Assistant Commissioner, Commercial Taxes & Ors. Vs. LIS (Supreme Court of India) 1. The liability of the respondent- assessee to payment of tax under the Kerala Tax on Paper Lotteries Act, 2005 (herein after referred to as ‘the Act’) is the question that arises for determination in the present appeal(s). 2. While the primary authority […]
While hearing the case of Subodh Gupta vs Commissioner of Income Tax (CIT), Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that gift received by Hindu Undivided Family (HUF) from the mother of Karta would attract Income Tax.
Competition Commission of India imposes Penalty on Chemists and Druggists Association of Baroda and Federation of Gujarat Chemists and Druggists Association The Competition Commission of India (‘Commission’) has found the Chemists and Druggists Association of Baroda (‘CDAB’) and Federation of Gujarat State Chemists and Druggists Association (‘Gujarat Federation’) to be in contravention of the provisions […]
It has been clearly mentioned that the capital gain income has been declared in the return of income of Smt. Gyanwati Dhakar, who has actually sold this property. The assessee has just signed as a confirming party.
Revenue, has contended that the assessee’s business is not a new industrial undertaking. According to him, the assessee has also miserably failed to establish that it has spent more than 50% of the plant’s book value on any renovation or modernisation.
A division bench of Madras High Court recently invalidated an assessment order against M/s. Cairn India Ltd. The primary object of the Assessee is to carry on exploration and production of oil and gas in India. For this purpose, it had acquired participating interest in various oil and gas blocks.
Whether the observations of Honble DRP is right in directing the TPO to give working capital adjustment [using OCED methodology given in Annexure to chapter – 3 and applying SBI Prime Lending Rate (as on 30th June of the relevant financial year) as the interest rate] against the TPO order dated 16.01.2014 passed u/s 92CA(3) for A.Y. 2010-11.
It is obvious that the appeals should be listed on the judicial side, even if, there is an issue or debate with regard to the territorial jurisdiction of the Tribunal. Such matters cannot be decided on the Administrative side, by the Registry of the CESTAT, even when it is of the opinion that the appellants have not approached the right or correct Bench of the Tribunal having territorial jurisdiction.
Whether the ITAT has committed an error of law in upholding the dis allowance of Rs. 3,08,79,171 in respect of Sales Tax Recoverable account, under Section 43B of the Income Tax Act?
. The provisions of section 271(1)(c) are not attracted in cases where income of the assessee is assessed on an estimate basis and addition is made on that basis. Even if the assessee is not able to substantiate the explanation, but his explanation is not lacking bona fide, and, therefore, we are of the view that it is not a fit where vigour of provisions of section 27 1(1) is attracted.
