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Dec 25, 2012

All delivery based transaction may not be treated as investment activity

All delivery based transaction may not be treated as investment activity

Posted: 25 Dec 2012 06:43 PM PST

High Court of Bombay had upheld the decision of the Tribunal in the case of Gopal Purohit (supra), on the ground that there was no substantial question of law involved. Even before Hon'ble High Court there was no question raised that all delivery based transactions have always to be treated as...

Relevant date for filing Excise Duty refund claim is date of judgment

Posted: 25 Dec 2012 06:33 PM PST

The limitation period prescribed under section 11B for filing the refund claim is one year from the relevant date. The term 'relevant date' in the case where the duty becomes refundable as the consequences of judgment, decree, order or direction of the Appellate authority, appellate Tribunal or any...

Encashment of bank guarantee amount to payment of duty / tax

Posted: 25 Dec 2012 06:21 PM PST

In this case initially the bank guarantee furnished, was not a duty deposit in advance, but a security. After the duty was determined, the encashment of bank guarantee will amount to duty paid as the encashed bank guarantee lost its character of security.

Transport / Rent-a-Cab service of employees to and from factory is input service

Posted: 25 Dec 2012 06:16 PM PST

Whether the transportation service, provided in the factory of the M/s. Tata Auto Comp. Systems Ltd., to their staff for pick up and drop from their residence to the factory and vice versa, was an input service, in or in relation to manufacture, whether directly or indirectly of the final products...

Payment for making logistic arrangements are not FTS even if the same require some managerial skill

Posted: 25 Dec 2012 05:58 PM PST

Learned DR contended that for providing the said services, managerial skill was also required and even the knowledge of local law was also used by the concerned service provider. In our opinion, merely because some managerial skill is required to render the services, it would not make the services...

Search Assessment u/s.153C is Void If AO's Satisfaction Not Recorded

Posted: 25 Dec 2012 08:26 AM PST

There is no satisfaction recorded by AO before initiating proceedings under section 153C. Inspite of giving sufficiently adequate time to the Revenue for production of the necessary records and considering the fact that AO refused to allow inspection to assessee as recorded by the bench on...

Overview of Pharmaceutical Industry with Specific Reference to Laws Of India

Posted: 25 Dec 2012 08:09 AM PST

The main aim of the Pharmaceutical Industry is to develop, research and distribute drugs in order to provide health care for the people in the society. Pharmaceutical companies are allowed to deal in generic and/or brand medications and medical devices. Just like any other industry, they are also...

Addition u/s. 68 justified if applicants do not respond to summons, despite submission of PAN & bank details

Posted: 24 Dec 2012 09:16 PM PST

An assessee's duty to establish that the amounts which the AO proposes to add back, under Section 68 are properly sourced, does not cease by merely furnishing the names, addresses and PAN particulars, or relying on entries in a Registrar of Companies website.

Reopening justified if Assessee not disclosed in return of income that it was a search case

Posted: 24 Dec 2012 08:37 PM PST

In the facts of the present case also, it may be that if the Assessing Officer had made some efforts and examined the record of the previous assessment year, he may have come to know that this was a search and could have taken consequent action thereon. However, that by itself would not absolve the...

Oversight and workload not reasonable cause to condone delay of 557 days in appeal filing

Posted: 24 Dec 2012 08:25 PM PST

It to be settled position of law that right of appeal is neither an absolute nor an ingredient of natural justice, the principle of which must be followed in judicial and quasi-judicial adjudication. The right to appeal is a statutory right and it can be circumscribed by the condition in the grant....

Royalties & FTS are liable to tax as per Article 12 of the India-USA treaty only on payment basis

Posted: 24 Dec 2012 08:22 PM PST

It is observed that the amount in question payable by BAH India to the USA entity was not paid during the year under consideration and there is no dispute about the same. The said amount payable to the USA entity has been brought to tax in India in its hands by the Revenue authorities as fees for...

Penalty justified if Assessee manipulates its accounts so as to reduce its profits

Posted: 24 Dec 2012 08:20 PM PST

Tribunal in the penalty proceedings has by its order, independent of the findings in quantum proceedings, has reached a conclusion that various incriminating documents found during search established that the appellant's were manipulating its accounts so as to reduce its profits. Consequently,...

Treatment of expense should be based on nature & not based on assessee's statement

Posted: 24 Dec 2012 08:07 PM PST

It is seen from the facts that the assessee does not claim its expenditure as replacement of whole machinery or repairing of machinery as such. The assessee contended that such expenditure incurred in replacing the rolls has not in any manner increased the production capacity. On the other hand, it...

Losses from share trading through sister concern at a lowest market price are 'artificial losses' & not allowable

Posted: 24 Dec 2012 08:05 PM PST

The order of the Assessing Officer would reveal that the assessee was asked to explain why its loss on the sale and purchase of J.P. shares should not be treated as sham; its response stated that shares were backed by the actual delivery. However, no further facts were forthcoming. The lacunae...

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