As per the mandate of section 92(1), income from International transaction between AEs has to be computed having regard to ALP. Thus, there is nothing in the statutory language to suggest that the AO must demonstrate the avoidance of tax before invoking these provisions.
In this case, the Tribunal had noticed that there was no dispute as regards the terms of employment of the workers and officers. The only question was the exact quantification of the compensation or wage revision. The Tribunal also held that provision for wage revision was based on past experience, interim Pay Commission of government employees, previous Pay Commission’s reports of public sector employees, union demands and other relevant factors.
On going through the records, we find that the assessee Company has been following the net method for valuing the closing stock. It includes excise duty at the time of removal of goods. Following the order of this Court in the case of CIT v. Shri Ram Honda Power Equipment Ltd. [2012] 26 taxmann.com 331 (SC), this civil appeal filed by the Department is dismissed with no order as to costs.
Writ petition in Builders case on Circular 14T of 2012 has been dismissed by Hon. Bombay High Court & Extension for administrative Relief and payment Date is also denied.
In view of Explanation 5 to section 32(1), the Assessing Officer was duty-bound to grant depreciation allowance, whether the same is claimed by the assessee or not, provided the conditions mentioned under section 32 are satisfied.
No where in the Central Excise Act as well as in the Cenvat Credit Rules not prescribed any period in which credit has to be taken. Although it is mentioned in the Cenvat Credit Rules that assessee can take the credit immediately, but there is no prescribed time limit neither in the Cenvat Credit Rules nor in the Central Excise Act
The transaction of purchase and sale of shares would be held as speculative business only if the company was hit by the Explanation to section 73. The implication of the Explanation is that if a company incurs a speculation loss in a manner deemed in the explanation such loss shall not be set off except against profit and gains, if any, of another speculation business.
Deduction under section 24(b) and computation of capital gains under section 48 of the Act are altogether covered by different heads of income i.e., income from ‘house property’ and ‘capital gains’. Further, a perusal of both the provisions makes it unambiguous that none of them excludes operative of the other.
Bottling plant wherein the LPG is filled in the cylinders for domestic and non-domestic kitchen use involves various specialized process and therefore, it is an activity of manufacture/production. Accordingly, the assessee’s claim for deduction has to be allowed.
Installing projects of high technical equipment is nothing but Modernisation of a factory and as per Cenvat credit Rules, 2004, services used in relation to modernisation are eligible for Cenvat credit.
