judgments
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Look up "judgments" at The Free Dictionary
"judgments" at The Free DictionaryLatest blogosphere posts tagged “judgments”
Questionable Credit Repair Offers
PHILCHAR —
Authority: 134Tweet Share If you have a bad credit record, you know how hard it can be to secure new credit or seek new employment. while you may be willing to do whatever it takes to repair your credit rating, some companies not only offer illegal advice or methods, but also misrepresent what they will be able to ...
2 days ago
No Capital Gain on transfer of FSI credit by way of TDR if cost could not be ascertained
LEGAL & FINANCIAL UPDATES FROM TAX GURU —
Authority: 135ACIT vs. Ishverlal Manmohandas Kanakia (ITAT Mumbai) - The issue raised by the Assessee is that while computing capital gain cost of improvement should also be capable of being determined. The dispute in the case decided by Tribunal in the case of Jethalal D.Mehtha (supra) and Maheshwar Prasad-2 CHS Ltd. (supra) was ...
5 days ago
Overseas subsidiary with single shareholder is a separate legal entity for tax purposes
LEGAL & FINANCIAL UPDATES FROM TAX GURU —
Authority: 135AIA Engineering Ltd v. Add CIT (ITAT Ahmedabad) - It was held that investment made by AIA Engineering Limited (AIA India or the assessee) in Vega Industries (Middle East) FZE (Vega UAE) shall not be treated as investment in a proprietary concern of AIA India though Vega UAE had no other shareholder.Vega UAE is ...
6 days ago
No penalty for inadvertent reporting of income if assessee establish bonafide and innocence
LEGAL & FINANCIAL UPDATES FROM TAX GURU —
Authority: 135Thomas Garbarek Vs. DCIT (ITAT Pune) - ITAT held that penalty under section 271(1)(c) of the Act should not be leviable where the assessees have been able to establish their bonafide and innocence. A mere omission or negligence would not constitute a deliberate act of suppression of income so as to trigger levy of ...
6 days ago
Registration under Section 10(23C)(iv) cannot be denied on the ground of variation in administration expenses
LEGAL & FINANCIAL UPDATES FROM TAX GURU —
Authority: 135The Synodical Board of Health Services Vs DGIT (Delhi HC) - It was held that the principle of res judicata does not apply and for each period the question of grant of exemption has to be examined separately. The competent authority in the said case had brought on record evidence to show that the records and accounts ...
6 days ago
Assigning Judgments At A Glance
Piggy Bank Finances —
Authority: 147I am not a lawyer, I am a judgment broker. This article is my opinion, and not legal advice. If you ever need a strategy to use or legal advice, you should contact an attorney. Many judgments are expensive, difficult, and take a long time to collect. If you have a big judgment on a rich debtor that has not, and is ...
6 days ago
Sharing of net revenues consistently in controlled and uncontrolled transactions held as a valid comparable uncontrolled price – ITAT Mumbai
LEGAL & FINANCIAL UPDATES FROM TAX GURU —
Authority: 135ACIT Vs. Agility Logistics Pvt. Ltd.(ITAT Mumbai) - ITAT held that the sharing of net revenues (i.e., amounts billed to customers less third party costs) in a 5o:5o ratio between the origin and destination companies in a consistent manner in controlled as well as uncontrolled transactions, constitutes a comparable ...
1 week ago
Frank Burlison: Kentucky riding big-time play of Davis, more Snap Judgments
State Gardienz —
Authority: 146Here’s a look at the highs and lows of Saturday’s slate of college hoops:
1 week ago
US based company engaged in the business of money transfer does not have a Permanent Establishment in India under the India-USA tax treaty
LEGAL & FINANCIAL UPDATES FROM TAX GURU —
Authority: 135DDIT v. Western Union Financial Services Inc (ITAT Delhi)- ITAT held that the taxpayer’s agents in India were independent agents under Article 5(5) of the India-USA tax treaty (tax treaty). Accordingly, there was no Dependent Agent Permanent Establishment (DAPE) of the taxpayer in India. Further, the Tribunal ...
1 week ago
Interest on borrowings made for acquiring shares in Malaysian company alongwith controlling interest is allowable
LEGAL & FINANCIAL UPDATES FROM TAX GURU —
Authority: 135Ultramarine & Pigments Ltd. v/s ACIT (ITAT Mumbai) - The undisputed fact is that there are no fresh loans or investments during the year. The Honble Jurisdictional High Court in K. Raheja Corporation Pvt. Ltd. (supra) laid down that when the Revenue cannot point out as to how interest on borrowed funds was ...
1 week ago
Additional depreciation allowable qua industrial undertaking and not qua the whole business of the assessee.
