We notice that in the return filed by the petitioner, in addition to claiming deduction of gross income of interest and dividend of Rs.1,81,27,606 under Section 80P(2)(d) of the Act, the petitioner further provided various details. For example, in the Annexure-VII to the return, such deduction under Section 80P(2)(d) was bifurcated into dividend income of Rs. 53,71,450 and interest income of Rs. 1,27,56,156.
Applying the ratio of the judgment in Chandra Prakash Agrawal (supra) to the present case, we find that the Tribunal did not commit any error in recording findings that since nothing was found in the search operations on 26.10.1995 and that though the warrant of authorisation under section 132A was issued on the following day on 27.10.1995,
The hearing was closed at this stage, pronouncing the result of these appeals by the Revenue against it; it being the common contention of both the parties that the provision of Explanation 5 to section 271(1)(c) stood attracted and satisfied in the instant case for the relevant years.
The case of the petitioners is that the authorities have no power to levy such service tax on the petitioners, who are service recipients as per Rule 2(1)(d)(iv) of the Service Tax Rules and also as per subsequently introduced Section 66A of the Finance Act, 1994 with effect from 18.4.2006.
Petition under Section 151 of C.P.C. praying that in the circumstances stated in the affidavit filed in the W.P. the High Court may be pleased to grant stay of clarification issued vide SI.No.3 of the circular No.967/01/2013-CX dated 01.01.2013 and consequent Letter C.No.490/2012-13 dated 04.01.2013 issued by the Respondent No.2, pending disposal of WP No. 730 of 2013 on•the file of the High Court.
‘Courier service’ is input service, if ownership of goods sent remains with sender till delivery to customer & courier charges form part of goods sent
SC held that The appellants shall immediately hand over the Demand Drafts, which they have produced in Court, to SEBI, for a total sum of Rs. 5120/- Crores and deposit the balance in terms of the order of 31st August, 2012, namely, Rs. 17,400/- Crores and the entire amount, including the amount mentioned above, together with interest at the rate of 15 per cent, per annum,
Income of any educational institute cannot be exempted unconditionally if such institution also exists for deriving of profit. According to this provision, if any educational institution is running on commercial basis then income of such educational institution cannot be exempted from taxation. However, such institution can claim exemption u/s. 11 and 12 as element of profit is not excluded by the Legislature.
Scheme of sub-sections (8), (10) and (12) of Section 132 makes it amply clear that there is a statutory obligation on the Revenue to communicate to the person concerned not merely the Commissioner’s approval but the recorded reasons on which the same has been obtained and that such communication must be made as expeditiously as possible
Income arising on account of offshore services and offshore supply of equipments would not be taxable. If the assessee is not liable to tax in view of the Article 8 (sic) of DTAA between India and Japan, then, irrespective of the amendment to section 9(1) of the Act, the assessee would not be liable to tax.
