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Entire Mobilization on oil & gas exploration services held taxable by HC.
Nov. 02, 2015
On Q., If mobilization revenues taxable in India limited only to revenues attributable to distance traveled in Indian territorial waters as compared to total distance travelled from India. HC held, if part of income falls under royalties/fees for technical services, no scope to assess receipts under these heads, once it is held that income is from its oil exploration & production activities as envisaged u/s 44BB. Entire mobilization taxable.-...
Assessee was under bona fide belief of not liable for tax audit, penalty deleted
Jan. 13, 2016
Assessee was Govt. appointed licensed vendor for sale of stamps. AO held, total value of stamps was assessee's turnover & he was liable for audit u/s 44AB. On non-compliance AO levied penalty u/s 271B. On appeal, CIT(A) held AO justified in levying penalty. On appeal ITAT held, Govt. retained over all control over stamps, assessee was under bona fide belief of being not liable for audit of a/c u/s 44AB, thus, penalty imposed u/s 271B was deleted.
Applicant held not liable to tax in India in view of DTAA between India & USA.
Nov. 02, 2015
Discounted margin described as income by way of interest within meaning of Sec. 2(28A) & Sec. 9(1)(v) by AO. On appeal AAR held, discounting of bill of exchange or promissory note being a purchase of instrument as it were & especially when it is discounted without recourse, it has to be held that applicant is not liable to tax in India in view of DTAA between India & USA. Applicant will not be subject to withholding of tax u/s 195 of I.T.Act.-010557
Notice of AO treating assessee in default quashed by HC in writ.
Dec. 11, 2015
Petitioner is public Ltd. Co.ran business of financial services. TRO issued notice to petitioner indicating that certain amt. was due from petitioner to assessee. petitioner filed writ for quashing of notice, whereby TRO treated petitioner as assessee in default & for quashing proceedings u/s 226(3) of Income Tax Act. HC held, order of TRO, treating petitioner as assessee in default can't be sustained & is quashed & attachment order too.
AO held incorrect as profit earned by assessee not taxable as business income.
Dec. 30, 2015
Assessee sold shares of 'T' Ltd. to foreign Co.Income arising from sale of shares was declared as short term capital gain. AO opined that profit earned by assessee was taxable as business income. CIT(A) confirmed order of AO. On appeal ITAT held, assessee made investm't in shares with intention to earn dividend income on appreciation of price of shares. Therefore, it can't be said that assessee was doing business. Thus, AO action held incorrect.-...
Def. of rent u/s 194-I do not provide any item for vehicle hire charges, ITAT.
Nov. 03, 2015
Assessee developed areas. It hired cars on fixed rent & deducted tax at rate of 2% treating same as contract. AO raised demand for short-deduction of tax u/s 201 & interest u/s 201(1A). CIT upheld it. On appeal ITAT held, definition of rent u/s 194-I does not provide any item for vehicle hire charges. Therefore, provisions of Sec.194-I had been wrongly applied by AO. Thus, demand & interest thereon for short fall noted by AO were deleted.-010563
On proving his innocence, accused was acquitted of offences under FERA & FEMA...
Nov. 05, 2015
In search & seizure, enforcement officer seized Rs 4 lacks. Show cause notice & summons were issued to accused. Trial Court acquitted him on basis of oral & testamentary evidence. On appeal HC upheld Trial court decision stating that accused has proved his innocence by way of marking documents. His confession was obtained by coercion. Therefore acquitted for offence u/s 9(1)(b) & 9(1)(d) & Sec 56(1)(i) of FERA Act & sub-Se...
Burden to prove concealment/undervaluation of income is on revenue, held HC.
Nov. 03, 2015
Assessees purchased properties. AO made additions on basis of valuation by DVO. On appeal ITAT held, AO could not tax amounts merely based upon DVO's report in absence of any material pointing to under valuation. On appeal HC upheld ITAT decision relying upon CIT v. Bajrang Lal Bansal[2011] 335 ITR 572/200: Only when burden to prove concealment of income is discharged by revenue, it would be permissible to rely upon valuation given by DVO.-000291
Official liquidator held entitled to claim amount of income-tax paid by firm.SC
Nov. 02, 2015
HC held, official liquidator not entitled to claim amount of income-tax paid by firm. On appeal SC held, scheme of Act that deductions are to be made out of "salaries", "interest on securities" & other heads of "income, profits & gains". Official liquidator of appellant was entitled to claim amount of tax paid by firms. As between parties tax paid by agent had to be taken into account irrespective of ultimate result of assessment on non-resident....

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