Penalty cannot be levied on the basis of deeming provision

Penalty cannot be levied on the basis of deeming provision Posted: 30 Jun 2012 08:44 PM PDT Chimanlal Manilal Patel Vs. ACIT The AO has not disputed the consideration received by the assessee. The addition has been made on the basis of deeming provisions of section 50C. The assessee has furnished all the facts of sale, documents! material before the AO. The AO has not doubted the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 147 Reopening Void If Reasons Supplied After Reassessment Order Posted: 30 Jun 2012 08:34 PM PDT Tata International Ltd vs. DCIT - It is an undisputed fact that the reasons actually recorded by the Assessing Officer were not furnished to the assessee till 14.06.20012 despite repeated requests and demands and therefore, the gist of reasons as furnished vide letter dated 28th June 2007 cannot be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Empanelment of Technical/Financial/Management Consultants/Stock Auditors & Valuers with SBI Posted: 30 Jun 2012 07:47 PM PDT Tender Notice For Advertisement For Consultancy Cell For Empanelment Of Valuers / Stock Auditors / Technical / Financial Consultants For State Bank Of India, Kolkata . LHO, BANGALORE Invites Offers For Empanellment of Valuers/Stock Auditors In State Bank Of India For Bangalore Circle. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessing Officer must record 'reasons' before issuing notice u/s. 148 Posted: 30 Jun 2012 09:58 AM PDT Adverting to the present case, it is clearly evident that 'reasons recorded' were not provided to the assessee despite categorical directions by the ITAT and even when the so-called "reasons recorded" have been supplied after a gap of almost 11 years, it is amply clear from the face of it that the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Person reimbursing the freight not liable to pay Service Tax under 'Reverse Charge' mechanism Posted: 30 Jun 2012 09:44 AM PDT Entire demand on the freight element is based on Rule 2(1)(d)(v) of the Service Tax Rules, 1994. Sub-clause (v) was inserted in Rule 2(1)(d) only on 3.12.2004 and the same cast Service Tax liability on the person paying the freight. Prima facie, the appellant did not pay the freight and therefore... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax Payable on Reimbursement of 'Integral and inseparable' expenses Posted: 30 Jun 2012 09:08 AM PDT Expenses incurred to provide taxable services shall be part of assessable value if such expenses are inseparable and are integrally connected with the performance of the taxable services. Such expenses shall necessarily form part of the assessable value. Therefore, the assessee was not entitled to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 531A Prohibits lease of property for 30 years by a Company one year prior to its winding up petition Posted: 30 Jun 2012 08:52 AM PDT The appellant is said to have entered into a lease agreement with the company-in-liquidation on 22-1-2000, for demised building of 8,400 sq.ft. along with adjacent vacant land (about 5.33 acres) for a lease rent of Rs. 5,000 per month for a period of 11 months, which expired on 21-12-2000. Again,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Penalty for Non payment of service tax due to sudden crash in stock market Posted: 30 Jun 2012 08:30 AM PDT The assessee had reflected the service tax liability on account of service provided by him during the period April, 2007 to September, 2007 in the ST-3 returns filed with the department. The reason for delay in making payment had been sufficiently explained by the assessee in his reply, stating... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax on study materials provided by Commercial training or coaching service provider Posted: 30 Jun 2012 08:29 AM PDT Prima facie coaching material has intimate connection with the commercial coaching provided by the assessee and the contents of the study material are relevant to the coaching to make the later fruitful and meaningful so that the enrolled candidates are benefited out of commercial coaching. There... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax – Things to consider to grant benefit of Section 80 of Finance Act, 1994 Posted: 30 Jun 2012 08:28 AM PDT Since the appellant prays that it has a case for consideration under Section 80 of the Finance Act, 1994 it is desirable to bring to record about the date on which liability arose, date of return ought to have been filed, date on which admitted tax liability should have been discharged and the date... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Lapse on the part of litigant concerned in filing appeal on time alone is not enough to turn down his plea Posted: 30 Jun 2012 08:26 AM PDT When the defendant has alleged non-receipt of the said letter dated July 31, 2006 and urges the same for not taking steps, the reasons stated by the appellant do not appear to be false or frivolous. It must be remembered that in every case of delay, there is some lapse on the part of the litigant... