Home Highlights September 2012 Year 2012 This

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1. Deduction u/s 10AA - AO estimated profit of SEZ unit at 3% as against 6.95% of the turnover - the onus is on AO to prove the presence of any arrangement between the...

2. The assessee, a foreign airline company and tax resident of the USA, engaged in the business of operating aircraft in international traffic, obtained approval from DGCA...

3. Deduction u/s 80IA - More than ordinary profit shown by the assessee under section 80IA(10) - Admittedly, in the case on hand the assessee is showing higher amount of...

4. A “joint venture” would mean a joint arrangement, entered into in writing, whereby the parties that have joint control of the arrangement, have rights to the net assets...

5. Addition u/s. 40A(2)(b) - payment made for getting sales lead from related party - neither furnish details of such sales leads nor details of business actually generated...

6. Deduction u/s 10B - ordinarily, what profit the assessee might have expected to arise - AO had not brought on record any material to demonstrate that the assessee...

7. Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO...

8. Transfer of burden to discharge of service tax liability to another person - Undoubtedly, the service tax burden can be transferred by contractual arrangement to the...

9. Dishonor of Cheque - This court is of the considered view that the High Court should not have interfered with the cognizance of the complaints having been taken by the...

10. CENVAT Credit - duty paying documents - The party against whom the allegation of fraud is made has to be put on notice and heard. Evidence must be led wherefrom a...

11. Validity of order u/s 264 - against an order made u/s 264, no further statutory appellate remedy is available to the aggrieved party. Therefore, it leads to an...

12. The Punjab & Haryana High Court allowed the compounding of the offence u/s 138 N.I. Act between parties in a dishonour of cheque case. Citing precedent, the court held...

13. Disallowance made by the CPC in an intimation issued u/s. 143(1) denying the exemption claimed u/s. 11 - where a claim has been made which requires further inquiry, it...

14. Taxability of Hospital income in the hands of Doctor - ‘salary’ or ‘professional income’ - The fact that the remuneration paid is variable, and the doctors are not...

15. Classification of service - Franchisee service or not - Joint Venture Agreement - sharing of profits - it is found that there is no arrangement of sharing of profits and...