Daily Archives: October 11, 2015

Business transactions between two entities can not be termed as deemed dividend

By | October 11, 2015

Where current account transactions between two group companies were business/commercial transactions, same could not be regarded as deemed dividend under section 2(22)(e) IN THE ITAT DELHI BENCH ‘C’ Ishwar Chand Jindal v. Assistant Commissioner of Income-tax I.C. SUDHIR, JUDICIAL MEMBER AND B.C. MEENA, ACCOUNTANT MEMBER IT APPEAL NOS. 4967 (DELHI) OF 2012 & 2002 (DELHI)… Read More »

SEBI search and seizure norms come into force from September 17 2015

By | October 11, 2015

SEBI (PROCEDURE FOR SEARCH AND SEIZURE) REPEAL REGULATIONS, 2015 – REPEAL OF SEBI (PROCEDURE FOR SEARCH AND SEIZURE) REGULATIONS, 2014 NOTIFICATION NO.SEBI/LAD-NRO/GN/2015-16/020, DATED 17-9-2015 In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby makes… Read More »

Reassessment at instance of audit party unjustified

By | October 11, 2015

Whether reassessment at instance of audit party on account of non-inclusion of excise duty refund in total income was unjustified ? Held, yes HIGH COURT OF GUJARAT Raajratna Metal Industries Ltd. v. Assistant Commissioner of Income-tax M.R. SHAH AND K.J. THAKER, JJ. SPECIAL CIVIL APPLICATION NO. 7140 OF 2014 JULY  30, 2014 B.S. Soparkar for… Read More »

Interest on Refund of self assessment tax allowed :P & H HC

By | October 11, 2015

Assessee would be entitled to interest under section 244A(1)(b) on amount of refund which was deposited by it by way of self assessment tax under section 140A HIGH COURT OF PUNJAB AND HARYANA Commissioner of Income-tax v. Punjab Chemical & Crop Protection Ltd. AJAY KUMAR MITTAL AND FATEH DEEP SINGH, JJ. IT APPEAL NO. 153… Read More »

judgment based had been reversed or modified by subsequent decision of a superior Court could not be a ground for exercise of power under section 154

By | October 11, 2015

  Facts  of the Case :- Assessing Officer allowed interest on interest on refund to assessee . Subsequently he recalled his order granting interest by resorting to proceedings under section 154, on basis of subsequent decision of Supreme Court . Whether fact that decision on a question of law on which judgment was based had… Read More »

No Rectification under section 154 by AO if issue if debatable

By | October 11, 2015

Where Assessing Officer by rectification order, withdrew interest granted to assessee-company on refund by holding that no interest was payable to assessee , It was observed in certain judicial decisions of High Court that assessee was entitled to interest on refund under section 244A in respect of self assessment tax paid , as said issue was… Read More »

Rebate on exported goods under Excise Rule 18 is available for inputs as well as finished goods: SC

By | October 11, 2015

whether  the manufacturer/exporter is entitled to rebate of the excise duty paid both on the inputs and on the manufactured product, when excise duty is paid on a manufactured product and also on the inputs which have gone into manufacturing the product and such manufactured product is exported? Word “or” in Rule 18 of the… Read More »