Chapter XIV- B provides that where a search u/s 132 is conducted, the AO shall determine the undisclosed income for the block period. S. 158 BC(b) provides that in making the block assessment the provisions of s. 143 (2) shall “so far as may be, apply”. The Supreme Court had to consider whether a block assessment order passed without service of notice on the assessee u/s 143(2) within the prescribed period of time was valid. HELD, deciding in favour of the assessee:
The present tax appeals have been field by the Commissioner of Central Excise & Customs, Surat -II under sec. 35-G of the Central Excise Act, 1944 proposing to raise the following substantial question of law : “Whether in the facts and circumstances of the case, the Tribunal has committed a substantial error of law in reducing the penalty on the respondent from Rs. 2 crores to Rs. 20 lakhs ?” 2. Learned Sr. Standing Counsel Mr. R.
Authority for advance ruling recently held that payments received by the Applicant from its Indian reseller for supply of software products to end users should not be classified as royalty. The AAR further held that the relationship between the Applicant and the reseller does not create a permanent establishment (PE)
The photography films, printing papers, chemicals and envelopes are the integral and essential ingredients to complete the process of photography. Meaning thereby, the components of sale of photography, developing and printing etc. are clearly distinct and discernible than that of photography service. Therefore, we are of the view that as the photography
The assessee, an Indian company, advanced interest-free loans to its 100% foreign subsidiaries. The subsidiaries used those funds to make investments in other step-down subsidiaries. On the question whether notional interest on the said loans could be assessed in the hands of the assessee under the transfer pricing provisions of Chapter X
In order to make an addition on the basis of surrender during search or survey, it is sine qua non that there should be some other material to co-relate the undisclosed income with such statement.
CIT vs Reliance Petro Products (P) Ltd. (322 ITR 158) Supreme Court- It was held that a mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee and if the contention of the Revenue to this effect is accepted then in case
We have prefaced the discussion on provisos with the object of putting the real controversy in its true perspective. The orders passed by the Chief Commissioner are identical in all these cases and after hearing the learned counsel for the parties we are of the view that the following substantive questions of law would arise for determination of this Court:
S. 10(23C)(vi) provides that the income of any university or other educational institution existing solely for educational purposes and not for purposes of profit shall be exempt. The assessee was running a school solely for educational purposes and claimed exemption u/s 10 (23C) (vi).
Delhi High Court in the case of Messe Dusseldorf India Pvt. Ltd. (Taxpayer) [2010-TIOL- 74-HC-DEL-IT] dismissing a writ petition, held that in cases where a taxpayer has not been provided an opportunity of being heard by the Transfer Pricing Officer, the taxpayer is entitled to raise all objections and furnish necessary evidence to the Dispute Resolution Panel (DRP)
