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Dec 11, 2012

AO cannot make Transfer Pricing adjustment unless recommended by TPO

AO cannot make Transfer Pricing adjustment unless recommended by TPO

Posted: 11 Dec 2012 07:22 PM PST

There is nothing whatsoever in the order of TPO which required or recommended any adjustment to the value of the international transactions. TPO did not deem it necessary to effect any revision of the sales price as shown by the assessee in its books.

Sec. 80-IB deduction to SSI cannot be denied due to change in investment limit after registration

Posted: 11 Dec 2012 06:59 PM PST

S.80IB(3)(ii) provides for deduction to small scale industrial units engaged in manufacture or producing articles or things. S.80IB(14)(b) defines a small scale industrial undertaking, which is regarded as such under S.11B of the Industries(Development and Regulation) Act, 1951.

S. 50C Addition on basis of mere stamp duty valuation without considering market price not justified

Posted: 11 Dec 2012 06:25 PM PST

Held that the provision of Section 50-C enabling the revenue to treat the value declared by an assessee for payment of stamp duty, ipso facto, cannot be a legitimate ground for concluding that there was undervaluation, in the acquisition of immovable property. If Parliamentary intention was to...

No Exemption u/s.10(23C) to educational institute if It earns huge profits

Posted: 11 Dec 2012 05:37 PM PST

The language used in section 10(23C)(iiiad)speaks about existence of solely for educational purposes and not for the purposes of profit if the annual receipts do not exceed the prescribed limit. However, if the aforesaid chart/income is analysed, we find that a huge abnormal profit has been...

Delay In Dispatch Of Assessment Order Renders It Void

Posted: 11 Dec 2012 02:36 AM PST

No doubt the provisions of section 153 requires that assessment order shall not be passed after the expiry of two years from the end of the assessment year in which the income was first assessable. This is applicable to this case. There is no requirement that service must be effected before the...

No s. 40(a)(ia) Disallowance For Short-Deduction TDS Default

Posted: 11 Dec 2012 01:28 AM PST

Section 40(a)(ia) of the Act refers only to the duty to deduct tax and pay to government account. If there is any shortfall due to any difference of opinion as to the taxability of any item or the nature of payments falling under various TDS provisions, the assessee can be declared to be an...

HC Stays Special Bench Verdict On Disallowance u/s. 40(a)(ia)

Posted: 11 Dec 2012 12:02 AM PST

Petition under Section 151 of CPC praying that in the circumstances stated in the affidavit filed herein, the High Court may be pleased to suspend the operation of the order passed by the Income Tax Appellate Tribunal, Visakhapatnam Bench, Visakhapatnam, in its I.T.A.No. 477/Vizag/2008, dated....

No Disallowance U/s. 40()(ia) for Shortfall in deduction of TDS due to difference of opinion

Posted: 10 Dec 2012 09:15 PM PST

We have heard both the parties and gone through the material available on record. We have also gone through the Tax Audit Report in Form No.3CD placed at Pages 20 to 49 of the Paper Book. Annexure-XIV of the Tax Audit report gives the details of tax deductible under various sections of the Act....

Additions affirmed by DRP without considering objection of Assessee order was set-aside

Posted: 10 Dec 2012 08:59 PM PST

A reading of the DRP Proceeding Extracts shows that the DRP has not considered any of the objections raised by the assessee in respect of TP matters. They held that the appeal filed by the assessee on some issues are pending before the Commissioner of Income-tax (Appeals) pertaining to the...

Circulars can't impose an additional condition not provided in exemption notification for GTA Services

Posted: 10 Dec 2012 08:28 PM PST

Department is in appeal against the judgment of Customs, Excise & Service Tax Appellate Tribunal ('Tribunal' for short), dated 6-8-2009 by which appeal of the department came to be dismissed. The issue pertains to filing of general declaration instead of consignment-wise declaration by...

Assessee entitled to claim Cenvat credit even if the duty is wrongly charged by supplier

Posted: 10 Dec 2012 06:35 PM PST

There is no dispute about the fact that the appellant has taken CENVAT credit of the duty paid by them. Whether the duty is paid rightly or wrongly, is not the concern of the appellant who is only a recipient of the goods/service. So long as duty is paid either on the goods or the [...]

Cenvat credit can be utilized for payment of ST under reverse charge mechanism

Posted: 10 Dec 2012 11:22 AM PST

The appellant is a manufacturer of acrylic fibre, acrylic top etc. and were availing the facility of Cenvat credit of duty paid on inputs, capital goods and Service Tax paid on inputs services used in or in relation to manufacture of final products. The appellants are availing the services of...

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