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Last Updated : Friday 30th January, 2015 - 3:22pm

CBEC issues instructions regarding adjudication of Central Excise and Service Tax Cases booked by DGCEI Continue reading | Govt extend the validity of Notification No. 01/2010-(Anti dumping duty on tyre processing machineries for tyres imported from People’s Republic of China) for a further period of one year i.e. upto and inclusive of 07-01-2016. Continue reading | A new laboratory is added for purpose of certification/grading of diamonds of 0.25 carats and above under paragraph 4A.2.1 of Foreign Trade Policy, 2009 - 2014. Continue reading | Seeks to notify the “resident firm” as the class of persons for the purpose of sub-clause (iii) of clause (b) of section 96A of the Finance Act, 1994. Continue reading | Seeks to notify the “resident firm” as the class of persons for the purposes of section 23A of the Central Excise Act, 1944 so as to extend the scheme of Advance Ruling to Resident Firm. Continue reading | Seeks to amend Notification No. 16/2014-CE (NT) dated 21st March 2014 to make its provisions applicable to registered importers. Continue reading | Seeks to amend Central Excise Rules, 2002 to interalia provide for i) Issue of digitally signed invoices and preservation of records in electronic form by a manufacturer; ii) Application of certain provision of these rules to registered importer also Continue reading | Seeks to amend Notification No. 35/2001-CE (NT) dated 26th June 2001 so as to simplify registration process. Continue reading | Seeks to amend Cenvat Credit Rules, 2004. Continue reading | Seeks to amend Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008 notified vide Notification No. 30/2008-CE (NT), dated 1st July, 2008. Continue reading |
Category Archives: ITAT


2015-ITS-79-ITAT-Kul Foundation -Vs- Commissioner of Income-tax -I, Pune , On. JANUARY  30, 2015 

Provisions of section 13 couldn’t be applied to deny registration to a trust or an Institution under section 12A – It shall be applied to decide deduction to be allowable to a trust or an Institution while completing assessment proceedings Continue reading

2015-ITS-80-ITAT-Metro Exporters (P.) Ltd. -Vs- Assistant Commissioner of Income-tax, Circle-6(3), On. JANUARY  30, 2015 

Section 32 of the Income-tax Act, 1961 – Depreciation – Allowance/Rate of (Expiry of lease) – Assessment year 2008-09 – Assessee took a building on lease and spend money on furniture and fittings – Assessee used to claim depreciation on said amount – Lease period expired and ‘furniture and fittings’, to extent it was part of leasehold building, could not be removed by assessee on its vacation – No sum had been realized on discard of said asset Continue reading

2015-ITS-70-ITAT-Genins India TPA Ltd -Vs- Assistant Commissioner of Income-tax (TDS), Circle -50(1), On. JANUARY  30, 2015 

TPAs are liable to deduct TDS u/s 194J from payments made to corporate hospitals. However, payments made to patient or policyholder would not be liable for deduction of TDS . It is nobody’s case that a patient or a policy holder would be covered within the term “business or profession”. A policy holder has not received the payment for rendering services in the course of carrying on medical profession or other professions. The patient is the receiver of the service but not a professional service provider.   Continue reading

2015-ITS-76-ITAT-Assistant Commissioner of Income-tax, Circle -1(1), Panaji -Vs- Alcon Developers , On. JANUARY  23, 2015 

Recognition of the revenue from sale of plots by assessee only when the registration of the sale deed has been done by the assessee in favour of the buyer is not a recognized method of recognizing the revenue under AS-7. This method is neither project completion method nor percentage of completion method. The method adopted by the Assessee, therefore, cannot be regarded to comply with the ingredients as laid down u/s 145 of the Income Tax Act. Continue reading

2015-ITS-75-ITAT-Army Welfare Placement Organization -Vs- Director of Income-tax (Exemptions), New Delhi, On. JANUARY  22, 2015 

Institutions set-up to provide placement services to ex-army personnel, their widows and dependents, rather than to any trade, commerce or business would not be hit by first proviso to section 2(15). This activity of general public utility would be covered by definition of charitable purpose, thus, institution was eligible for registration under section 12A. Continue reading

2015-ITS-74-ITAT-B.S. Sangwan -Vs- Income-tax Officer, Ward -2, Sonipat , On. JANUARY  21, 2015 

Where show cause notice to assessee issued by CIT u/s 263 set out grounds for revision as ‘inadmissible deductions’, revision order cannot be made by CIT on the grounds of ‘lack of proper inquiries’ by AO. A revision order can only be, made on the ground on which assessee has been given a reasonable opportunity of being heard. It is not open to the CIT to set out one reason for revising the order in show cause notice but actually revise the order on some other ground Continue reading

2015-ITS-73-ITAT-Anil Bhansali -Vs- Income-tax Officer, Ward -12(2), Hyderabad , On. JANUARY  21, 2015 

Where assessee, having residential status of ‘resident but not ordinarily a resident’ received certain amount as Stock Option Transfer Proceeds (SOTP) from its employer company namely ‘Microsoft’ for rendering services partly in India and partly in USA, only that portion of SOTP was taxable in India which was attributable to services rendered in India

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2015-ITS-72-ITAT-Garware Chemicals Ltd. -Vs- Deputy Commissioner of Income-tax -8(1), Mumbai , On. JANUARY  21, 2015 

Conversion of interest payable into equity shares is ‘actual payment’ for the purposes of section 43(1)(d) since it is discharge of liability and is not mere deferment of liability as contemplated under Explanation 3C to section 43B. Explanation 3C would apply only to deferment of interest liability by conversion into FITL and not where interest liability is discharged by any mode including by conversion into equity shares Continue reading

2015-ITS-71-ITAT-Bir Bahadur Singh Sijwali -Vs- Income-tax Officer, Ward -1, Haldwani , On. JANUARY  20, 2015

The assessee had deposited cash in excess of Rs 10 lakhs in his saving bank account but he had not filed return of income. The AO reopened the assessment of assessee, as he had reason to believe that there was an escapement of income of Rs 10 lakhs. The Tribunal held that the AO proceeded on the fallacious assumption that bank deposits constituted undisclosed income and overlooked fact that the source of deposit need not necessarily be income of the assessee Continue reading

2015-ITS-67-ITAT-Welgrow Line (India) (P.) Ltd. -Vs- Assistant Commissioner of Income-tax, Co. Circle -III(3), Chennai, On. JANUARY  16, 2015 

Payments made by freight forwarding agent for use of premises at CFS for facilitating inspection of exporters’ goods by customs/other authorities is “rent” u/s 194-I even though such premises are not used for storage of goods and assessee gets reimbursement of these payments from its exporter-client. Payment for use of building is ‘rent’ whether it is used for storage or other purposes. Definition of ‘rent’ in section 194-I makes it unambiguously clear that rent is a payment for the use of land or/and building under any lease, tenancy or other arrangement/agreement. In the instant case, undisputedly, the assessee is using the building premises of CFS against payment. In our considered view, the said payment is nothing but a rent for the use of premises. As soon as goods are moved into the CFS premises for inspection, the assessee is liable for payment for use of premises Continue reading

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