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Displaying Judiciary 1 - 10 of 1548 in 155 pages


Pronouncement explaining transfer pricing principles on right of TPO to collect info u/s 133(6), exclusion of high profit comparables, adjustment for limited risk environment, exclusion of reimbursement costs for computing operation margins

By Hetvi Sheth On 29 October 2014 at 11:25

HSBC Electronic Data ProcessingIndia Private Limited (hereafter referred to as ' HDPI ') is awholly owned subsidiary of HSBC Holdings Plc (together with its associates referred to as 'HSBC Group'). During the course of assessment, the TPO after obtai...

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Posted in Others | 0 comments | 61 hits


Whether capital receipts received by an assessee on issue of equity shares to its non-resident holding entity and the short-fall between fair market price and issue price of its equity shares can be considered as income within the meaning as defined under the Income Tax Act, 1961?

By Hetvi Sheth On 11 October 2014 at 11:14

The Petitioner, Vodafone India Services Pvt. Ltd., is a wholly owned subsidiary of a non-resident company, Vodafone Tele-Services (India) Holdings Limited (the holding company). In AY 2009-10,the Petitioner issued equity shares on a premium to its ho...

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Posted in Income Tax | 0 comments | 88 hits


CAs/CSs are specialists on accounts and facts and are not capable of arguing or deciding on “Substantial Questions of Law”

By Hetvi Sheth On 27 September 2014 at 15:39

In this case the Full bench of Supreme Court has struck down the National Tax Tribunals Act, 2005 as unconstitutional. Though tribunalization has been allowed at the original stage subject to certain safeguards, the boundaries have been crossed by th...

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Posted in Others | 3 comments | 529 hits


Whether Notice & Assessment order u/s 143(2) are void for non-application of mind by AO if that case is selected for scrutiny under CASS (Computer assisted Scrutiny Selection) ?

By Hetvi Sheth On 13 September 2014 at 10:39

The case was selected for scrutiny as per computer selection. Appellant contended that there was no application of mind by the Assessing Officer as required u/s 143(2)(i) and that issuance of notice u/s 143(2) is mandatoryand omission on the part of ...

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Posted in Others | 2 comments | 884 hits


ITAT advises ICAI to take disciplinary proceedings against erring members and laments severe fall in standards of CA profession

By Hetvi Sheth On 09 September 2014 at 12:06

The appeals filed by the assessee for AY 1994-95 and 1996-97 were delayed by 2984 days. The assessee claimed that he was advised by his CAM/s Rajesh Rajeev Associatesthat since he had already filed an appeal for AY 1993-94 which was pending before th...

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Posted in Students | 4 comments | 882 hits


Whether Capital Gains would arise on receipt of compensation if the assessee only has tenancy rights in acquisition of land?

By Hetvi Sheth On 05 September 2014 at 11:23

This appeal by the Revenue raised the following substantial questions of law:- -1. Whether the ITAT is justified in law in deleting the addition of Rs.59,63,410/- being the amount of enhanced compensation received by the assessee during the year? 2. ...

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Posted in Others | 4 comments | 557 hits


Whether Section 154 can be invoked for rectification, re-examination and re-computation of subject matter other than a mistake apparent from the record?

By Hetvi Sheth On 04 September 2014 at 11:23

The assessee, a Chartered Accountant, was subjected to search u/s 132 of the Income Tax Act, 1961, for providing accommodation entries in form of share loss or share gain by issuing bills for shares without actual sale and purchase by the party menti...

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Posted in Income Tax | 1 comments | 827 hits


Whether payment of interest for loan borrowed against Foreign Currency Non Resident Loan Account is revenue in nature and allowable as deduction u/s 43A?

By Hetvi Sheth On 01 September 2014 at 11:45

The respondent assessee had issued15% Unsecured Redeemable Non-convertible Debentures carrying interest @15% per annum. In order to repay the debentures, the respondent-assessee borrowed loan against Foreign Currency Non Resident Loan Account [FCNR(B...

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Posted in Others | 1 comments | 599 hits


Whether an industrial undertaking can be formed u/s 80-IB by taking Plant & Machinery on hire and not owning the Plant & Machinery?

By Hetvi Sheth On 30 August 2014 at 15:17

The assesse, a film production unit, claimed deduction u/s 80IB of the Income Tax Act 1961. The AO denied the claim for deduction contending that there is no machinery or plant of the appellant and the business affairs are carried out with hired equi...

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Posted in Others | 6 comments | 589 hits


Whether assessee is entitled to claim depreciation on fixed assets taken over under a Scheme of Amalgamation on original cost of fixed assets or WDV?

By Hetvi Sheth On 26 August 2014 at 10:02

The Assessee, an Indian Company, was a subsidiary of May and Baker Ltd., a U.K. Company which had an industrial undertaking in India. Under a Scheme of Amalgamation, the said industrial undertaking of the U..K. Company was hived off to the Assessee C...

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Posted in Others | 0 comments | 628 hits






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Updated on : 01/11/2014 05:35:10



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