While Explanation 2 to s. 147 deems income to have escaped assessment if excessive deduction is allowed, the reopening of an assessment u/s 147 has serious ramifications because the AO is empowered to reassess income even in respect of issues not set out in the notice. Therefore, if the power to rectify an order u/s 154(1) is adequate to meet a mistake or error in the order of assessment, the AO must take recourse to that power as opposed to the wider power to reopen the assessment. If the error can be rectified u/s 154, it would be arbitrary for the AO to reopen the entire assessment u/s 147. Further, the error in the order was not attributable to a fault or omission on the part of the assessee and the assessee cannot be penalized for a fault of the AO;
1. Heard counsel on either side at length. Records perused. 2. Even though both sides had cited several decisions of this Court on the scope and application of Section 5 of the Limitation Act, but it is neither necessary nor required to deal with those cases in the peculiar facts and circumstances of this case.
In a setback to foreign carrier companies, the Bombay high court has ruled that delayed payment of foreign travel tax (FTT) could attract penalty under the provision of the Finance Act, 1979. Rejecting the plea of petitioners Malaysian Airlines, Saudi Arabian Airlines, North West Airlines and Kenya Airlines
The Supreme Court has taken a sagacious view of the criticism of judges while dismissing a contempt of court case against Union Minister Kapil Sibal. In fact, it encourages “fair and reasonable” criticism of judgments as judges are not “infallible”. What provoked the petition was a message the minister had written for a souvenir brought out by a group of lawyers of the Punjab and Haryana High Court in 1995.
Praxair Pacific Limited (PPL ), a company incorporated in Mauritius, proposes to transfer its 74% equity stake in Jindal Praxair Oxygen Company Private Limited (JPOCPL) to its wholly owned subsidiary in India, Praxair India Private Limited (Praxair India). The consideration for the proposed transfer is stated to be determined on the basis of cost, unless a higher consideration is required under the pricing guidelines prescribed by the Reserve Bank of India as applicable for transfer of shares.
The National Company Law Tribunal (NCLT) was expected to take over the role of the High Court (in dealing with company law matters such as sanctioning of schemes of arrangement, ordering winding up of companies, dealing with petitions for oppression and mismanagement and the like), the Company Law Board (CLB) and the Board of Industrial and Financial Reconstruction (BIFR) for speedy disposal of aforesaid matters and avoid multiplicity of litigation before various fora.
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently pronounced its ruling on an appeal originating from a transfer pricing adjustment imposed on 3 Global Services Private Limited (“assessee”). The assessee operates in the voice based customer care segment within the IT-enabled services (ITeS) industry. During financial year 2003-04, the assessee rendered services to its associated enterprises (“AEs”).
Service Tax – Service tax paid on input services like house keeping/cleaning service, tours & travels, outdoor catering service, clearing & forwarding agent service and custom house agent service eligible as CENVAT credit in view of consistent decisions of CESTAT – Prima facie case for full waiver of pre-deposit
The party if it feels that such recording of statement of fact is wrongly recorded it is incumbent on its part to approach the said judge promptly and without any delay or before the same feeds the memory and to invite the attention of the said judge that there is an error.
A computer software when put into a media and sold, it becomes goods like any other audio cassette or painting on canvass or book. The amount paid by the assessee towards purchase of IXOS-eCON for R/3 50 users cannot be treated as payment of royalty taxable in India under Article 12 of DTAA between India and Singapore. Therefore, the assessee, in our opinion, is not liable to deduct tax at source.
