Home › View all posts by editor › Page 296
Author: editor

Author Archive

This section is now closed. Click here for new judgements


Posted on by editor
COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 18, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

The object behind enactment of s. 271 (1) (c) read with Explanations indicate that the said section has been enacted to provide for a remedy for loss of revenue and they create the element of strict liability on the assessee for concealment or for giving inaccurate particulars while filing return. The penalty under that provision is a civil liability. Wilful concealment is not an essential ingredient for attracting civil liability unlike the matter of prosecution under Section 276C.

Read more ›

Posted on by editor
COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 18, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

While circulars and instructions issued by the Board are binding on the authorities under the respective statutes, but when the Supreme Court or the High Court declares the law on the question arising for consideration, it would not be appropriate for the Court to direct that the circular should be given effect to and not the view expressed in a decision of the SC or the High Court.

Read more ›

Posted on by editor
COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 18, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

During the days when the golf tournament is conducted, the Golf Course can be regarded as a “place of business” because the center of income earning activities was at that particular place and the Golf Course was at the disposal of the applicant for the stipulated time frame and it could exercise some limited rights. The fact that the duration is short is not relevant.

Read more ›

Posted on by editor
COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 17, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Though the assessee was following the mercantile system and was entitled to royalty under an agreement, the royalty was not assessable in accordance with the principles of real income, in view of the dispute pending in arbitration.

Read more ›

Posted on by editor
COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 17, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Non-occupancy charges received by a commercial society from its members, even though in excess of 10% of the maintenance charges, are exempt on the principles of mutuality.

Read more ›

Posted on by editor
COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 10, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

For purposes of s. 145A, where an assessee follows the procedure laid down by the ICAI and the tax auditor reports in clause 12(b) of Form 3CD of the Tax Audit Report that no adjustment is required to be made on account of s. 145A, the unutilized modvat credit cannot be added to income.

Read more ›

Posted on by editor
COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 10, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

For purposes of s. 14A, only the expenditure which is proved to have a nexus with the exempt income can be disallowed and not on an ad-hoc basis.

Read more ›

Posted on by editor
COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 3, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

The AO/TPO have to satisfy and communicate to the taxpayer which one of the four conditions prescribed in s. 92C (3) are satisfied before applying the transfer pricing provisions and the failure to demonstrate this to the assessee renders the transfer pricing order void

Read more ›

Posted on by editor
COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 2, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Levy of interest is for compensating the revenue from loss suffered by non-deposit of tax by the assessee within the time specified therefor. This principle should also be applied for determining whether any hardship had been caused or not. A genuine hardship means a genuine difficulty. It cannot be concluded that a person having large assets would never be in difficulty as he can sell those assets and pay the amount of interest levied.

Read more ›

Posted on by editor
COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 2, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Under Rule 10B (2) (c) the comparability of an international transaction with an uncontrolled transaction has to be judged with reference to the contractual terms. Accordingly, the actual transaction, as entered into between the parties, has to be considered and the authorities have no right to re-write the transaction unless it is held that it is sham or bogus or entered into by the parties in bad faith to avoid and evade taxes.

Read more ›