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Highlights / Annotations / Catch Notes For May

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1 ....96 97 98 99100101 102 103 104........ 134

May 10, 2016 Case Laws Income Tax

Capital gain - no title has been transferred in part performance of the contract as it had not affected the immovable property comprised there-in, hence capital gain......
May 10, 2016 Case Laws Income Tax

MAT - Once there is no possibility for preparing the accounts in accordance with the part II & II of Schedule VI of Companies Act then the provisions of sec. 115JB cannot be forced - AT
May 10, 2016 Case Laws Income Tax

Estimation of income based on best judgment assessment due to rejection of books of accounts, should not be ordinarily interfered by appellate authorities, unless there.....
May 10, 2016 Case Laws Income Tax

Penalty U/s 271(1)(c) - penalty proceedings are distinguished and separate and assessee can raise fresh plea in the penalty proceedings, which has been done in this case - AT
May 10, 2016 Case Laws Income Tax

TDS u/s 194J - bandwidth charges - The payments made to service providers were for the use of bandwidth and the payments cannot be considered to be in the nature of......
May 10, 2016 Case Laws Income Tax

Penalty u/s 271(1)(c) - Where the AO is not clear whether penalty is levied for concealment of income or furnishing of inaccurate particulars, then such an order suffers....
May 10, 2016 Case Laws Income Tax

Addition u/s 68 - Revenue failed to provide that parties were in accommodation entries in form of loan and share application money after charging certain commission as......
May 10, 2016 Case Laws Income Tax

The addition on account of yield comparability made by the AO is not sustainable in the eyes of law and CIT (A) has rightly deleted the same - AT
May 10, 2016 Case Laws Income Tax

When reopening u/s 147/148 under the given circumstances is itself not permissible, the AO is not empowered to review the applicability of section 10BA - AT
May 10, 2016 Case Laws Income Tax

Exemption u/s 11 - Charitable activity u/s 2(15) - even if it is proved that certain favours were done by the Executive Committee in allotment of quota that would not......
May 10, 2016 Case Laws Income Tax

Expenses incurred n connection with raising of debts / FCC Bonds constitute allowable expenditure of the Assessee. - AT
May 10, 2016 Case Laws Income Tax

Condonation of delay - ignorance of law is not an excuse and therefore, delay in filing of appeal cannot be condoned on account of ignorance of law. - AT
May 9, 2016 Case Laws Income Tax

Penalty u/s 271D - Penalty can be levied on the amounts of loan which exceeds the amount of ₹ 20,000/-. Therefore, the A.O. is directed to exclude ₹ 20,000/-....
May 9, 2016 Case Laws Income Tax

TPA - there is a vast functional difference between the manufacturing activity of the assessee and Lucas TVS. Lucas TVS has no segment wise details for manufacturing......
May 9, 2016 Case Laws Income Tax

LTCG - Benefit of Indexation - period of holding u/s 49(1) - when the assessee sells his immovable property which is acquired under gift or will, while computing the......
May 9, 2016 Case Laws Income Tax

Deduction u/s 80IB - percentage completion method - AO cannot take the benefit with regard to the inadvertent mistake committed by the assessee in filing the return of......
May 9, 2016 Case Laws Income Tax

Provisions of Section 292C are applicable in a case where a search was conducted or certain documents were requisitioned. The provisions were applicable only in the......
May 9, 2016 Case Laws Income Tax

Addition on cash received - addition cannot be sustained in the hands of assessee only because certain documents stated to have been filed for the purpose of marketing......
May 9, 2016 Case Laws Income Tax

Penalty under section 271(1)(c) - assessee had declared the income in its return of income in response to notice issued under section 153A of the Act, it is income......
May 9, 2016 Case Laws Income Tax

Addition u/s 69C - writing off the goodwill has not resulted in the siphoning of funds of the company - Further addition made u/s 69C is also not correct as section 69C.....
May 9, 2016 Case Laws Income Tax

As because the assessee had not claimed any such expenditure in the relevant year, assessee cannot be subjected to the provisions of TDS - the appellant cannot be......
May 9, 2016 Case Laws Income Tax

Depreciation on V-SAT Line/Infrastructure - V-SAT network for the purposes of enabling screen based trading by the members is entitled to full depreciation - AT
May 9, 2016 Case Laws Income Tax

Taxability of amount withdrawn by the partner from the firm - there was no transfer of assets on extinguishment of right of the assessee partner merely on introduction......
May 9, 2016 Case Laws Income Tax

Addition on account of interest income - AO was not justified in placing reliance on financial statements which were not approved by shareholders. - AT
May 9, 2016 Case Laws Income Tax

