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Section/Notification-wise Analysis of Finance Bill, 2015: Service Tax
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We are of the view that CIT(A) had rightly deleted the penalty on the basis that there was bona fide mistake on the part of the assessee which cannot be termed as concealment of income or furnishing inaccurate particulars thereof to attract penal provisions under sec. 271(1)(c) of the Act. For a ready…

The case of the assessee is at better footing than the various closely linked and continuous nature of transactions because the man hour rates are only the basis of price charged by the assessee and not the independent price for an independent service. Accordingly, we are of the view that the price …

In view of the availability of alternative remedies available to the petitioner under the this Act, I am not inclined to entertain this writ petition under Article 226 of the Constitution of India at this nascent stage, more so when complete mechanism has been provided under the Act to safeguard the…

We have noticed, at the outset, that the ITAT had relied upon the ruling of this Court in Director of Income Tax V. Ericsson A.B. wherein identical argument with respect to whether consideration paid towards supply of software along with hardware – rather software embedded in the hardware amounted to…

It is not disputed that the notice was served upon petitioner on a day before the last working day. Moreover, the cognizance taken by ACMM is without jurisdiction and the process issued was illegal being in violation of proviso to Section 61 of FERA and even without application of judicial mind.

It is found that the DR has not been able to rebut the submission of the AR that under similar set of facts identical issue has been decided in favour of the assessee by the Tribunal in the case of the assessee itself for the A.Ys 2007-08 and 2008-09. Instead the DR has tried to argue that in the said…

We find that deletion of disallowance is challenged before us on the ground that TDS is not made at the correct rate as per the S.194J. This issue is no more res integra. This Bench of the Tribunal in its order in ITA no.2429/Del/2011 for AY 2008-09 in the case of M/s. Solutions Inforsystems Pvt.Ltd.…

The dispute on this aspect relates to a plea put-forth by the assessee during the course of the proceedings before the TPO whereby assessee canvassed that the international transactions in the Manufacturing segment be benchmarked by using internal TNMM. No doubt, in the TP Study carried out by the assessee…

We are of the considered opinion that the DRP has not followed the directions of the Tribunal. The evidence filed by the assessee before it should have been taken on record as per section 144(C)(6)(c) of the Act and it goes into the root of the matter and are necessary for adjudication of the appeal.…

As per the facts, the draft assessment order was passed on 14th Nov, 2013. The assessee thereafter filed objection before the DRP on 13th Dec, 2013. The DRP thereafter has passed the order on 29th Aug, 2014 and the AO has passed the final assessment order on 21st Oct, 2014. As per Section 144(2) of …

The matter of the establishment of PE for the current year would have become a covered matter for the current year if there had not been the new factor of the tripartite agreement dated 17.12.2007, under which JCBE sub-licensed the intellectual property right to the assessee to ‘manage the licensing…

While benchmarking international transactions where assessee had advanced money to its AE and charged interest, international rates fixed being LIBOR + rate would be applicable and not domestic prime lending rates

Where TPO made addition to assessee's ALP in respect of rendering engineering and structural designing services to its AE, in view of fact that one of comparables selected by TPO was functionally different as it was offering both engineering as well as geospatial services, only a part of impugned addition…

A company engaged in development of software products and services could not be functionally comparable to assessee providing software development services. Foreign gain/loss is a part and parcel of operating revenue/operating cost. When sufficient comparables are not found, related party threshold …

Purchase of technical know-how could not be taxed as royalty and, therefore, provisions of section 195 were not applicable

Addition made to assessee's ALP in respect of rendering software development services to its AE was not sustainable on account of functional difference of comparables selected by TPO as they were engaged in product development themselves

There is no gain saying that unless the comparable is functionally similar to the tested party's function, the same cannot be included in the list of comparables for computing ALP as per the provisions of Rule 10B(2)(b). DRP while considering the comparable Wapcos, inter alia, observed that neither …

This court is of the opinion that the Tribunal's order does not raise a substantial question of law. As observed in the impugned order, as to whether the turnover filter is an appropriate one and applicable cannot be answered in the abstract and is entirely fact dependent.

We are of the considered opinion that the submissions of the DR is devoid of merit. When both parties agree that the company M/s LAN ESADA Industries Ltd. is a comparable, then the correct financial data of that company as reflected by its annual report.

