The business of the company which is principally in the area of manufacturing and marketing of plastic pouches cannot justify the sponsoring of the trainee for overseas education in computer software development and accounting. Even for accounting purpose of the company no employee is required to be sent abroad;
If assessee couldn’t prove his claim, consequent order couldn’t be disputed on ground of natural justice – The issue which falls for decision is primarily whether the assessment proceeding in the instant case was conducted in a fair manner so much so conforming to principles of natural justice. It is settled law that principles of natural justice cannot be construed in isolation from the factual matrix of the case or it has many a facets.
Much has been discussed on recent issue about Suspicious Dealers, but rarely has someone analysed Whether Purchases made from such Suspicious Dealers should actually form part of Purchases while preparing Financials. The last updated List of 1277 Suspicious Dealers who has issued false bills without delivery of goods is displayed on Website of Government of Maharashtra – VAT Department since July-12.
With Service Tax regime migrating to negative list approach w.e.f. July 1, 2012, almost all the services except those in negative list (section 66D) and exempted services (Notification No. 25 2012-ST dated 20.06.2012) have become exigible to service tax .
The TDR premium is liable to be paid by a member of the society who desires to utilize additional FSI in the form of transferable development rights. The principle of mutuality would clearly apply to instant case. In the context of the payment of non-occupancy charges by a member of a co-operative housing society to the society, a Division Bench of this Court held in Mittal Court Premises Co-operative Society Ltd. v. ITO [2010] 320 ITR 414, that the principle of mutuality would apply.
In our view, the judgement of this Court in the case of Modi Industries Limited v. Commissioner of Income Tax, 1995 (6) S.C.C. 396 = (2002-TIOL-446-SC-IT) correctly holds that Advance Tax or TDS loses its identity as soon as it is adjusted against the liability created by the Assessment Order and becomes tax paid pursuant to the Assessment Order.
After examination of the activities of the assessee samiti and after considering CBDT Circular No. 11/2008, dated 19-12-2008, it is found that the admitted facts of the case under consideration are that the assessee-trust is carrying on the activities in respect of medical relief. It is found that Samiti/institution/entities whose object is ‘education’ or ‘medical relief’ would continue to be eligble for exemption as charitable institutions even if they incidentally carry on a commercial activity.
The Revenue’s case is that the provision of sec. 50C having come on the statute book with effect from 1-4-2003, and the capital asset which is the subject-matter of transfer, being land, the same would apply, and thus stands rightly invoked by the AO. The assessee’s case, and on the basis of which it found favour with the first appellate authority, is that the transfer in the first five (5) cases stood effected much prior the relevant year, i.e., on 15-01-1998
The assessee had disclosed full details in the Return of Income in the matter of its dealing in stocks and shares. According to the assessee, the loss incurred was a business loss, whereas, according to the Revenue, the loss incurred was a speculative loss. Rejection of the objections of the assessee to the re-opening of the assessment by the Assessing Officer vide his Order dated 23rd June, 2006, is clearly a change of opinion. In the circumstances, we are of the view that the order re-opening the assessment was not maintainable.
Ld. AR submits that appellant was not registered as service tax payer and as such no authorised representative stands mentioned by him. As the impugned order was served at the residential address of the appellant, it has to be considered as proper service of the order.
