In this bunch of four appeals, the assessee has challenged the impugned common order of the Learned CIT(A) for the A.Y. 2003-04 to 2006-07 dated 24.11.2006 and all these four appeals are arising out of the orders passed by the I.T.O.(TDS) – 3(1), Mumbai (in short the A.O.) treating the assessee in deemed default for not deducting the tax at source u/s. 194C and 194J of the Act.
The judgment of the Supreme Court is an expression of opinion on the interpretation of statute. Merely because a judgment has been rendered, the same cannot be a ground for reopening the assessment u/s 147 as it amounts to a change of opinion. Austin Engineering 312 ITR 70 (Guj) followed).
Even if assessee has disclosed nil income and on verification of the record, it is found that certain income has been concealed or has wrongly been shown, in that case, penalty can still be levied.
Where it was clear from the original assessment orders as well as order made by the appellate authority that the Assessing Officer was well aware about the primary facts, viz., the claim made by the assessee, the circumstances under which the claim was made, and the provisions of law which could be applied while granting the benefits, and the Assessing Officer consciously considered the facts and arrived at a decision, the assessment cannot be reopened merely because subsequently the Assessing Officer changes his opinion or some other officer takes a different view.
We have heard both the parties. A forward contract is an agreement between a buyer and a seller obligating the seller to deliver a specified asset of specified quality and quantity to the buyer on a specified date at a specified place and the buyer in turn Is obligated to pay the seller a pre-negotiated price in exchange of the delivery. In the Instant case, the assessee is engaged in the business of manufacture and export of readymade garments. In respect of export of readymade ga
The assessee has challenged the levy of penalty on three grounds. Firstly, the assessee has argued that the penalty proceedings have been initiated for concealing the particulars of income but the penalty has been imposed for furnishing inaccurate particulars of income and, therefore, penalty is legally invalid. Reliance has placed on several judgments of Hon’ble High Court of Gujarat, as mentioned in Para 4 earlier. We are unable to accept the arg
These seven appeals by different assessee are arising out of order of Commissioner of Income-tax (Appeals)-IV, Surat in appeal Nos. CAS-IV/100-106/ 2008-09 dated 12-10-2009. The assessments were framed by ACIT, Circle-7and ITO Ward-7(2) Surat vide their different orders dated 18-12-2008, 16-12-2008 &26-12-2008 respectively for the assessment year 2006-07.
8. We find that there is no dispute about applicability of India Mauritius tax treaty on the facts of the present case, as also about the fundamental position that the provisions of the said treaty being beneficial to the assessee, the same will override the provisions of the Indian Income Tax Act. It is also not in dispute that the profits earned by the assessee from these contracts are business profits in nature and can only be brought to tax in India in the event of Mauritian company having been held to have a permanent establishment (PE) in India. The question that we must, therefore, address ourselves to
Once the assessee has filed fresh appeal(s) memo which borne the signature in ink, date and place, etc., the CIT (Appeals) ought to have treated that defects removed.
One of the most challenging issues in TP is the taxation of income from intangible property. The issues may arise in several contexts, such as the appropriate royalty to be charged to a licensee of intangibles or the appropriate inter-company transfer price for goods manufactured and sold to a controlled distributor when the manufacturer owns the trademark for the finished goods in the distributor’s jurisdiction. The OECD has also recently announced that it is considering starting a new project on the TP aspects of intangibles that could result in a revision to the existing guidelines.