LEGAL & FINANCIAL UPDATES FROM TAX GURU —
Authority: 135NRB Bearings Ltd Vs DCIT (ITAT Mumbai) -The Tax Payer was conducting manufacturing activities at four different locations across India. It had installed additional machinery to increase capacity at one of the locations i.e. the Aurangabad unit. The assessee claimed additional depreciation on the new machinery as per ...
1 week ago
Once tax has not been deducted and even if such tax has been paid by the deductee, Disallowance u/s.40[a][ia] can be made
LEGAL & FINANCIAL UPDATES FROM TAX GURU —
Authority: 135First of all, we will consider the second part of the submission i.e. since the person to whom the payment was made has already offered the same for taxation, hence provisions of sec.40(a)(ia) cannot be invoked. This is not correct. Because the decision in the case of Hindustan Coca Cola Beverage (P.) Ltd. vs. CIT ...
1 week ago
Damage for unauthorized trademark use can be claimed only on submission of proof of damage
LEGAL & FINANCIAL UPDATES FROM TAX GURU —
Authority: 135In the 1st week of October, 2009, the petitioner came to know that the respondents have infringed its trademark by using the word ‘Arnimax’ on its products coupled with the trade dress and thereby has infringed the registered trademark and passed off its products as that of the petitioner. Accordingly, C.S. 360 of ...
1 week ago
S&P; downgrades 34 Italian banks
Thaindian News —
Authority: 508Rome, Feb 11 (IANS) Standard & Poor’s rating agency has downgraded 34 Italian banks.The banks whose ratings were cut included the country’s biggest bank Unicredit, which was downgraded from A to BBB+ with a negative outlook, the ANSA news agency said Friday.The action was a consequence of the downgrading of ...
1 week ago
Amount received towards issue of share cannot be considerd as revenue receipt
LEGAL & FINANCIAL UPDATES FROM TAX GURU —
Authority: 135DCIT Vs. Hooghly Dock & Port Engineers Ltd. (ITAT Kolkata) - The assessee is under the Ministry of Shipping, Govt. of India. Assessee’s business is in ship building, ship repairing and general engineering. The ld. A.O. made an addition of Rs. 2 crores, which was stated as received from Government for upkeep of ...
1 week ago
Owning of Pan,filing of return, Payment through banking channel not a conclusive proof that, the gift is genuine
LEGAL & FINANCIAL UPDATES FROM TAX GURU —
Authority: 135Shri Pradeep Kumr O Bhala Vs. ITO (ITAT Mumbai) - The submission is considered and the decisions are perused. There is no denying fact that, the gift has come through banking channel, the donor has filed return showing taxable income, however, the fact that has not been denied by the appellant is that, he is not ...
1 week ago
Amount which was never routed through or debited the profit & loss account could not be considered for the purpose of determination of book profits
LEGAL & FINANCIAL UPDATES FROM TAX GURU —
Authority: 135ITO Vs. United Estate P. Ltd. (SC) - The Honble Supreme Court clearly observed in the case of National Hydroelectric Power Corporation Ltd. vs. CIT [supra] that for making an addition under clause (b) of Explanation 1 to sec.115JB two conditions must be satisfied jointly. (1)(a) There must be a debit of the amount to ...
1 week ago
Best of Our Blogs: February 10, 2012
World of Psychology —
Authority: 466There are lulls, obstacles and challenges that come with day-to-day life. It’s the silent phone when you’re waiting for a call back from a potential employer/client or a person you really like. It’s the anxiety you feel when you’ve reached a dead end and don’t know what to do next. These moments can feel ...
1 week ago
Section 143(3) assessment order without AO’s signature is Void – ITAT Mumbai
LEGAL & FINANCIAL UPDATES FROM TAX GURU —
Authority: 135Vijay Corporation Vs. ITO (ITAT Mumbai) - Provisions of Sec. 143(3) of the Act contemplates that the AO shall pass an order of assessment in writing. The requirement of signature of the AO is therefore a legal requirement. The omission to sign the order of assessmenet cannot be explained by relying on the provisions ...
1 week ago
Disallowance by CIT(A) of expense without any specific opportunity to the assessee in the matter of rendering of services not justified
LEGAL & FINANCIAL UPDATES FROM TAX GURU —
Authority: 135Optsoe Consultant Private Limited Vs. ITO (ITAT Mumbai) - The dispute is regarding allowability of expenditure amounting to Rs.40,20,822/- on account of payments made to the directors as sub-contract charges. The assessee co had been incorporated for undertaking contracts for providing various liaisoning activities in ...
1 week ago
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