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[2015] 55 taxmann.com 255 (SC) SUPREME COURT OF INDIA Queen’s Educational Society v. Commissioner of Income-tax *In favour of assessee Where a surplus was made by educational institution which was ploughed back for educational purposes, said institution was to be held to be existed solely for educational purpose and not for purpose of profit. Also […]
Sec 194J TDS inapplicable on payments in kind, allows relief to SRK company [Red Chillies Entertainment Pvt. Ltd – ITA No.5271/Mum/2013 (Mum)]: Mumbai ITAT deletes expense disallowance u/s 40(a)(ia) in case of Red Chillies Entertainment Pvt. Ltd. for AY 2010-11, holds no Sec 194J TDS for payments made in kind to actors; Relies on SC ruling in Shri H.H. Sri Rama Verma and Karnataka HC rulings in Bruhat Bangalore Mahanagar Palika and Hindustan Lever Ltd to hold that the expression.
It was held that in case of erstwhile in terms of Rule 57AB(1C) of the Central Excise Rules, 1944 and Rule 3(4) of the Cenvat Credit Rules, 2001, it was held that in terms of circular dated 1.7.2002 by which, where no sale is involved but only a transfer by one sister unit to another, the value shown in the invoice on the basis of which Cenvat credit was taken by the assessee would be the value for the purpose of Rule 57AB and Rule 3(4).
Hon’ble SC held that Making a claim which would prima facie disclose that the expenses in respect of which deduction has been claimed has been incurred and thereafter abandoning/withdrawing the same gives rise to the necessity of further enquiry in the interest of the Revenue.
It is not in dispute that the period during which interim stay of the order passed by the court is in operation has to be excluded while computing the period of two years as limitation period prescribed for completing the block assessment.
The Hon’ble Supreme Court delivering very important judgment with regard to taxability of inter-state works contract. In the case of Commissioner, Delhi VAT vs ABB Ltd., it has been held that in case the goods are purchased from other States or are imported from outside the country
Present welcome judgment of the Supreme Court in the case of V.S. Kandalgaonkar sets at rest the ongoing controversy and clearly holds that there is priority of rights of secured creditors over the rights of income tax department while recovering dues. This will go a long way and help those secured creditors who are facing difficulties in this regard at no fault of theirs.
The assessees are engaged in the business of owning, operating, and managing hotels. Surveys conducted at the business premises of the assessees allegedly revealed that the assessees had been paying tips to its employees but not deducting taxes thereon.
The Supreme Court held In the case of CIT vs. M/s Meghalaya Steels Ltd. that the Calcutta High Court in Merino Ply & Chemicals Ltd. v. CIT, 209 ITR 508 [1994], held that transport subsidies were inseparably connected with the business carried on by the assessee.
This topic has importance in the context of TDS u/s 195 i.e. whether such payment is to be covered under article 12 i.e. fees for technical / managerial / consultancy services [in some treaties, fees for included services or under article 7 being business receipts.