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Party to the dispute entitled to know the grounds on which authority has rejected his claim Posted: 30 Jun 2012 08:20 AM PDT Recording of reasons in support of a decision on a disputed claim by a quasi-judicial authority ensures that the decision is reached according to law and is not the result of caprice, whim or fancy or reached on grounds of policy or expediency. A party to the dispute is ordinarily entitled to know... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Common area has to be excluded while computing built-up area for benefit u/s. 80-IB(10) Posted: 30 Jun 2012 07:40 AM PDT Keeping in mind the fact that obstacles were put in assessees getting the benefit, the Legislature introduced the definition of built-up area in sub-section (14)(a) of section 80-IB. From a reading of the definition of built-up area, the intention is clear. In calculating the built-up area it is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Premium paid to LIC under Group Leave Encashment Scheme is deductible u/s. 37(1) Posted: 30 Jun 2012 07:33 AM PDT Calcutta High Court decision in Exide Industries case (supra). The Calcutta High Court held that leave encashment is neither a statutory liability nor a contingent liability and it is a provision to be made for the entitlement of an employee achieved in a particular financial year. Testing clause... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Post amendment in S.36(1)(vii), assessee is not required to demonstrate that debt is bad Posted: 29 Jun 2012 10:10 PM PDT AO has not given any reason for disallowing the claim. We also find that the AO has simply followed the findings of earlier assessment years. As similar additions in earlier assessment year has been deleted by Ld. CIT(A) which has been accepted by the Revenue as Committee on Dispute declined to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exemption to taxable services received by an exporter of goods & used for export of goods Posted: 29 Jun 2012 09:10 PM PDT Notification No 42/2012 Service provided by a commission agent located outside India and engaged under a contract or agreement or any other document by the exporter in India, to act on behalf of the exporter, to cause sale of goods exported by him. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rebate of service tax paid on taxable services which are received by an exporter of goods &used for export of goods Posted: 29 Jun 2012 09:05 PM PDT Notification No. 41/2012-ST, the rebate shall be granted by way of refund of service tax paid on the specified services. specified services means- (i) in the case of excisable goods, taxable services that have been used beyond the place of removal, for the export of said goods; (ii) in the case... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Law Minister again embarks on special drive to reduce pendency in courts Posted: 29 Jun 2012 08:48 PM PDT Encouraged by the success of the last year's Pendency Reduction Drive, undertaken for reduction in pendency in the courts from 1st July 2011 to 31st December 2011, the Minister of Law & Justice, Shri Salman Khurshid, has requested the Chief Justices of all the High Courts to undertake another... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI President's Message – July 2012 Posted: 29 Jun 2012 12:09 PM PDT Representation on Definition of Accountant in Direct Taxes Code Bill: As the members are aware, widening of the scope of the definition of accountant has been recommended by the Standing Committee in its 49th report on the Direct Taxes Code Bill. As the report is still under consideration of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MRTP Commission can modify or revoke its interim order if it thinks that such a direction could only be considered at time of finally deciding complaint Posted: 29 Jun 2012 12:00 AM PDT On a perusal of the impugned order dated 4-3-2009, however, it is found that although the respondents cited the judgment of the Court in Ghaziabad Development Authority v. Ved Prakash Aggarwal [2009] 91 SCL 281 (SC) and contended before the MRTP Commission that the MRTP Commission had no authority... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendment in Tatkal Scheme of Railway Posted: 28 Jun 2012 09:21 PM PDT With a view to further improve the delivery of Tatkal tickets to passengers, the Ministry of Railways has decided that with effect from 10.07.2012 booking of Tatkal ticket will start at 1000 hours on the previous day of journey from train originating station instead of 0800 hours at present. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Salient Features of New All India Time Table 'Trains at a Glance' Posted: 28 Jun 2012 09:12 PM PDT The Ministry of Railways has released its new All India Railway Time Table known as TRAINS AT A GLANCE (TAG) which has come into effect from 1st July, 2012. In addition to this All India Time table, all the 17 zonal Railways have also released their zonal railway time tables which too have come... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]