| INCOME TAX ACT |
| SECTION 4 |
| INCOME - CHARGEABLE AS |
Nagpur
Bench of Bombay High Court said that corruption in India can be beaten
if all work together. Calling corruption a "hydra-headed monster", the
court asked citizens to not to pay taxes if the government fails to curb
corruption - [2016] 66 taxmann.com 90 (Bombay) |
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| SECTION 5 |
| INCOME - ACCRUAL OF |
Legal fees : Where
assessee-solicitor received money from his client to meet out expenses
incurred on behalf of client, solicitor remained liable to account by
this money to his client, and, hence, it did not become income of
assessee - [2016] 66 taxmann.com 13 (Kolkata - Trib.)
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| SECTION 68 |
| CASH CREDITS |
Share capital : Assessing
Officer could initiate reassessment proceedings taking a view that
having regard to net worth of assessee-company, huge premium received by
it on issue of share capital represented unexplained cash credit which
escaped assessment to tax - [2016] 66 taxmann.com 8 (Gujarat)
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| SECTION 80HHC |
| DEDUCTIONS – EXPORTER |
Revision : Where
in respect of section 80HHC deduction, Assessing Officer had adopted a
view which was permissible in law, Commissioner could not exercise its
revisionary power even if there was loss of revenue - [2016] 66 taxmann.com 38 (Allahabad)
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| SECTION 195 | DEDUCTION OF TAX AT SOURCE - PAYMENT TO NON-RESIDENT |
Section
172 falls in Chapter XV titled as 'Liability in Special Cases – Profits
of Non-residents' and is referable to section 44B; sub-sections of
section 172 specifies how to levy, assess and recover tax from shipping
business of non-resident and thus, there is no warrant to apply
provisions in chapter XVII for 'collection and recovery of the tax' and
tax deduction at source vide section 195 - [2016] 66 taxmann.com 93 (Bombay) |
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| SECTION 220 |
| COLLECTION AND RECOVERY OF TAX - WHEN TAX PAYABLE AND WHEN ASSESSEE DEEMED IN DEFAULT |
Stay : Where
assessee was declared to be an assessee-in-default under section 220
and a demand of tax was made against it with allegation that it failed
to make TDS under section 194H on brokerage/commission paid to its
dealers, in view of fact that for earlier years issue whether discounts
made by assessee to its dealers could be treated as brokerage/commission
was pending before Supreme Court, Deputy Commissioner was directed not
to take any coercive steps for recovery of disputed tax demand subject
to assessee depositing 40 per cent of demanded amount - [2016] 66 taxmann.com 15 (Andhra Pradesh)
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| COMPANIES ACT |
| SECTION 433 |
| WINDING UP - CIRCUMSTANCES IN WHICH A COMPANY MAY BE WOUND UP |
Where
petitioner had filed winding up petition against respondent company on
alleged failure of respondent to pay its outstanding and, dispute raised
by respondent company was a bona fide, reasonable and genuine dispute
and there was no determined or a definite sum of money payable by
respondent company to petitioner, petition for winding up of respondent
company was not required to be admitted and entertained - [2016] 66 taxmann.com 44 (Gujarat) |
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| WINDING UP - CIRCUMSTANCES IN WHICH A COMPANY MAY BE WOUND UP |
Where
respondent company had raised bona fide defence against claim of
petitioner for construction work carried out by it and respondent was a
going concern, winding up petition filed by petitioner against
respondent was to be dismissed - [2016] 66 taxmann.com 21 (Gujarat) |
CST & VAT |
| SECTION 4 OF CENTRAL SALES TAX ACT, 1956 |
| SALE - WHEN IS A SALE OR PURCHASE OF GOODS SAID TO TAKE PLACE OUTSIDE A STATE |
In
case of sale of motor vehicle, seller or manufacturer/dealer is bound
to transport motor vehicle to office of Registering Authority and only
when it reaches there safe and sound, it can be said to be in a
deliverable state and only then property in such a motor vehicle can
pass to buyer - [2016] 66 taxmann.com 91 (SC) |
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Thanks & Regards,
Meetesh Shiroya
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