The Honourable

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

Arbitration Proceedings A Case Study

Arbitration Proceedings A Case Study Before HON™BLE SOLE ARBITRAL TRIBUNAL PAPER MERCHANTS ASSOCAITION (REGD.) GALI BATASHAN, CHAWRI BAZAR, DELHI-110 006 Preliminary Objections The Respondent had raised following Preliminary Objections. 1. The said application dated 29.10.2012 seeks exclusion of time in computing the period of limitation u/s 14 of the Limitation Act, 1963. This application is… Read More

Tags: Arbitral tribunalArbitrationClaimantConciliation ActDelhiDelhi High CourtDivision BenchLimitation ActPaper Merchants AssociationThe Honourable

Joint Ministerial Commission of India and Australia

The 14th India-Australia Joint Ministerial Commission (JMC) Meeting was held in New Delhi on 29th January, 2013 co-chaired by Shri Anand Sharma, Hon™ble Minister of Commerce, Industry and Textiles, India and the Hon™ble Dr. Craig Emerson MP, Australian Minister for Trade and Competitiveness and Minister assisting the Prime Minister on Asian Century Policy. The issues… Read More

Tags: AustraliaComprehensive Economic Cooperation AgreementEast Asia SummitFree trade areaIndiaIndia AustraliaNew DelhiThe Honourable

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

High Court rebukes ITD for harassing honest taxpayers and Non-grant of refunds

CLR Editorial Note: An extensive search was conducted at the premises of the assessee concerned with this case. During the search,  cash worth of Rs. 25 lakhs was seized. The assessee succeeded in the block assessments and the said amount of Rs. 25 lakhs became refundable to the assessee. However, the said amount was not… Read More

Tags: CITCommonwealth Law ReportsHonIncome taxSupreme CourtSupreme Court of the United StatesThe Honourable

The TPO can select any method to determine actual income

Ratio of the Case: In order to determine the true income of an Assessee in a transaction concerned with its Parent in another country, the Transfer Pricing Officer can select methods other then the ones used by Assessee to determine the actual income. CLR Editorial Notes: The assessee is a wholly owned subsidiary of a… Read More

Tags: Commonwealth Law ReportsMorgan StanleyPunjab and Haryana High CourtSupreme CourtThe HonourableTNMMTPOtransfer pricing

Return scrutiny documents done by the IT department must be made public

CLR Editorial Note: The Petitioner in this case, was an advocate, who had filed an application with the CBDT under Section 6 of the Right to Information Act, 2005 thus seeking information pertaining to cases which were as such excluded from scrutiny, and where the disclosure was made during survey. He also sought information qua… Read More

Tags: Commonwealth Law ReportsDelhi High CourtFiling (legal)Fiscal yearHonIncome taxRight to Information ActThe Honourable

Taxability of a revocable transfer as deemed gift u/s 4(1)(c) of the Gift-tax Act

CLR Editorial Notes: In this case, it was noted that the assessee owned 6000 shares of a certain company. In the year 1982, he executed a deed of revocable transfer of shares in favour of another person. In this deed the assessee was permitted to exercise the power of revoking the gift, after completion of 74… Read More

Tags: AppealCITIncome taxIndiaPunjab and Haryana High CourtSupreme CourtThe HonourableTribunal

“Bonafide Mistake” in filing returns does not call for penalty u/s 271(1)(c)

CLR Editorial Note: In this case, the assessee had filed a return of income in which two mistakes were committed (i) The assesssee claimed depreciation of Rs.1.70 crores instead of Rs. 1.05 crores due to a calculation mistake, (ii) the assessee had sold its garment manufacturing machine and had suffered a loss of Rs.21.68 lakhs… Read More

Tags: chartered accountantCITDelhi High CourtDepreciationHigh CourtIncome taxRevenueRupeeThe Honourable

Industry not bound by the Trade Notes have a right to challenge the same

CLR Editorial Notes: This case refers to an appeal against a Tribunal's show cause notice, filed by an organization over entitlement to Deemed Credit as per Department Notification No.01/93 of Central Excise dated 28.02.1993 and Ministry's Order in TS/36/94-TRU dated 01.03.1994, even after the Appellant Unit crossed the value of clearances of Rs.75 lakhs.  The Manufacturing unit… Read More

Tags: AppealCase LawsCESTATChennaiCustoms Excise and Service Tax Appellate TribunalHonIndiaMinistryMumbaiThe Honourable

CBDT Directive Regarding Adjustment of Refunds Against Demand

DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground floor, E-2, Jhandewalan Extension, New Delhi -110055. F.NO.DIT(S)-III/CPC/2012-13/Demand Management/ Dated21.03.2013 To, The Chief Commissioner of Income Tax (CCA) (By Name) Ahmedabad/ Bangalore/ Bhubaneswar/ Bhopal/ Chandigarh/ Chennai/ Guwahati/Hyderabad /Jaipur /Kanpur/ Kochi / Kolkata/Lucknow /Mumbai /Nagpur/ New Delhi /Patna/ Pune. Madam /sir, Subject: Directions of Hon'ble Delhi High Court… Read More

Tags: BangaloreChief Commissioner of Income TaxCPCDelhi High CourtHonIncome taxNew DelhiThe Honourable

Balco Judgment

The Indian Judiciary has always been frowned upon by the foreign investors and foreign lawyers alike, for interfering and delaying the arbitral proceedings having its seat outside India (Foreign Arbitrations). Hitherto, the Indian courts, based on the ratios laid down by the Hon™ble Supreme Court in Bhatia International[1] and Venture Global[2]have been passing orders under… Read More

Tags: ArbitrationArbitration awardConciliation ActForeign ArbitrationHonIndiaSupreme CourtThe Honourable

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