Description: The judgment of the Punjab & Haryana High Court in Liberty India has been upheld by the Apex Court in Liberty India v. CIT (2009) 29 (I) ITCL 169 (SC) : (2009) 317 ITR 218 (SC) : JT 2009 (11) SC 571. The Apex Court after considering the legal provisions held that the duty […]
Read MoreDescription: Subsidy or transport subsidy is not the immediate source or have direct nexus with the activity of the industrial undertaking. It is an aid by the government under the scheme. Though it is incidental to the activities of the assessee, the source is the government. Any aid or assistance by the government to a […]
Read MoreDescription: Two benches of ITAT have how held that the activity of supply of gas is a contract for sale and not contract for work, therefore, no tax is deductible under section 194C in respect of the transportation charges paid by assessee to the supplier of gas. Source: 1. www.tpcc.in 2. The Tax Referencer .Volume121. […]
Read MoreDescription: It is all the more established now that a contract of sale is not covered by section 194C. Source: 1. www.tpcc.in 2. The Tax Referencer .Volume121. Issue No.4, 26 Sept. 2011, Page No.41. Our Comment: Contract for sale is not covered under TDS provisions. It will be a sale transaction.
Read MoreDescription: Retrospective effect to a provision cannot be ordinarily given by judicial or quasi judicial authorities unless it is expressly given by the legislature. There may be certain situations requiring the giving of retrospective effect. The scope for the courts to validly give retrospective effect to a provision, despite not being clearly so given by […]
Read MoreDescription: In CIT v. Chellappan, M.(2008) 22 (I) ITCL 88 (Mad-HC) : (2006) 281 ITR 444 (Mad) it was held that reassessment under section 147 without issuing notice under section 143(2) is not tenable in law. Similar decisions could be found in Vipan Khama v. CIT (2002) 255 ITR 220 (P&H) and ITO v. R.K. […]
Read MoreDescription: If the Assessing Officer had made a disallowance of expenses on estimate basis then concealment penalty could not be levied in view of the decisions such as CIT v. Reliance Petroproducts (p) Ltd. (2010) 32 (I) ITCL 600 (SC) : (2010) 322 ITR 158 (SC) and CIT v. Ajaib Singh & Co. (2002) 253 […]
Read MoreDescription: Once a valid return under section 148 is filed by the assessee, the provisions of section 143 (2) being mandatory in nature, the non-issue of notice under this sub-section within the time limit prescribed statutorily will render the order passed under section 143 (3) invalid. Therefore, the assessment-framed under section 143(3) read with section […]
Read MoreDescription: Taxation: CBDT’s business intelligence data warehousing to boost tax mop-up. Source: 1. www.tpcc.in 2. The Tax Referencer .Volume121. Issue No.4, 26 Sept.2011, Page No.15. Our Comment: Cross verification’s are possible with information’s filed with other departments.
Read MoreDescription: The High court held that the Commissioner (Appeal) had recorded valid reasons but the Tribunal had just ignored the legal position, mainly on the ground that the cabs were not leased out by the assessee for any interval of time for use by the IOC according to its discretion and service tax was not […]
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