting out the property at market rate which is very high, the director had let out property to her daughter at a very low rent, obviously to reduce tax liabilities. Therefore, in our view, the provisions of Rent Control Act can not be applied to such arrangements.
Advocates/Chartered Accountant/Authorized Representative and assessees are hereby informed that in case of E-Payment of Tribunal Fees the respective Challans are to be counter signed by the concerned bank manager or attested by the authorized Representatives or assessees themselves
India has entered into Double Taxation Avoidance agreements (DTAAs) with 84 countries. In addition, DTAAs have been signed with 3 countries, viz. Colombia, Uruguay & Ethiopia and will enter into force after completion of necessary formalities in these countries. Proposal to sign DTAAs with 12 more countries/jurisdictions is under process. These countries/jurisdictions are Albania, Bhutan, […]
On the request of the Central Government and persistent follow up in June, 2011, France has provided details of Indians having bank accounts in one of the banks of Switzerland under the provisions of Double Taxation Avoidance Convention (DTAC) between India and France. Based on this information, investigations have been undertaken by the different jurisdictional authorities under the Income Tax Act, 1961.
The Central Government has given the notice in view of the possibility of tax evasion by some insurance companies of private sector. The names of the companies which have been served upon Show Cause Notices in 2012-13 (upto October 2012) are as follows:
Moment the commercial surcharge is recovered irrespective of the provisions of the agreement entered into by and between the landlord and tenant it immediately become exigible to tax as rental income from house property for agreement binds the parties thereto and it becomes irrelevant the moment it is found to be in conflict with legal provision on the subject.
It is obvious that when the assessee revised its return and claimed deduction under section 44C at higher level than that claimed in the original return, it was the duty of the Assessing Officer to consider the higher claim under section 44C and not to restrict himself to the claim made in original return. Any absurdity in the direction of the Commissioner (Appeals) to the Assessing Officer to consider deduction under section 44C on the basis of revised return subject to verification of the correctness of the revised return.
The assessee’s prime grievance is the non-examination by the Assessing Officer of the material adduced before Commissioner (Appeals) for the first time. At the same time, there has been, without doubt, a clear violation of rule 46A. The question of consideration of the additional evidence/s by the Commissioner (Appeals) comes only subsequent to first qualifying for admission in terms of rule 46A, which is mandatory in nature.
