Appeal

Section 271(1)(c) penalty not valid for not offering capital gains u/s 50C stamp duty value

CLR Editorial Notes: The assessee in question, had sold a property for a consideration of Rs. 2.50 crore. However, for the purpose of applicable stamp duty, the property was valued at Rs. 5.19 crore and the stamp duty was paid on that value. The assessee then offered capital gains on the basis that the sale consideration… Read More

Tags: AppealCapital GainCITCommonwealth Law ReportsConsiderationIncome taxRupeeStamp duty

IT Department releases publication titled Appeals And Procedures For Filing Appeals

The Income-tax department has released a publication titled Appeals And Procedures For Filing Appeals. The publication seeks to educate taxpayers about the legal provisions and procedures relating to filing appeals before the Commissioner of Income-tax (Appeals) and the Tribunal. The publication lists out the Forms in which the appeal has to be filed, the manner… Read More

Tags: AppealAppellate courtAppellate TribunalCommissionerIncome taxIncome tax in the United StatesTaxUnited States

SC quashes ICAI™s Appeal on ceiling on number of tax audits

SUPREME COURT OF INDIA RECORD OF PROCEEDINGS CIVIL APPEAL NO(s). 7208-7209 OF 2005 INST.OF CHARTERED ACCOUNTANTSOF INDIA VERSUS K. BHAGAVATHEESWARAN & ANR. (With office report) Date: 01/04/2013 These Appeals were called on for hearing today. CORAM : HON™BLE DR. JUSTICE B.S. CHAUHAN HON™BLE MR. JUSTICE FAKKIR MOHAMED IBRAHIM KALIFULLA For Appellant(s) Mr. N.K. Poddar,Sr.Adv. Mr. Pramod Dayal, Adv. Mr. Nikunj Dayal,Adv.… Read More

Tags: Amicus CuriaeAppealAppellate jurisdictionIncome Tax ActIncome Tax Act 1961New DelhiSupreme Court of IndiaThe Honourable

Interest Payment at 15% u/s 40A(2)(b) to related parties is not considered to be excessive

CLR Editorial Notes:  This appeal was presented by the assessee for the assessment year 2007-2008 which was directed against the order of the CIT(A)-XXI. The contention of the assessee was that the CIT (A) had erred in confirming the addition u/s 40A(2)(b) of a said amount which was alleged to be an excessive payment of interest by 3%, and also overlooked the… Read More

Tags: AppealCITCommonwealth Law ReportsFinance ActHUFOrder (biology)Order of Australiatransfer pricing

Section 54 exemptions can be availed on Investments in plot meant for construction of house

CLR Editorial Notes: This appeal of the assessee is directed against the order of the Commissioner of Income-tax (Appeals), of Hyderabad for an assessment done earlier. The assessee along with another person, jointly acquired certain property for a consideration. Later, the other person relinquished the rights over the said property. Thereafter the assessee entered into a development agreement… Read More

Tags: AppealCapital GainCITCommissionerCommonwealth Law ReportsHyderabadHyderabad IndiaSomajiguda

CLR Snippets | Additional Charge of the Post of Member of the Appellate Tribunal for Foreign Exchange

The Central Government has entrusted the additional charge of the post of Member of the Appellate Tribunal for Foreign Exchange to Shri R.P. Tolani, Judicial Member, Income Tax Appellate Tribunal and Shri U.B.S. Bedi, also Judicial Member, Income Tax Appellate Tribunal, with effect from 4th May 2013 for a further period of 3 months or… Read More

Tags: AppealCorporate lawIncome taxIncome Tax Appellate TribunalIndiaMutual fundrbiReserve Bank of IndiaSupreme Court

“Ignorance of law” not cause enough for failure to pay service tax

CLR Editorial Notes: This appeal was filed by the owner of a Hotel, who was sent a show-cause notice that demanded an amount in service tax from the assessee for the period from September 2004 to December 2006 in respect of outdoor catering service. On a perusal of the records, it was found that the appellant was… Read More

Tags: AnnexationAppealBangaloreCommissionerCustoms Excise and Service Tax Appellate TribunalFinance ActIncome taxTaxation in India

Amount transferred as inheritance to beneficiary as per a Will, is not considered income

CLR Editorial Notes: This case refers to an appeal made by the Revenue Department directed against an order passed by the Income Tax Appellate Tribunal pertaining to an assessment done in the year 2006-07. The appeal said that the CIT (A) erred in law and on facts in deleting the additional tax in the assessment on account of… Read More

Tags: AppealBadshahpurGurgaonIncome taxIncome Tax Act 1961Law

Section 11AC penal provision can be invoked on an intent to evade payment duty

CLR Editorial Notes:  This is an Appeal filed by the Appellant against an Order-in-Appeal filed by the Department for a penalty on Excise duty payments. The Appellant is engaged in the manufacture of Electric Meters; during the period June 2005 to May 2007 they have received small quantity of Electric Meter for trading purpose and the same were traded. In… Read More

Tags: AppealCentral Excise ActCENVATCENVAT creditCommissionerCustoms Excise and Service Tax Appellate TribunalExciseMadurai

Cenvat Rule 6 – In case of clearances to SEZ units, No reversals are required

CLR Editorial Notes: In this appeal filed by the assessee, the challenge was against a demand raised on the appellant in terms of Rule 6(3) of the CENVAT Credit Rules 2004 for the period from July to December 2008. During the said period, the appellant (a unit in the domestic tariff area) had cleared their products to… Read More

Tags: Andhra PradeshAppealBangaloreCustoms Excise and Service Tax Appellate TribunalElectronic CitySEZSpecial Economic ZoneWipro

Delays due to Government’s administrative mechanism is not condonable

CLR Editorial Note: This case is related to an application preferred for condonation of delay of 1226 days in filing a Tax Appeal. The applicant submitted that, to file Tax Appeal before the Court the applicant had to undergo certain administrative procedures. Due to Government administrative mechanism, every work passes and comes back to source point, through a route system, hence… Read More

Tags: AppealCommonwealth Law ReportsFiling (legal)Finance MinisterHonIncome taxSupreme CourtThe Honourable

In order to recover foreign arbitration award, a Company’s name can be restored

Ratio of the Case: Merely because a financial loss would be suffered by the appellant qua the arbitration Awards which had been passed against him would not entitle him to come under the exception seeking a refusal of the restoration of the company. CLR Editorial Note: The appellant was aggrieved by an order wherein an… Read More

Tags: AppealArbitral tribunalArbitrationArbitration awardCivil procedureDispute resolutionLawSingapore

The Tribunal is empowered to rectify its own mistake in an order

Ratio of the Case: The tribunal is empowered enough to rectify its own mistake in an order passed earlier on coming to know of it. It can  also replace the order with either the correct one or with another one. CLR Editorial Notes: In the entire scenario, it was noted, that a wrong order got issued due to… Read More

Tags: AppealIncome taxIndiaRevenueSupreme CourtTribunal

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