Validity of assessment u/s 153 - When the order of the Tribunal nullifies the total income assessed or determined in the original order of an assessment, it definitely......
May 9, 2016 Case Laws Income Tax

TPA - adjustment to be made on account of difference in the arm's length price u/s 92CA - order passed by the Assessing Officer without passing a draft assessment order.....
May 9, 2016 Case Laws Income Tax

Just because the transferee had not used the land for agricultural purposes, the land does not loose its character of being an agricultural land when the same is sold by....
May 9, 2016 Case Laws Income Tax

The nearness of the land to highway also does not alter the character of the land and appreciation in the price of land cannot be seen in isolation and if agricultural......
May 9, 2016 Case Laws Income Tax

Since the warrant of search was not executed at the business premises of the assessee firm and from the place of search no material whatsoever relating to the firm was......
May 9, 2016 Case Laws Service Tax

Service rendered to overseas person - Service Tax liability arises on overseas manufacturer but under reverse charge mechanism appellant is made liable to pay - Services....
May 9, 2016 Case Laws Central Excise

Includability - Whether amounts recovered by IIL in the form of debit notes towards bank charges, interest, etc. were includible in the assessable value of inputs iron......
May 9, 2016 Case Laws Central Excise

Cenvat Credit - Eligible input - Final products cleared along with the packing material - There is no dispute about the fact that the final products were cleared along......
May 9, 2016 Case Laws Customs

Import of spectacle lense - Department treated them as semi-finished spectacles lenses and denied the exemption - This approach of the authorities below was clearly erroneous - SC
May 9, 2016 Case Laws Customs

Waiver of demurrage/godown rent and container charges - there is no mala fides of the individual Customs officers in delaying the release of the goods - In such......
May 9, 2016 Case Laws Customs

Refund - unjust enrichment - The bank guarantees were undoubtedly securities to safeguard the interest of the Revenue but, once the High Court dismissed the petitions......
May 9, 2016 Case Laws Customs

Applicability of Ratio of decision of different High Courts - Being a central statute bearing tax implications, we would, even otherwise, be slow in taking different......
May 9, 2016 Case Laws Customs

It is to be noted that Section 132 of the Customs Act is a Bailable one. Further, the offence under Section 135 of the Act is a compoundable one, in terms of Section......
May 9, 2016 Case Laws VAT and Sales Tax

Merely, because the advertisements of the advertisers were displayed on the Sites would not necessarily lead to the conclusion that they had acquired the right to use the Sites - HC
May 7, 2016 Case Laws Central Excise

Classification of Guar Gum and Guar Dal Flour - Assessee succeeds inasmuch as on the ground of limitation itself inasmuch as at the relevant time there was conflicting......
May 7, 2016 Case Laws Central Excise

As long as a judgment of the Tribunal stands, it would bind every Bench of the Tribunal of equal strength and the departmental authorities taking up such an issue - HC
May 7, 2016 Case Laws Central Excise

Simultaneous availing Cenvat Credit and Depreciation - once the mistake is detected and he filed revised returns, deprivation of the benefit of Modvat Credit could only.....
May 7, 2016 Case Laws Income Tax

Addition of speculation loss - submission on behalf of Revenue negatived that provisions of UTI Act creates a fiction to make Unit Trust of India a deemed company and......
May 7, 2016 Case Laws Income Tax

TDS liability on interest on award of insurance compensation in view of the death or injury - the orders calling upon the insurance company to pay the TDS/deduct TDS on.....
May 7, 2016 Case Laws Income Tax

Disallowance of expenditure on account of interest on prorata basis - when the assessee has made investment for business expediency to promote the business of its......
May 7, 2016 Case Laws Income Tax

Taxing of capital gains u/s.50B r.w.s.2(42C) - sale of undertaking as a going concern for a lump sum consideration - addition made by the AO u/s.50B on account of gain......
May 7, 2016 Case Laws Income Tax

Income assessable under the head ‘Income from House Property’ - The adoption of an enhanced rate does not breach the theory of real income inas- much as what the law......
May 7, 2016 Case Laws Income Tax

Undisclosed income - Addition made on the basis of the statement during the survey u/s. 133A is not sustainable in the eyes of law - AT
May 7, 2016 Case Laws Income Tax

Reopening of assessment - assessments based on receipt of certain information from Investigation Wing invalid due to non application of mind by the A.O - AT
May 7, 2016 Case Laws Income Tax

Taxation on mobilization charges - Entire payment of mobilization charges in question was paid for the purpose of execution of the contract between the assessee and the.....
May 7, 2016 Case Laws Income Tax

Income from the services rendered in connection with providing drilling rigs/drilling services to ‘Cairn’ in India are in the nature of services and facilities in......

1 ....96 97 98 99100101 102 103 104........ 134

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