It is also a fact that the assessing officer initiated the recovery proceedings without passing any order on the stay application of the assessee. It is also a fact that the recovery proceedings under S. 220(6) were initiated without attending to or expressly rejecting the stay application filed by the assessee before the assessing officer. In our opinion, this approach is certainly not appreciated.
Assessee was granted right of lifting water from said well which is independent right given by the State Government for the rent of Rs. one per year. There is also nothing to suggest that right of lifting of water was acquired by assessee by incurring any cost. Such right is not covered by the provisions of section 55(2). Therefore, no capital gain could be worked out, since provisions of section 45(1) read with section 48(1) are not applicable in respect of payment made to assessee in lieu of surrendering the right to lift the water from the well. Accordingly, capital gain as worked out by the Assessing Officer is not justified.
Landscaping of factory or garden certainly would fall within the concept of modernization, renovation, repair, etc. of the office premises. At any rate, the credit rating of an industry is depended upon how the factory is maintained inside and outside the premises. The Environmental law expects the employer to keep the factory without contravening any of those laws.
It is for the AO when he considers it necessary or expedient so to do, he may refer the computation of arm’s length price in relation to the said international transaction under section92C to the Transfer Pricing Officer. It was argued by Ld. DCIT (DR) Mr. Tarsem Lal that the Ld. counsel for the assessee, Mr. Surinder Mahajan, could not point out any specific mention in the statute.
It is a cardinal principle of construction that when a legislation confers power, its amplitude cannot be cut down by instructions or rules or regulations made by subordinate authorities. Instructions and Rules can only supplement but can never supplant or limit the width of the statutory powers. In this case, the AO – as is evident from a reading of the impugned order – has not applied his mind at all to the facts much less considered what are the circumstances which either justify the grant of relief or its refusal. Furthermore, even the petitioner does not appear to have been given any opportunity to make even a briefest submission in support of its case.
Assessee in its transfer pricing study to TPO stated that it has selected CUP method as the primary method in AL analysis. It was also stated that the rate charged to its AEs are same to the rates charged to independent third party who operate in the same geographical region availing similar services. We observe that assessee furnished details of the said working to the TPO.
Proviso of sub-section 4 to section 260 is an exception giving High Court a judicial discretion to frame additional substantial question of law during the course of hearing. The language used by the legislature in the proviso is quite clear and does not suffer from any ambiguity.
The ratio of the judgment in Beejay Engg. (P.) Ltd., In re [1983] 53 Comp. Cas. 918 (Delhi) as also as is evident from the definition of a director under section 2(13) no distinction has been made between a nominated director or any other director. Thus, the first argument propounded by the petitioner that the applicant was only a nominee director will not by itself be a ground to absolve the said person from the liability of complying with the direction contained in section 454(2).
MCA asks institutes to impart training to its professionals to improve quality of XBRL filings. You are aware that XBRL filing of financial statements by a select class of companies for FY 2010-11 was mandated vide Ministry of Corporate Affairs Notification GSR No. 748(E), dated 5-10-2011. T
Prima facie, liability to pay service tax arises with reference to the place where service was provided rather than the place where consideration was collected
