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Corporate Law : The Allahabad High Court ruled that ordinary land disputes involving allegations of cheating cannot attract the Gangsters Act with...
Goods and Services Tax : The debate examines why GST penalties under Section 122(1A) may survive a direct challenge under Article 20(2). The key takeaway i...
Corporate Law : The Court directed trial courts to award just and reasonable compensation to survivors irrespective of conviction, acquittal, or a...
Goods and Services Tax : The Court held that recovery from third parties cannot be initiated when only a proposed demand exists and no final tax liability ...
Corporate Law : The Karnataka High Court held that projects obtaining partial occupancy certificates before RERA came into force are exempt from b...
Corporate Law : The Supreme Court upheld joint insolvency proceedings against two interconnected real estate companies due to common management an...
Corporate Law : Supreme Court ruled that CoC and RP can surrender financially burdensome assets voluntarily, clarifying moratorium under section 1...
Income Tax : Gujarat HC has directed CBDT to ensure that there is a mandatory one-month gap between date for furnishing tax audit reports (unde...
Income Tax : Rajasthan High Court granted a one-month extension for filing TARs under Section 44AB for AY 2025-26, citing delayed audit utility...
Income Tax : The Gujarat High Court is hearing a petition from the Chartered Accountants Association regarding persistent glitches on the new I...
Goods and Services Tax : The Kerala High Court held that a composite show cause notice issued for multiple assessment years was legally unsustainable. The ...
Corporate Law : The Delhi High Court held that import restrictions could not apply to consignments that had arrived before the relevant notificati...
Goods and Services Tax : The Kerala High Court held that issuing one show cause notice for multiple financial years is not legally sustainable. While quash...
Custom Duty : The High Court held that prolonged custody and anticipated delay in trial cannot independently justify bail in cases involving com...
Custom Duty : The Delhi High Court discharged contempt proceedings after the petitioner tendered an unconditional apology and undertook not to r...
Income Tax : The Court held that membership cannot be granted where the underlying flats do not exist and are merely refuge areas. It ruled tha...
Corporate Law : Bombay High Court implements "Rules for Video Conferencing 2022" for all courts in Maharashtra, Goa, and union territories, effect...
Income Tax : CBDT raises monetary limits for tax appeals: Rs. 60 lakh for ITAT, Rs. 2 crore for High Court, and Rs. 5 crore for Supreme Court, ...
Corporate Law : The Delhi High Court mandates new video conferencing protocols to enhance transparency and accessibility in court proceedings. Rea...
Income Tax : Income Tax Department Issues Instructions for Assessing Officers after Adverse Observations of Hon. Allahabad High Court in in Civ...
From the material documents allowed to be produced, the assessee could satisfy the Commissioner (Appeals) that the place of effective management of its enterprises was situated at Netherlands and thus, the requirement of condition in Article 8A of DTA agreement was met with. The Tribunal has rightly confirmed the decision of the Appellate Commissioner holding the assessee to be eligible for benefits of DTAA.
As is more than apparent, assessment was completed on scrutiny. In post assessment period, audit party raised the objection and Assessing Officer had strongly objected to such objections by communicating internally as mentioned hereinabove. In such background, reasons for reopening if are noted, they are almost identically worded as that of audit report. No material worth the name emerges to indicate any independent application of mind. Facts are quite glaring on the contrary & they clearly establish absence of subjective satisfaction of Assessing Officer. Thus, the ground raised by the petitioner that such notice of reopening is invalid for the Assessing Officer having not formed his independent belief requires to be sustained.
In this case Assessing Officer proposed to reopen the assessment beyond a period of four years from the end of relevant assessment year, while there was full and true disclosure on part of the petitioner during original assessment. With respect to the first issue of discount/commission, the Assessing Officer called for the details of such payments in excess of Rs. 50 lakhs. Such details were promptly provided. No further questions arose from the Assessing Officer in this regard. Like-wise, during the assessment, the Assessing Officer also called upon the petitioner to supply full details of the roaming charges paid to various telecom operators. Such details were also made available.
In brief, the issue is whether the time limits specified in Section 115VP(2) of the Income Tax Act, 1961 is mandatory? Briefly stated facts are that Section 115VP was introduced for regulating method and time of opting for tonnage tax scheme. Such provision was in relation to Chapter XII-G pertaining to special provisions relating to income of shipping companies. Clause (m) of Section 115V defines “tonnage tax scheme” as to scheme for computation of profits and gains of business of operating qualifying ships under the provisions of that Chapter.
If employers deposits employee’s Provident fund contribution before due date as referred to in section 43B, employer is eligible for benefit under said section-High Court-Karnataka in case of COMMISSIONER OF INCOME TAX Versus M/s SPECTRUM CONSULTANTS INDIA PVT LTD.
Assessing Officer having examined the nature of receipts and the corresponding expenditure in the original assessment, now cannot be permitted to change his view with respect to the nature of treatment such receipts must receive.
During the course of assessment proceedings the Income Tax Officer has raised certain queries with regard to deductions, which were replied by the assessee and the in the assessment order in paragraph no.4.1 the Assessing Officer has dealt with the question of grant of deduction and has allowed deductions. In our opinion, the reasons given for reopening the assessment and the notice issued under section 148 of the Act is nothing, but a change of opinion. It is not the case of escape assessment as nothing was concealed by the assessee nor he has failed to furnish the material relevant to the assessment year before the Assessing Officer. For the aforesaid reasons, notice issued under section 148 of the Act deserves to be quashed.
From the documents on record, it can be seen that part of the penalty was confirmed by the CIT(Appeals). However, with respect to the rest, the same was deleted. The Tribunal concurred with such view of CIT (Appeals). Several additions were struck down in the assessment proceeding itself and were sent for reconsideration. With respect to disallowance of deduction under section 80IA of the Act, the authorities held that the claim cannot be stated to be a wrong claim. Relying on the decision in the case of CIT v. Reliance Petroproducts (P.) Ltd. [2010] 322 ITR 158, such penalty was deleted.
We do not find substance in the submission of the Respondent-Revenue that there is no requirement to offer a personal hearing as the same was not asked for by the Petitioner. This court in the matter of Sahara Hospitality (supra) has held that it is mandatory wherever it is possible to do so on the part of the Revenue to grant a personal hearing before passing an order under Section 127(2) of the Act. Thus merely because the Petitioner had not specifically asked for a personal hearing it will not absolve the revenue of its obligation to ordinarily grant such a hearing.
Input services used in manufacture of exempted intermediate product is eligible for credit, if such intermediate product is used in manufacture of dutiable final product In the present case, ONGC is a manufacturer both of dutiable and exempted products. Crude oil as well as natural gases are exempted products. The Tribunal has held against the Appellant in regard to its entitlement to avail of input service on the ground that crude oil at Mumbai Offshore is in itself a saleable commodity since it is transferred or sold in part to other purchasers at Mumbai Offshore.
