Judgements by Hetvi Sheth

Whether bona fide mistake was committed on advice of CA can be a reasonable explanation as per Explanation 1B of s. 271(1) and whether penalty can be avoided?

Hetvi Sheth 19 November 2014 at 11:04

Assesse, an individual senior citizen filed return of income wherein long term capital gains on sale of paintings, were offered to tax at the normal tax rate of20% to long term capital gains. The assessee filed revised return wherein the aforesaid lo

Posted in Others | 1 comments | 2253 Views

Whether employees' contribution to PF etc is allowable if deposited before due date of filing ROI u/s S. 2(24)(x) r.w.s 36(1)(va) & 43B?

Hetvi Sheth 10 November 2014 at 12:47

While completing the assessment u/s 143(3) r/w. Section 147 of the I.T. Act, additions were made on account of payment of employees contribution towards provident fund, ESI and pension fund in a sum of `32,03,947/-.While disallowing the claim for ded

Posted in Others | 3420 Views

Whether rule 8D(ii) & 8D(iii) applies to shares held as stock-in-trade and loss arising out of derivatives from the income arising out of buying and selling of shares?

Hetvi Sheth 05 November 2014 at 11:44

Assessee is engaged in the business of trading in shares on self-account, derivative transactions and share broking activity with main intention to earn business profits. According to AO, there is no material difference or any deviation in the nature

Posted in Others | 1 comments | 2493 Views

Whether Charter hire payment is assessable as royalty, and obligation to deduct TDS arises and whether disallowance u/s 40(a)(i) can be made?

Hetvi Sheth 04 November 2014 at 10:54

The issue arises for consideration is non-deduction of tax for payment of ship charter hire charges. Assessee is engaged in the business of import and export of merchandise goods exporting goods mainly to Maldives. For purpose of export of goods the

Posted in Others | 1 comments | 2371 Views

Whether loss on foreign currency forward contracts by a manufacturer/ exporter is a speculation loss and not a hedging loss u/s 43(5)(a)?

Hetvi Sheth 03 November 2014 at 11:58

Assessee-company,engaged in the business of trading of cut and polished diamonds,filed its return of income declaring loss at Rs.2,19,91,359/-.AO finalised the assessment u/s.143(3) determining the total income of Rs.78,57, 190/-. Effective ground of

Posted in Others | 2695 Views

Whether gains from sale of agricultural land is exempt even though purchaser intends to use the land for commercial purposes?

Hetvi Sheth 01 November 2014 at 11:38

Assessee purchased for a consideration by entering into an agreement of sale in 2002 for a consideration of Rs.13.44 crores and received an advance of Rs.7.70 crores. However, in 2007, assessee as ‘guarantor’ executed irrevocable General Power of A

Posted in Others | 1 comments | 2201 Views

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

Hetvi Sheth 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

Posted in Others | 2525 Views

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?

Hetvi Sheth 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

Posted in Income Tax | 1 comments | 4025 Views

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

Hetvi Sheth 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

Posted in Others | 3 comments | 2524 Views

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) ?

Hetvi Sheth 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

Posted in Others | 2 comments | 4454 Views