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The Supreme Court has disapproved of the view of the Guwahati High Court and upheld the opinion of the Calcutta High Court on the question of applicability of Section 80HHC deduction under the Income Tax Act for companies which do both agriculture and trade.The tax authorities had appealed to the Supreme Court against the high court judgments in a large batch of companies engaged in growing, manufacturing and exporting tea.
WHETHER the charges collected towards the services for evolution of prototype conceptual design (i.e. creation of concept), on which service tax had been paid under the Finance Act, 1994 as amended from time to time is liable to tax under the Karnataka Value Added Tax Act, 2003 is the question involved in this appeal before the Supreme Court.
The Supreme Court has ruled that international arbitration awards are not immune from challenge in the Indian courts of law. The provisions of Indian Arbitration and Conciliation Act will apply even for the international commercial arbitration’s held outside the country, unless the parties, by agreement, exclude all or any of its provisions. The apex court’s ruling came in a verdict which set aside an order of Andhra Pradesh High Court.
: ON 17.1.2001 a search under Section 132 of the 1961 Act was carried out at the premises of the respondent-assessee, an individual. The search unearthed an unexplained investment of Rs. 65,000/- being the value of household valuables and Rs. 97,427/- on account of unexplained marriage expenses (undisclosed income).
In a move that will bring cheers to tax payers, Supreme Court has ruled that those aggrieved by a blatantly erroneous or prejudiced order by the Income-Tax Appellate Tribunal (ITAT) can take the matter back to the Tribunal and get the error rectified. The apex court issued such an order in a case involving Honda Siel.
The income tax department has won its appeals against tea exporting companies when the Supreme Court resolved the prevailing conflict of views among the High Courts on the question as to at what stage Section 80HHC, deduction in income tax, should be allowed i.e. before the 60 : 40 apportionment under the 1962 IT Rule 8(1) or from 40 per cent profits on sales taxable as business income.
Nothwithstanding the fact that the imported Rolls Royce car gathered dust at the Customs godown for nine long years due to non-clearance, the importer would still not be entitled to any depreciation, the Supreme Court has held.
CIT vs. P.V.A.L. Kulandagan Chettiar (Supreme Court) -The review petition filed by the department against the judgement reported in CIT P.V.A.L Kulandagan Chettiar (2004) 267 ITR 654 (SC) {reg applicability of DTAA} has been dismissed.
Hero Exports vs. CIT (Supreme Court) -Though section 80HHC does not provide so, an assessee is entitled, in computing the indirect cost of goods exported, to claim deduction at 10% as indirect expenses incurred for earning export incentives, misc income and brokerage etc. The deduction is allowed on estimate basis and as per the underlying principles of apportionment.
The Supreme Court has upheld the revised accounting standards AS 22 issued by the Institute of Chartered Accountants of India which has been made mandatory for all the companies listed in the stock exchanges since the financial year 2001-02. Dismissing the appeals of a large number of companies that opposed the new policy, the bench headed by Justice SH Kapadia said AS 22 sought to arrive at the true accounting income.
