As the sale of starter kits/sim cards is purely a purchase/sale transaction on principal-to-principal basis and there is no relationship of agency, hence no obligation was cast upon the assessee to have deducted tax at source under Sec. 194H in respect of the discounts given to the distributors on the sale of the same.
Shri Ashok Jain Vs ACIT (ITAT Mumbai) In the present case the assessee has not filed any wealth tax returns. The Hon’ble Rajasthan High Court in the case of Satya Narain Patni (supra) noted that the jewellery found during the search was within the limits prescribed by the CBDT circular and in the first instance, […]
This appeal by the assessee is directed against order of ld. Commissioner of Income Tax (Appeals)-1, Thane dated 13.07.2016 and pertains to the assessment year 2010-11
The fact that the consent application proposed by the Respondent was accepted by SEBI also on the footing that the Respondent has paid the settlement “without admitting or denying the charges” indicates that the SEBI was not unaware of the outcome of its case against the Respondent. There is no reason to believe or infer that consent application without admitting guilt amounts to evidence of an offence having been committed.
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.
Challenging the order,dated 16/02/2015,of CIT(A)-51,Mumbai, the assessee has filed the present appeal.Assessee-company,engaged in the business of manufacturing of aluminium caps, metal containers,petrochemicals etc., filed its return of income on 15/11/2007,declaring total income at Rs.NIL
Completed assessments can be interfered with by AO while making assessment under section 153A only on the basis of some incriminating material found during the course of search. Since no incriminating material was unearthed during the search, no additions could have been made to the income already assessed.
Challenging the order,dated 18/12/2015,of the CIT(A)-28 Mumbai the Assessing Officer (AO)has filed the present appeal.Assessee-firm,a builder and developer,filed its return of income on 25/09/2010,declaring total income of Rs.6.29 crores.The AO completed the assessment on 23/12/2011,determining the total income of the assessee at Rs.7.40 crores.
The fact that the assessee has sold flats at an undervaluation does not mean that he has understated the consideration and earned undisclosed ‘on money’. The mere presumption that excess price could have been charged is not a ground for coming to the conclusion that the assessee did charge a higher price. The burden of proving such understatement or concealment is on the Revenue
M/s. Indus Best Hospitality & Realtors Pvt. Ltd. Vs PR. CIT (ITAT Mumbai) We have considered rival contentions and carefully gone through the orders of the authorities below and found from record that CIT has invoked his power u/s.263 to examine the land development charges paid by the assessee to Smt. Sumitraben Chauhan. From the […]
