Time frame under sub-section (2) of Section 12AA of Income Tax Act is only directory. Tribunal was not right in holding that since the application for registration has not been disposed off within the limitation of six months, the Assessee Company was deemed to have been granted registration under Section 12AA of the Act.
The conviction recorded against the appellant for bigamy stands even today though sentence was reduced to the period already undergone. Hence, the decision taken by the first respondent to remove the name of the appellant from the register maintained by the Chartered Accountants Council, which was upheld by the learned single Judge is valid and no interference is required as the appellant has attracted disqualification by operation of law viz., Section 8 of the Chartered Accountants Act, 1949, due to his involvement in an offence involving moral turpitude.
The basic issue has been raised in the petitions that the Kerala High Court did not have jurisdiction to entertain the writ petition against the judgment and order passed by the National Consumer Disputes Redressal Commission (hereinafter called ‘the Commission’). The said order could be challenged only before this Court in view of the provisions of National Consumer Protection Act, 1986, thus, the order passed by the High Court impugned herein is a nullity for want of jurisdiction.
. Facts in brief are that the assessee during the assessment year 2007- 08 had provided software programming services to the parent company in the US for which the assessee had received a sum of Rs.5,39,40,81,065/-. Since the assessee had entered into an international transaction with an associate enterprise, the income arising from such transaction in view of the provisions of section 92C has to be computed having regard to arm’s length price. Section
From the above second proviso to Section 92C(2), it is evident that if the variation between the arm’s length price and the price at which international transaction was actually undertaken does not exceed the specified percentage, then only the price at which the international transaction has actually been undertaken shall be deemed to be arm’s length price. Thus, the benefit of tolerance margin would be available only if the variation is within the tolerance margin. Once the variation exceeded the tolerance margin, then there would be no benefit even up to tolerance margin. Then, the ALP as worked out under Section 92C(1) shall be taken as ALP without any benefit of tolerance margin.
Supreme Court in Suraj Lamp and Industries (P) Ltd. (2) vs State of Haryana reported has not said that in no case a conveyance can be registered by taking recourse to a GPA.
Following the earlier order to reduce the litigation at the grass root level first appellate order is set aside and we send the matter back to ld. Appellate Authority to re-examine the issue without insisting on pre-deposits by him. In the result, both stay application and appeal are disposed remanding the appeals to the ld. Commissioner (Appeals) to decide the same in accordance with law.
Assessing Officer committed an error in resorting to explanation to section 73 of the Act. The issue before him was whether the income earned by the assessee through sale of shares should be taxed as business income or should be treated as capital gain. Such issue had to be decided on the basis of the question whether the assessee is involved in any business of buying and selling shares or had purchased and sold the shares by way of investment.
Issue of whether the petitioner fell within the category of a ‘scientific research association’ or in the category of ‘other institution’ partly doing scientific research should be considered by the central government afresh in the manner indicated above and in accordance with law. To enable this, we are setting-aside the notification dated 12.04.2007 and direct the central government to decide this question afresh within three months. The central government will examine the observations above as also the requirements of Rule 5D of the Income Tax Rules, 1962. The writ petition is disposed of accordingly.
Tribunal deleted the addition made on account of difference of balances of Rs.14,03,85,459/-. The Tribunal after considering the explanation of the assessee-respondent and the findings of the CIT(A), recorded the reconciliation statement substantiated by necessary evidence which had been furnished by the respondent assessee. The remand report of the Assessing Officer was also called for here. In absence of any difference in details and reconciliation statement furnished by the assessee, the CIT(A) deleted the addition and the same came to be confirmed by the Tribunal. There being no material to take a contrary view & as both the authorities have concurrently held to delete the said addition, we find on reason to interfere in this question.
