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Govt cuts down tariff value for gold and silver Continue reading | Govt levies provisional safeguard duty on imports of Saturated Fatty Alcohols Continue reading | Service Tax (Second Amendment) Rules, 2014- New rules 11 & 12 inserted to provide for determination of Rate of exchange & Power to issue supplementary instructions Continue reading | Service Tax on Radio Taxi services, Ads in internet websites & on film screen in theatres to be effective from Oct 1, 2014 Continue reading | CENVAT Credit (Seventh Amendment) Rules, 2014-Rule 12AAA of CCR, 2004 amended to include provider of Taxable service Continue reading | Exchange Rate for the purpose of import and export with effect from  22nd August, 2014 Continue reading | Govt hikes Import duty on Raw/Refined/White Sugar to 25% Continue reading | CBEC to use third-party information to nab tax evaders Continue reading | Export of all varieties of onions as described above will be subject to a Minimum Export Price (MEP) of US$ 300 per MT. Continue reading | Quantity of input to be allowed under Advance Authorisation/DFIA shall be in proportion to the quantity of input actually used/consumed in production. Continue reading |
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Category Archives: High Court Orders
   

High Court Orders

2014-ITS-1396-HC-Commissioner of Income-tax-12 -Vs- Tip Top Typography , On. AUGUST  8, 2014 

 Where a premises is covered by Rent Control Act, Assessing Officer must undertake exercise to fix rent himself in terms of said Act or have it determined by Court or Tribunal and, until then he may not be justified in applying any other formula or method and determine ‘fair rent’ by abiding with same Continue reading

2014-ITS-1399-HC-Principal Officer, LG Electronics Inc. -Vs- Assistant Director of Income-tax, International Taxation , On. AUGUST  5, 2014 

AO justified in issuing notice u/s 148 to foreign parent co where material impounded during survey shows that Indian WOS(100% subsidiary) is not functioning as independently but as PE of the foreign parent and the foreign parent has not filed income-tax returns as regards transactions with its Indian WOS on which Indian WOS hasn’t deducted full TDS under the DTAA Continue reading

2014-ITS-1263-HC-Zaheer Mauritius -Vs- Director of Income-tax (International Taxation) -II, On. JULY  30, 2014 

 Gains from sale of CCDs in Joint Venture Company by foreign partner to Indian partner under exit option not “interest” u/s 2(28A) but “capital gains” even if the exit option assures a minimum assured return. Whether a Compulsorily Convertible Debenture is a loan simplicitor or whether it is in the nature of equity, is not material in determining whether the gain on the sale of the debentures by its holder is a capital gain or not. This depends entirely on whether the debentures are capital assets in the hands of its holder. Continue reading

2014-ITS-1326-HC-Zaheer Mauritius -Vs- Director of Income-tax (International Taxation) -II , On. JULY  30, 2014 

Gains from sale of CCDs in Joint Venture Company by foreign partner to Indian partner under exit option not “interest” u/s 2(28A) but “capital gains” even if the exit option assures a minimum assured return. Whether a Compulsorily Convertible Debenture is a loan simplicitor or whether it is in the nature of equity, is not material in determining whether the gain on the sale of the debentures by its holder is a capital gain or not. This depends entirely on whether the debentures are capital assets in the hands of its holder. Continue reading

2014-ITS-1264-HC-Comverse Networks Systems India (P.) Ltd. -Vs- Commissioner of Income-tax, Delhi -XVI , On. JULY  22, 2014 

 In terms of section 163, relevant period to be considered is not date of appointment of statutory agent, but period covering year of account and, thus, where a person in respect of whom agent is sought to be made a representative assessee, does not attain status of non-resident during relevant accounting period, provisions of section 163 cannot be invoked in such a case Continue reading

2014-ITS-1425-HC-Commissioner of Income-tax, Chennai -Vs- Faizan Shoes (P.) Ltd. , On. JULY  22, 2014 

The services rendered by the non-resident agent can at best be called as a service for completion of the export commitment. The services provided by the non-resident agent are not technical services. The assessee is not liable to deduct tax at source when the non-resident agent provides services outside India on payment of commission Continue reading

2014-ITS-1427-HC-Palam Gas Service -Vs- Commissioner of Income-tax* , On. JUNE  25, 2014 

Where assessee entered into a contract with IOC for carriage of LPG cylinders, in view of fact that assessee in turn got transportation of cylinders done through three parties by entering into sub-contracts with them, payments of freight charges made to sub-contractors were covered by section 194C(2) and, thus, assessee was required to deduct tax at source while making payments in question

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2014-ITS-1426-HC-Commissioner of Income-tax-II -Vs- Madhusudan Industries Ltd.* , On. JUNE  23, 2014 

Where Assessing Officer passed a penalty order under section 271(1)(c) for raising a false claim of deduction under section 80HHC, in view of fact that issues like unit wise deduction, exclusion of excise duty and sales-tax from total turnover etc. had been a matter of dispute between Department and assessee and, thus, issue of deduction was a debatable one, Tribunal was justified in setting aside impugned penalty order Continue reading

2014-ITS-1428-HC-Director of Income-tax (International Taxation)-II -Vs- HSBC Asset Management (I) (P.) Ltd.* , On. JUNE  18, 2014 

Where Tribunal emphasising rule of consistency, allowed assessee’s claim for depreciation on fee paid to SEBI for registration of mutual fund, reliance placed by revenue on subsequent judgment of High Court for contending that depreciation was wrongly allowed, could not carry its case any further and, thus, impugned order of Tribunal was to be confirmed Continue reading

2014-ITS-1431-HC- Commissioner of Income-tax-7 -Vs- Tata Teleservices (Mah) Ltd.* , On. JUNE  17, 2014 

Where Assessing Officer allowed assessee’s claim for deduction of expenses incurred on issue of Foreign currency Covertible Bonds (FCCBs), in view of fact that unless option was exercised by bondholders, conversion of those bonds into equity shares was not permissible, impugned revisional order passed by Commissioner disallowing expenditure in question on ground that FCCBs in real sense, were equity shares right from beginning and that conversion of bonds was only a routine technical compliance as per regulations and guidelines, was not sustainable Continue reading

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