Tuesday, 22 April 2014

Gist of recent important tax caselaws / judgements



Below are the recent important tax caselaws related to Income tax, Service tax, Excise in brief. The citation is made available for your benefit :
INCOME TAX


SECTION 68
CASH CREDITS
Burden of proof : No addition on account of cash credits be made, where assessee had given PAN of creditors, their confirmation and their bank statement which established their creditability - Commissioner of Income-tax –I v. Dharamdev Finance (P.) Ltd. (2014) 43 taxmann.com 395 (Gujarat)
 
 
SECTION 80
LOSS RETURN
Conditions precedent : Where original return filed was not a loss return but loss was determined in assessment proceeding, carry forward of loss on account of violation of section 80 could not be denied - Commissioner of Income-tax, Central Circle v. Srinivasa Builders (2014) 44 taxmann.com 35 (Karnataka)
 
 
 
SECTION 144C
DISPUTE RESOLUTION PENAL, REFERENCE TO
Where in course of transfer pricing proceedings, DRP merely directed Assessing Officer to verify figures of revised return filed by assessee, Assessing Officer was bound by said direction and, therefore, he could not on his own start scrutiny about merits of adjustments made in revised return of income - Nortel Networks India (P.) Ltd. v. Additional Commissioner of Income-tax, Range -13, New Delhi (2014) 44 taxmann.com 26 (Delhi - Trib.)
 
 
 
TELECOM REGULATORY AUTHORITY OF INDIA, SERVICE PROVIDERS (MAINTENANCE OF BOOKS OF ACCOUNTS AND OTHER DOCUMENTS) RULES, 2002
RULE 3
MAINTENANCE OF BOOKS OF ACCOUNTS AND OTHER DOCUMENTS
When nation's wealth, like spectrum, is being dealt with either by the Union, State or its instrumentalities or even the private parties the CAG has the powers to conduct the revenue audit of all accounts drawn by the service providers in relation to revenue receipt - Association of Unified Tele Services Providers v. Union of India (2014) 44 taxmann.com 150 (SC)
 
 
 
 


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