Sec. 69C additions relating to bogus purchases couldn’t be restricted to only profit elements: ITAT

Posted on Wednesday November 22, 2017

IT : Where addition was made to assessee's income under sec. 69C in respect of accommodation entry received from 'R', since assessee failed to prove genuineness of purchase transaction, entire amount of purchase was to be added to assessee's income and not only profit element thereon

Parts of cigarette packets (inner frame) neither marketable nor excisable

Posted on Wednesday November 22, 2017

GST/Excise & Customs: Slides/slits (parts of cigarette packets) manufactured by assessee, a manufacturer of cigarette, are not capable of being marketable and accordingly are not excisable/dutiable goods

NCLT rejects application for insolvency process on existence of dispute prior to issuance of notice

Posted on Wednesday November 22, 2017

I&B Code: Where Petitioner-operational creditor raised invoices in year 2017 for services rendered in year 2014 though service agreement provided for payment period of 30 days, there was an existing dispute between parties and, therefore, petition filed under section 9 was not maintainable


No. sec 69C additions just because notices issued to supplier of assessee were returned bank: ITAT

Posted on Wednesday November 22, 2017

IT : Where in order to prove genuineness of purchases, assessee had furnished copies of purchase bills, delivery challans, confirmation of ledger accounts of suppliers, sales tax returns and sales tax challans of suppliers and their income tax returns, merely returning of notices under section 133(6) sent to those suppliers could not be sufficient to make additions under section 69C

No additions if it was assessee’s business decision to share employee cost with sister concerns on cost-to-cost basis

Posted on Wednesday November 22, 2017

IT/ILT: Where it was business decision of assessee to share employee cost with other sister concerns on cost to cost basis, addition of markup was not warranted as it is normal practice in multinational companies to utilize expertise of various executives in group companies

Incidental income by way of interest on bank deposit was entitled to exemption under section 10A/10B

Posted on Wednesday November 22, 2017

IT : All profits and gains of 100 percent EOU including incidental income by way of interest on bank deposits or staff loans would be entitled to 100% exemption or deduction under sections 10-A or 10-B


Plea for insolvency process to be dismissed due to existence of disputes between parties

Posted on Wednesday November 22, 2017

I&B Code: Where respondent corporate debtor had raised a defence that certain goods supplied by petitioner were defective in nature which petitioner had already received back and even debit notes had been issued in that regard, defence set up by respondent could be considered as a dispute disentitling petitioner to an order of admission of petition under section 9

HC dismissed revenue’s appeal as it failed to remove office objection within prescribed time

Posted on Wednesday November 22, 2017

IT: Where revenue failed to remove office objections pointed out in its appeal in terms of Rule 986 of Bombay High Court (Original Side) Rules, 1980, within prescribed time period without showing any reasonable cause, its application seeking restoration of said appeal was to be dismissed

Appeal filed beyond 90 days from date of judgment of tribunal couldn’t be entertained: NCLAT

Posted on Wednesday November 22, 2017

CL: Where appeal was filed after removing defects beyond period of 90 days from date of receipt of order passed by Tribunal, Appellate Tribunal had no jurisdiction to entertain appeal


Services by ‘Shoppers Stop’ to other brand owners to display & sell their items to be treated as support services

Posted on Wednesday November 22, 2017

GST/ST: Where services provided by appellant to concessionaire in form of branded store duly air-conditioned, with adequate ambience, lighting, common security, various sales schemes to attract customer, which contributed in sale of goods of concessionaire from stores of appellant were clearly supporting business operations, they would be taxable under category of business support service

Mitsubishi’s TDS case referred to Chief Justice due to difference of opinion between two judges

Posted on Tuesday November 21, 2017

IT/ILT : Sogo Shosha company Mitsubishi-India was engaged in development of international trade, procuring raw materials and marketing finished products in India through various Indian joint ventures of Mitsubishi-group - Question arose as to whether Mitsubishi-India was liable to deduct TDS for payments made by it in respect of transactions with different companies of Mitsubishi Group incorporated in Japan, Singapore, US - Prathiba M. Singh, J. held that section 195 would be attracted and resul

Insolvency resolution process to be dismissed due to pre-existence of dispute between parties

Posted on Tuesday November 21, 2017

I&B Code: Where in response to demand notice under section 8, corporate debtor raised a dispute regarding defective and poor quality of work provided by operational creditor, application under section 9 for initiation of corporate insolvency resolution process against corporate debtor was to be rejected

Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970


Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970


Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970


Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970

Posted on Thursday January 01, 1970

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