The Bombay High Court held that expression “order” for the purposes of section 264 of the Income-tax Act, 1961 (the Act) has a wide connotation. The words used under section 264(1) of the Act are ‘any order other than order under section 263’. Hence, the rejection of an application by the Assessing Officer (AO) for lower withholding rate under section 197 (See Note-1 Below) of the act is an ‘order’ eligible for revision by the Commissioner of Income-tax (CIT) under section 264 of the Act.
The tax payer is engaged in the manufacture of cement. The adjudicating authority had disallowed the CENVAT Credit of service tax paid on services of repairs, maintenance and civil construction etc. as the services were used in the residential colony of the tax payer on the ground that the said services were not covered under the definition of input service and hence ineligible as input service defined under Rule 2(1) of the CENVAT Credit Rules, 2004.
The Bombay High Courthas, in a recent ruling’ in the case of McKinsey and Company Inc, United States v. Union of India , held that there must be a valid and acceptable basis for making a departure from the order passed by a superior official and that the hierarchical discipline should be observed while implementing the fiscal legislation. In the absence of that, the exercise of the powers by the Assessing Officer would be arbitrary and open to challenge.
Explore the judgment on whether the tower with antenna qualifies as capital goods. Adjudicating pre-deposit directives under Cenvat Credit Rules.
The issue before the HC relates to certain provisions in the Indian Tax Laws (ITL) that provide for taxability, as dividend, of certain advances or loans made by a company to another concern when the lender/borrower have a common shareholder with substantial interest (deemed dividend provisions). However, advance or loan is not treated as deemed dividend if it is made by the lending company in the ordinary course of its business and the lending of money is a substantial part of the company’s business.
Bombay High Court held in above case that the assessee is entitled to avail Cenvat credit on outdoor ‘catering services’ provided in the factory for employees. Ratio of Maruti Suzuki judgment been applied in the case.
In answer to the question raised by the department as whether interest u/s 234D can be charged in respect of refunds granted prior to 1.6.2003 it was held that as s. 234D came on the statute w.e.f. 1.6.2003, it did not have retrospective effect.
Ruling in favour of a minority group of members opposing redevelopment of their housing society, the Bombay High Court, on Thursday, held that the developer could not seek their eviction without fulfilling the terms of the development agreement. Just
A member is not prohibited from gifting any amount to the society for the objects of the society. The principle of mutuality would not cease on account of these aspect. At the highest, authorities under the Co-operative Societies Act and Rules if any action is taken may direct an additional amount to be refunded. In our opinion, therefore, contribution by way of non occupancy charges, principle of mutuality would apply and consequently,
The challenge in this proceeding is to a notice issued by the Commissioner of Income Tax-I, Nashik on 30 April, 2009 seeking to exercise the revisional jurisdiction under Section 263 of the Income Tax Act, 1961.
