Income Tax
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Eligibility of deduction u/s 80IB – Workers engaged in all the units are required to be considered while computing total number of workers employed by the assessee. .... - AT
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Undisclosed investment - Block Assessment - The peak theory worked out by the A O for the purpose of making addition on account of undisclosed investments was not valid .... - AT
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Registration u/s 12A - the assessee has not explained as to why the object clause specifically provides that the benefit of the foundation goes to the members in a narrow sense - applicant remains a paper company - no registration u/s 12A .... - HC
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Commercial Expidency:- Non-charging of interest on advances by the sister concern, particularly in the situation where both the concerns having benefits of such mutual accommodation, could indeed be justified on the ground of commercial expediency in a particular fact situation. - claim of deduction of interest allowed..... - AT
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When circular is issued under Section 119 of the Act and its validity is upheld it is binding on the Assessing Officer. Not taking recourse thereto and passing the order amounted to making assessment without conducting proper inquiry and investigation as enjoyed by law which was also warranted in the facts of this case and, therefore, the Commissioner was right in holding that such assessment was erroneous and prejudicial to the interest of the Revenue. .... - HC
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TDS us/ 194C - The contract between the assessee and the C & F agent is a service contract which has not been specifically included in Explanation III below section 194C.... - AT
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Provisions of section 40A(2) would not and cannot override the provisions contained in Chapter X of the Act. Even otherwise, if there are different provisions over the same subject then in law the specific provisions would prevail..... - AT
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Method of Accounting - to comply with requirement of companies act merchantile system was adopted - overriding provisions of section 209 of companies act over section 145 of the income tax act - Held that:- Tribunal was justified in rejecting cash method. .... - HC
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Deduction u/s 80P - Since assessee is not in the banking business therefore, income on investments cannot be allowed as a deduction under section 80P(2)(a)(i).... - AT
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Annual Let Out value of the property - The property has not been let out at all, during the previous year under consideration, there is no question of any vacancy allowance being provided thereto under section 23(1)(c).... - HC
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Exemption u/s 10(38) - sale of the shares of ICL held by the assessee is in the nature of sale of capital asset and not in the nature of stock-in-trade - Exemption allowed..... - AT
Customs
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Appointment of Common Adjudicating Authority. - Ntf. No. 01/2012-Customs (N.T.) Dated: January 6, 2012
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Seeks to extend levy of anti-dumping duty imposed vide Notification No. 98/2006-Customs, dated the 13th September, 2006, upto and inclusive of 1st September, 2012. - Ntf. No. 01/2012-Customs (ADD) Dated: January 6, 2012
Service Tax
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Inasmuch as a penalty under Section 78 is being sustained, there is no justification for restoring the penalty under Section 76 as sought for by the department. However, the Commissioner (Appeals) has clearly erred in reducing the penalty imposed by the original authority under Section 78 without any valid reasons..... - AT
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Refund in terms of notification No. 41/2007-ST - Period of limitation - When a notification itself provides the period for claiming the exemption in terms of the said notification, such period cannot be extended by taking recourse to the provisions of section 11B.... - AT
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Due date for filing of Service Tax Return for the period ending September, 2011 extended till 20-1-2012
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Board circular no. CBE&C circular No.137/167/2006-CX.4, dt.3.10.07, clarifies that if the assessee pays Service Tax with interest before issue of Show Cause Notice, no further proceedings will be initiated..... - AT
Central Excise
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Entitlement of Cenvat credit of duty paid on provisionally assessed Bill of Entry - Rule 9 of the Cenvat Credit Rules - Credit allowed..... - AT
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DTA supplied goods to SEZ - the supplies made by DTA units to SEZ units will amount to export for the purpose of all export benefits. .... - AT
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Time limit stipulated under Section 11B of the Central Excise Act is not applicable in the case of refund claim under Rule 5 of the Cenvat Credit Rules, 2004.... - AT
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Related person - Valuation under central excise - Sharing of common premises or employing a common statutory auditor, are inadequate to find mutuality of interest between them.... - AT
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