CIT Vs Shri Prem Gandhi (Delhi High Court)- In view of retrospective amendment in Sec 132(1), the Tribunal order stating that Addl Director has no powers to issue warrant for authorisation of search, does not survive. Assessee can be allowed to raise a fresh ground of no-service of notice u/s 143(2) before the Tribunal as this issue was argued before the CIT(A).
The fiduciary capacity within which directors have to act enjoins duty upon them to act on behalf of the company with utmost care and skill and due diligence and in the interest of the company. More so, in a family company where even directorial complaints can be looked into. Directors have a duty to make full and honest disclosures to shareholders regarding all important matters relating to the company. In the present case a clear case of oppression has been made out, even a single act can cause continuous oppression.
This is an appeal filed by the assessee and its directed against the order of the CIT(A)-IV, Bangalore, dated 30-11-2009 for the assessment year 2 008-09. The assessee is aggrieved by the CIT(A) in considering the assessee as assessee is default u/s 201(1) of the Income-tax Act, 1961 on the ground that the assessee has failed to deduct tax at source u/s 195 of the Act on the payments made by it to ING Zurich for purchase of shrink wrapped software from outside India. The AO considered the said payment as royalty under the Act as well as the DTAA between India and Switzerland.
VIP Industries Ltd. Vs. CCE (Bombay High Court) -High Court has [de hors of the provisions of the Central Excise Act, 1944] power to review its own decision rendered in appeal filed under the Act. Ordinary Courts which have been seized of a dispute in respect of a legal right or liability under a special enactment, should be regarded as having power to adjudicate such dispute according to the ordinary rules of practice and procedure which would include the power to review judgements and orders.
ACIT Vs Hotel Blue Moon (Supreme Court of India)- However, if an assessment is to be completed under Section 143(3) read with Section 158-BC, notice under Section 143(2) should be issued within one year from the date of filing of block return. Omission on the part of the assessing authority to issue notice under Section 143(2) cannot be a procedural irregularity and the same is not curable and, therefore, the requirement of notice under Section 143(2) cannot be dispensed with. The other important feature that requires to be noticed is that the Section 158 BC(b) specifically refers to some of the provisions of the Act which requires to be followed by the assessing officer while completing the block assessments under Chapter XIV-B of the Act.
Global Geophysical Services Limited (A.A.R. No. 873 of 2010)–Would the special provisions for computing profits under section 44BB be applicable to a non-resident carrying on business of seismic data acquisition and processing under contract with Indian concerns?On an application made to the Authority of Advance Ruling by the non-resident on the above issue, the Authority observed that in an identical issue in Geofizyka Torun SP. Z.O.O. (2010) 320 ITR 0268 (AAR), it was observed that without seismic data acquisition and interpretation, it is impractical to carry out the activity of prospecting of mineral oil and gas which is a step in aid to its exploration. The seismic data (in processed form) is used to create highly accurate images of the earth’s sub-surface which in turn are used by the exploration and production companies for locating potential oil and gas reserves based upon the geology observed.
The Delhi High Court on Monday said the DTH service was like a cinema ticket providing continuous entertainment to viewers and hence, liable to be taxed by the state government. Four prime DTH service providers — Tata Sky, Dish TV, Bharti Telemedia (Airtel) and Bharat Business Channel (Videocon) — had challenged this state legislative provision.
Writ Petition preferred under Article 226 of the Constitution of India praying for the issue of a writ of Certiorarified mandamus, calling for the records from the second respondent Tribunal relating to its order in ATA No. 380 (13) of 2006 dated 12.4.2010, quash the same that approves the order of the third respondent dated 29.3.2004 bearing Ref. No. CC.1(7)/TN/CBE/56709/ENF/2004 and consequently forbear EPF organisation form applying the notification of Government of India in Ministry of Labour and Employment No.GSR 346 dated 7.3.62 with effect from 23.12.2002 under the Schedule “trading and commercial” as the same is contrary to EPF Act 1952, run counter to Section 1(3) (a) and (b) of EPF Act,1952.
ICAI Vs. Shaunak H. Satya & Ors. (Supreme Court of India)- The learned counsel of ICAI submitted that there are several hundred examining bodies in the country. With the aspirations of young citizens to secure seats in institutions of higher learning or to qualify for certain professions or to secure jobs, more and more persons participate in more and more examinations.
ABN Amro Securities India Pvt. Ltd. Vs. ITO (ITAT Mumbai)- When anticipated profits on unmatured contracts are held, to be non-taxable, there is no good reason as to why anticipated losses on unmatured contracts can be taken into account while computing business income, we find that there is an inherent fallacy in this approach inasmuch as anticipated losses and anticipated profits are not treated in the same manner in the computation of business profits. These dual standards in recognising anticipated losses and anticipated profits are accepted accounting norms and in the case of Chainrup Sampatram (supra), Honourable Supreme Court has approved this duality in approach.
