If AO objects to admission of additional evidence, then CIT(A) should give categorical finding in terms of Rule 46A for admission thereof Posted: 16 Feb 2012 06:30 PM PST ITO Vs. Kuber Chand Sharma , In our considered view, CIT(A) has admitted the additional evidence without fulfilling the categorical conditions laid down in Rule 46A, as explained by Hon'ble Delhi High Court in the case of Manish Build Well Pvt....  |
| When the company is under liquidation, appeal could only be filed by official liquidator Posted: 16 Feb 2012 06:21 PM PST Kuber Mutual Benefits Ltd. Vs. ACIT (ITAT Delhi) - It is not in dispute that assessee company is under liquidation and official liquidator stands already appointed by the order of the Hon'ble Court. As per Companies Act, 1956, no doubt, powers of...  |
| Even if Rule 8D not applicable, indirect expenses which may be attributable on a reasonably proper basis can be disallowed Posted: 16 Feb 2012 06:12 PM PST Kama Holding Ltd. Vs. ACIT (ITAT Delhi) - Rule 8D has been held to be retrospective in nature and the disallowance has been worked out by applying Rule 8D. Hon'ble Bombay High Court in subsequent judgment in the case of Godrej & Boyce Mfg. Co....  |
| Check Status of PAN / TAN Application with NSDL Posted: 16 Feb 2012 08:16 AM PST To know the status of PAN / TAN application filed with NSDL Assessee have to follow the following procedure:- 1. Visit the following Link :- https://tin.tin.nsdl.com/tan/StatusTrack.html 2. In The Application Type we have to choose out of the...  |
| Liability to pay service tax on commission paid to Foreign Service provider arises only with effect from 18.4.2006 Posted: 16 Feb 2012 02:19 AM PST On hearing both sides, we find that the issue in dispute is as to whether service tax liability arises on recipient of commission who resides outside India and has no office in India, for the period prior to 18.4.2006. The Apex Court has held that...  |
| DVAT for Works Contractors – Jargon Simplified Posted: 16 Feb 2012 12:02 AM PST Works Contract has always been a matter of dispute for judiciary as well as professionals. The Complexity of transactions can briefly be gauged from the fact that applicable provisions include levy of Sales Tax (As per State Acts), Service Tax (As...  |
| Excise Duty on Branded Readymade Garments Posted: 15 Feb 2012 11:58 PM PST In Recent times the Rollback of Excise Duty Exemption on Branded Readymade Garments has been a Subject Matter of big protest from Industry. Despite all the efforts and rows the government looks in no mood to give any relaxation on the same. Excise...  |
| Practical Aspects in Works Contract – A Service Tax Perspective (Part – 1) Posted: 15 Feb 2012 11:57 PM PST What is Works Contract? According to Section 65 (105) (zzzza), any service provided or to be provided to any person, by any other person in relation to the execution of a works contract, excluding works contract in respect of roads, airports,...  |
| S. 28(va)(a) – Amount receied for "not carrying out any activity in relation to any business" taxable only from A.Y. 2003-04 Posted: 15 Feb 2012 11:01 PM PST The sum in question was not paid for transfer of any intangible right in respect of manufacture, production or process of cement. The provisions relating to capital gains are therefore not attracted. The amount was paid for 'not carrying out any... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| DTC committee favoured raising I-T exemption limit to Rs 3 lakh Posted: 15 Feb 2012 10:31 PM PST The committee, according to sources, wants the government to raise the income tax exemption limit to Rs 3 lakh in view of the near double-digit inflation which has eroded purchasing power of rupee. The Bill has a provision to raise the limit to Rs 2... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Income Tax Department Seizes cash,Jewellery and Fixed Deposit worth Rs. 11.61 crore Posted: 15 Feb 2012 09:24 PM PST Cash Worth Rs 2.03 Crore, Jewellery and Ornaments worth the Value of Rs.5.18 Crore, Fixed Deposits of Rs. 4.4 Crore, and Large Number of Documents Seized During the Search Operations by Income Tax Department. It has been reported in certain section... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Guidance Note on Accounting for Real Estate Transactions (Revised 2012) Posted: 15 Feb 2012 08:25 PM PST . This Guidance Note covers all forms of transactions in real estate. An illustrative list of transactions which are covered by this Guidance Note is as under: (a) Sale of plots of land (including long term sale type leases) without any development.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Need to move from government regulation to self regulation says Moily Posted: 15 Feb 2012 08:22 PM PST There is an urgent need to move from government regulation to self regulation. This was stated by Union Minister for Corporate Affairs Dr. M. Veerappa Moily while delivering valedictory address at the 8th Corporate Registers Forum (CRF) 2012 here... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| DGFT – Corrections in Public Notice No.80/(RE2010)/2009-14 dated 13.10.2011 and Public Notice No.83/(RE2010)/2009-14 dated 31.10.2011 Posted: 15 Feb 2012 07:50 PM PST PUBLIC NOTICE NO. 99/(RE2010)/2009-14 DATED: 16 February, 2012 Subject: Corrections in Public Notice No.80/(RE2010)/2009-14 dated 13.10.2011 and Public Notice No.83/(RE2010)/2009-14 dated 31.10.2011. In exercise of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| A practical insight to XBRL Efiling Posted: 15 Feb 2012 04:03 PM PST XBRL (Extensible Business Reporting Language) is another advanced reporting language of the XML family. XBRL ensures that the figures reported to government authorities and other organisation does not remain dormant piece of printed papers but these... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| RBI allows non-banking entities to set up ATMs Posted: 14 Feb 2012 07:20 PM PST In a move to accelerate the growth and penetrations of ATMs across the country, the Reserve Bank of India, RBI has issued draft guidelines for permitting non-banking entities to set up, own and operate such money dispensing machines. Non-bank... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Notification No. 11/2012 – Customs (N. T.) – Amends Notification No. 36/2001-Customs(N.T) dated 3rd August 2001 Posted: 14 Feb 2012 07:13 PM PST Notification No. 11/2012 - Customs (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so...
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