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Home e-Newsletters Index Year 2014 October Day 9 - Thursday

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TMI Tax Updates - e-Newsletter
October 9, 2014

Case Laws in this Newsletter:

Income Tax Customs Service Tax Central Excise



Articles


News


Highlights / Catch Notes

    Income Tax

  • Levy of penalty @ 100% of the tax sought to be evaded u/s 271(1)(c) – one family giving gift to another family year after year, it can be said to be against human probabilities, but that may not be sufficient to hold the assessee guilty of concealment of income or furnishing of inaccurate particulars. - AT

  • Revision u/s 263 - the conduct of assessee clearly shows the evasionary tactics that are being adopted to wriggle its way out of the corner it has put itself into by its own acts and commissions - AT

  • Salary paid overseas to expatriate of assessee disallowed - Working in India by the head office and the Indian tax paid there on by the head office – provisions of section 44C not applicable - AT

  • Interest accrued/received to the Indian PE from its head office/overseas branches – concept of mutuality cannot override specific provision of law - once the interest received by PE is deemed to be income of PE and there is no bar in the treaty on its taxability then it cannot be excluded from computation of income earned by PE - AT

  • When the very documents have already been considered by the Tribunal then certainly double addition, one in the hand of the person in whose custody the documents are found and secondly in the case of the other person where substantive addition is made, is not permitted - HC

  • Grant of deduction u/s 10B – Registration with STPI - the assessee in this case will be entitled to the benefit of Section 10-B only on complying with the conditions contained prescribed in Section 10-B of the Income Tax Act, and it does not enure to the benefit for the AY in question - HC

  • Challenge to the order passed u/s 143(3) pursuance to the direction passed by DRP u/s 144C(5) - Speaking order - Power of DRP to remand - the order of the DRP is in excess of jurisdiction - AO to pass fresh orders - AT

  • Reopening of assessment u/s 147 and 148 – Non-issuance of notice u/s 143(2) - here is always a requirement of issuing of a notice u/s 143(2) of the Act in a case of an assessment u/s 147 of the Act - assessment is invalid - AT

  • Whether at the time of filing the return, a man of ordinary prudence can form a belief that he has no undisclosed income on the basis of seized material supplied to him - making incorrect claim does not amount to concealment of particulars - AT


Case Laws:

  • Income Tax

  • 2014 (10) TMI 154
  • 2014 (10) TMI 153
  • 2014 (10) TMI 152
  • 2014 (10) TMI 151
  • 2014 (10) TMI 150
  • 2014 (10) TMI 149
  • 2014 (10) TMI 148
  • 2014 (10) TMI 147
  • 2014 (10) TMI 146
  • 2014 (10) TMI 145
  • 2014 (10) TMI 144
  • 2014 (10) TMI 143
  • 2014 (10) TMI 142
  • 2014 (10) TMI 141
  • 2014 (10) TMI 140
  • Customs

  • 2014 (10) TMI 155
  • Service Tax

  • 2014 (10) TMI 169
  • 2014 (10) TMI 168
  • 2014 (10) TMI 167
  • 2014 (10) TMI 166
  • 2014 (10) TMI 165
  • 2014 (10) TMI 164
  • 2014 (10) TMI 163
  • Central Excise

  • 2014 (10) TMI 162
  • 2014 (10) TMI 161
  • 2014 (10) TMI 160
  • 2014 (10) TMI 159
  • 2014 (10) TMI 158
  • 2014 (10) TMI 157
  • 2014 (10) TMI 156
 

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