It is seen that during A.Y 2007-08, the assessee has paid corporate service fee of Rs. 3,30,72,526/- which included some direct services and some services on account of sharing of I.T. Platform like SAP. The nature of services was explained to be the "Corporate Service Charge: The AE provides the corporate…

HC - Chapter VI-A deductions are not limited to the business profits but are available to the extent of the Gross Total Income

HC - All business profits of the undertaking are eligible for deduction and it is not necessary to show that they have a "direct nexus" with the undertaking

ITAT - In absence of non service of the mandatory notice u/s. 143(2), assessment completed u/s. 143(3) / 147 of the I.T. Act is invalid

ITAT - No Section 40(a)(ia) disallowance for short deductions of tax at source.

ITAT - The requirement of filing of audit report along with the return was not mandatory but directory and that if the audit report was filed at any time before the framing of the assessment, the requirement of section 80-IA(7) would be met

ITAT - In appeal before the first appellate authority the assessee explained source of the investments, therefor, No Addition u/s s. 68 as Assessee discharges initial onus casted on him

ITAT - No specific evidence to show that any agreement was entered into for purchase of property or any advance was paid has been brought on record by assessee, addition for Deemed Dividend confirmed

ITAT - For xection 10A exemption, approvals given by the Directors of Software Technology Parks of India are valid having the authority of the Inter-ministerial Standing Committee

HC - Death of Authorised representative not sufficient cause for delay of more than 558 days in Appeal Filing

ITAT - CIT was not justified in passing ex parte order without allowing proper opportunity of being heard to the assessee


Subscribe Landmark Judgments
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Complete Analysis of Finance Bill, 2015
SERVICE TAX
EXCISE
CUSTOMS
Memorandum Explaining the Provisions in The Finance Bill, 2015
Cost of acquisition of a capital asset in the hands of resulting company to be the cost for which the demerged company acquired the capital asset
Amount of tax sought to be evaded for the purposes of penalty for concealment of income under clause (iii) of sub-section (1) of section 271
Certain accountants not to give reports/certificates
Prescribed conditions relating to maintenance of accounts, audit etc to be fulfilled by the approved in-house R&D facility
Amendment to the conditions for determining residency status in respect of Companies
Simplification of Tax Deduction at Source (TDS) mechanism for Employees Provident Fund Scheme (EPFS)
Rationalisation of provisions relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS)
Rationalisation of provisions relating to deduction of tax on interest (other than interest on securities)
Clarification regarding deduction of tax from payments made to transporters
Revision of order that is erroneous in so far as it is prejudicial to the interests of revenue
Interest for defaults in payment of advance tax in case of re-assessment and where additional income is disclosed before the Settlement Commission under section 245C
Simplification of approval regime for issue of notice for re-assessment
Assessment of income of a person other than the person in whose case search has been initiated or books of account, other documents or assets have been requisitioned.
Orders passed by the prescribed authority under section sub-clauses (vi) and (via) of clause (23C) of section 10 made appealable before Income-tax Appellate Tribunal
Settlement Commission
Amendments relating to Global Depository receipts (GDRs)
Rationalising the provisions of section 115JB
Power of the Central Board of Direct Taxes to prescribe the manner and procedure for computing period of stay in India
Cigarettes bear the brunt; Swachh Bharat Cess to be levied on services
PAN made mandatory for any sale or purchase of above Rs one lakh
Surcharge goes up across board, including local authorities and cooperatives
Gold Monetisation Scheme: Depositors and jewellers to earn interest on metal account
India needs to create additional Fiscal Space: Survey
Infrastructure growth higher than Industrial growth: Survey
IT & IT-es continue to be a key job creator & single largest contributor to Services exports
IT & IT-es continue to be a key job creator & single largest contributor to Services exports
Make in India - Manufacturing - India has comparative advantage in unskilled labour
Services Sector dominates FDI equity inflows; WTO negotiations to have serious bearings on its growth
RBI Reference Rate for US
International Financial Services Centre (IFSC)
Banking Reforms
Changes proposed in priority sector lending (psl)-regarding
Changes proposed in priority sector lending (psl)-regarding
Steps Being Taken for Increasing Financing to Micro, Small And Medium Enterprises (Msmes)
Micro Units Development and Refinance Agency (Mudra) Bank
Introduction of the Atal Pension Yojana
Highlights of The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY SCHEME 2 - FOR LIFE INSURANCE COVER)
Highlights of the Pradhan Mantri Suraksha Bima Yojana (Pmsby Scheme 1 - for Accidental Death Insurance)
Can Sumitomo Special Bench decision be overruled
Procedure would be prescribed for filing of appeal by revenue when an identical question of law is pending before Court
Orchestrating Growth: Taxation of Indirect transfer clarified
A complete pass through status has been proposed to be provided to Alternative Investment Funds
TDS statement processing procedure defined; Fee u/s 234E may be demanded through intimation
Manner of processing TCS statement defined; Intimation to be deemed as demand notice
Jaitley's white wash of Black Money
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