Accrual Of Income – Supreme Court Lays Down Important Law

CLR Editorial Note The question for consideration in this appeals is whether the benefit of an entitlement to make duty free imports of raw materials obtained by the assessee through advance licences and duty entitlement pass book issued against export obligations is income in the year in which the exports are made or in the year in which… Read More

Tags: AppealGovernmentHigh CourtHonIncome taxMorviSupreme CourtThe Honourable

Section 234D of the IT Act does not apply to assessments prior to June 2003

CLR Editorial Note: This case law refers to a Petition(s) for Special Leave to Appeal which is in respect of retrospectivity of Section 234D of the Income Tax Act, 1961. For the Assessment Year 1998-99, the Assessing Officer passed an assessment order prior to 01st June 2003, in which interest under section 234D was not levied. The assessee… Read More

Tags: AppealCITCommonwealth Law ReportsHigh CourtHonIncome Tax Act 1961Supreme CourtThe Honourable

Arbitration Mechanism in Stock Exchanges

CIRCULAR CIR/MRD/ICC/29/2013 26.09.2013 The Managing Director/Executive Director, All Stock Exchanges. Dear Madam/Sir, Subject: Arbitration Mechanism in Stock Exchanges 1. Reference may be made to circular no. CIR/MRD/DSA/29/2010 dated August 31,2010 and MRD/DoP/SE/Cir-38/2004 dated October 28, 2004. Para 7.4 of the said circular no. CIR/MRD/DSA/29/2010 dated August 31,2010 is being modified. 2. The para 7.4 of aforementioned circular no.… Read More

Tags: AppealAugustBusinessOctober 28 2004RegulationSEBISecurities & Exchange Board of IndiaStock exchange

Commencement Notification CA2013 :: Special Courts :: Sections 444 – 446

Chapter XXVIII- Special Courts (435 - 446) Section 444- Appeal against acquittal Notwithstanding anything contained in the Code of Criminal Procedure, 1973, the Central Government may, in any case arising under this Act, direct any company prosecutor or authorise any other person either by name or by virtue of his office, to present an appeal… Read More

Tags: AcquittalAppealAppellate courtCentral GovernmentCode of Criminal ProcedureLawSession CourtUnited States

TRAI issues draft amendment regulations for strengthening the Telecom Consumers Complaint Redressal Regulations

TRAI, with a view to protect the interests of the consumers, issued the Telecom Consumers Complaint Redressal Regulations, 2012 on 5th January 2012, laying down a revised frame work for addressing the complaints of consumers by telecom service providers for making the complaint redressal more effective. TRAI had received a number of representations from consumer organisations… Read More

Tags: AppealComplaintConsumerJawaharlal NehruNew DelhiQuality of ServiceService ProviderTelecom Regulatory Authority of India

Transfers And Postings Of Joint/ Additional CITs (Mumbai)

Vide Order No. 1 dated 20.06.2013 the Chief Commissioner of Income-tax, Mumbai, has ordered the transfer and posting of 48 officers in the grade of Joint/ Additional Commissioners of Income-tax (Mumbai Region) with immediate effect. Circular Attached Read More

Tags: AppealIncome taxIncome Tax Act 1961IndiaMumbaiPoliticsTaxationUnited States

SC verdict: Payments To LIC Towards Group Gratuity funds is allowed

CIT vs. Textool Co. Ltd (Supreme Court) Ratio of the Case: Though section 36(1)(v) requires a direct payment to a gratuity trust fund, payments made to the LIC Group Gratuity Scheme for the benefit of the employees is also allowable. CLR Editorial Notes: The assessee in question had set up a gratuity fund which was… Read More

Tags: AppealCITHonIncome taxIndiaLIC Group Gratuity SchemeSupreme CourtThe Honourable

Section 194C TDS does not apply to contract manufacturing agreements

CIT vs. Silver Oak Laboratories P. Ltd (Supreme Court) CLR Editorial Notes: The assessee in this case related to Section 194C, is a manufacturer of pharmaceutical products. The assessee entered into various agreements with multiple manufacturers who manufactured items according to the specifications provided by the assessee. The Assessing Officer held that the transaction between… Read More

Tags: 201(1)201(1A)AppealHigh CourtIndiaManufacturingReebok India 306 ITR 124 (Del)Section 194CSupreme Court

Delay in filing appeal due to CA™s fault is bona fide & must be condoned

CLR Editorial Notes: The assessee in this case had filed an appeal before the Tribunal which was delayed by 496 days. In the application for condonation of delay, the assessee claimed that he had handed over the papers to his Chartered Accountant and that the latter had mixed up the papers with other papers in his… Read More

Tags: Appealchartered accountantcondonation of delayCourtdelay in appealGross negligence

Transfer pricing provisions do not apply to investments in overseas share capital

CLR Editorial Notes: The assessee company M/s Vijay Electricals Ltd. is engaged in the business of manufacture and sale of distribution and power transformers and rural electrification projects on turn key basis. The assessee filed its return of income for the assessment year 2007-08 declaring  a total income of Rs. 20 Crore. The scrutiny assessment was  completed u/s… Read More

Tags: AppealArm's length principleCITEducational assessmentIndiatransfer pricing

CBDT™s Scrutiny Guidelines – Section 143(3) assessment not valid if case has been picked up contrary to guidelines

CLR Editorial Notes: In the Assessment Year 2006-07, the assessee filed a ROI declaring income of Rs. 3.97 crore. The case was selected for scrutiny under clause 2(v)(b) of the Scrutiny Guidelines issued by the CBDT. The said clause of the Scrutiny Guidelines provided that a case had to be selected for compulsory scrutiny if… Read More

Tags: AppealCBDTCITDisallowance and reservationIncome taxRupee

FII™s securities transactions™ profits cannot be assessed as business profits™

CLR Editorial Note: An appeal was placed with the Tirbunal by the assessee which was directed against an earlier order of the CIT(A) Mumbai for the assessment year 2007-08. The appeal was made on the following grounds :- 1. Based on the facts and circumstances of the case, the learned Commissioner of Income-tax (Appeal) [CIT(A)] erred in upholding… Read More

Tags: AppealCITIncome taxIndiaMumbaiOrder of AustraliaRoyal Bank of CanadaScotland

ITAT Mumbai sets out Requirements of a valid affidavit in support of delay condonation application

CLR Editorial Notes: The assessee in this case, had filed an appeal before the CIT(A), which was delayed by 4 months. The delay was explained to have been caused by the fact that the assistant of the Authorized Representative kept the papers in a drawer and overlooked them till a penalty notice was received. The… Read More

Tags: AffidavitAppealCapital GainCITCommonwealth Law ReportsIncome taxLawMumbai

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