S. 54F – Deduction on investment made after due date but before Return Filing ?

S. 54F – Deduction on investment made after due date but before Return Filing ? Posted: 22 Jul 2012 08:45 PM PDT In the instant case, it is found that the eligible new asset was not purchased within one year before the date on which the transfer of the original asset took place. Thus, the amount which is not utilized by the assessee for the purchase of new asset before the date of furnishing the return of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 54F – Property jointly owned not to be added in calculating Residential houses owned by Assessee Posted: 22 Jul 2012 08:44 PM PDT . Given the fact that the assessee had not owned the property in her name only to the exclusion of anybody else including the husband, but in joint name with her husband, we agree with the submission of the learned senior counsel appearing for the assessee herein that unless and until there are... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] EPF member can now Generate Member / Employee Passbook online Posted: 22 Jul 2012 08:43 PM PDT A facility of E-Passbook to EPF Members has been devised by the IS Division, Head Office through Member Portal on EPFO website. The EPF Members can directly approach the EPFO website and after entering certain necessary details, they can get themselves registered. The registered EPF Members can... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Whether Section 54 Deduction allowable if construction completes after prescribed time? Posted: 22 Jul 2012 08:43 PM PDT The case of the assessee is that the assessee could not comply with the provisions of section 54 within the time prescribed for reasons beyond her control, inasmuch as the money, which was blocked by her by paying advances to procure the property, was not realized within the time and, therefore,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Same income cannot be taxed twice Posted: 22 Jul 2012 04:31 AM PDT If Act authorizes a designated authority to collect tax for State, the same Act always permits the said authority to rectify any proceedings, which has resulted in double taxation. When the income of Rs. 4,28,750 has been assessed for the assessment year 2008-09, the assessment of the same amount... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Dairy Farming –Business Opportunity for Farmers Posted: 22 Jul 2012 04:15 AM PDT We are already 122 Cr and will be 143 Cr and the demand for milk in India will be highest. As per data produced by National Dairy Development Board, the milk production in 2010-11 was 121.8 Mn Tn, i.e. 280 gms/per day per capital milk consumption, which has grown @ 5% per annum. If the growth... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Change In Filling Form 23B- An Overview Posted: 22 Jul 2012 04:09 AM PDT Every statutory auditor appointed by the company in the Annual General Meeting under section 224(1) of the Companies Act, 1956 in form 23B has to intimate whether he has accepted the appointment or not to the concerned Registrar of Companies, within 30 days of the intimation received from the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Revised List of Hawala Dealers in Maharashtra Posted: 22 Jul 2012 03:58 AM PDT VAT Dept. of maharashtra has issued Fresh Hawala Dealer List containing 1277 dealer. They have removed one dealer from the list. 27760631776V SUJASH STEEL & IRON PVT LTD Download List of Suspicious Dealers who has issued false bills without delivery of goods. Source –... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 10B – Blending & processing of tea amounts to manufacturer Posted: 22 Jul 2012 02:44 AM PDT Hon'ble Kerala High Court in the case of Girnar Industries (supra) and Tata Tea Limited (supra), we hold that the assessee is entitled for exemption under Section 10B of the Act on account of blending of tea. Similarly, in our view, the industrial units engaged in the very same activity i.e.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notice u/s 148 issued without sufficient reason to believe is not valid Posted: 22 Jul 2012 01:11 AM PDT A perusal of the reasons recorded by the AO in the present case shows that there was no rational or intelligible nexus between the reasons recorded by him and the belief entertained about the escapement of income of the assessee company. There was nothing in the said reasons to show existence of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 80IC deduction not admissible on Interest Income Posted: 22 Jul 2012 12:48 AM PDT The assessee has not advanced any arguments with regard to the proposition that on interest income deduction under sec. 80-IC is admissible, therefore, there is no idea to examine the provisions of sec. 80-IC and in what condition the computation for such deduction has to be made. According to the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessment made by Settlement Commission cannot be reopened by a different authority Posted: 22 Jul 2012 12:41 AM PDT An assessment order passed by an Assessing Officer can be rectified or amended under Section 154 or Section 155 or reopened under Section 148 only by him, and by no other income-tax authority. Similarly, an assessment by way of settlement of a case, which is made by the (Income Tax Settlement... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ESOP – Difference Between Market & Offer Price is Deductible Expenditure Posted: 22 Jul 2012 12:25 AM PDT On the issue of expenditure of 66.82 lakhs towards the issue of shares to the Employees Stock Option is concerned, the Tribunal pointed out that the shares were issued to the employees only for the interest of the business of the assessee to induce employees to work in the best interest of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ITAT criticises AO for harnessing Assessee & imposed Penalty on A.O. Posted: 22 Jul 2012 12:14 AM PDT It is very sad that AO without following the principles of natural justice and inspite of clear findings of the ITAT in the order dated 18.06.2010 has repeated the same orders as was done originally way back in 1998. Inspite of levying the cost of 5000/- on AO, which we were informed was paid to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Newly Elected President & Vice President of Institute of Cost Accountants of India Posted: 21 Jul 2012 11:53 PM PDT The Institute of Cost Accountants of India (ICAI) Newly Elected President & Vice President CMA Rakesh Singh has been elected as President of the Institute for the year 2012-13 CMA S.C. Mohanty has been elected as Vice President of the Institute for the year 2012-13 Source-... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 80GGB -AO to accept claim of assessee, though not claimed in original or revised return Posted: 21 Jul 2012 11:47 PM PDT It is noticed that the Hon'ble Supreme Court in the case of Goetze (India) Ltd (refer to supra) has held that the appellate authority being the tribunal did have the powers to direct the Assessing Officer to accept the claim of assessee, though the same has not been made in the original return nor... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Payments made for transmission of electricity by transmission lines do not constitute rent payment U/s.194-I Posted: 21 Jul 2012 11:27 PM PDT Payments made for transmission of electricity by the transmission lines owned by PGCIL do not constitute payment for rent under section 194-I, it is not really necessary to go into this aspect of the matter. The question as to whether the definition of expression rent, introduced in section 194-I... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 80-IB(10) – Deduction can't be denied just because Assessee did not construct himself Posted: 21 Jul 2012 11:15 PM PDT Assessee entered into an agreement with M/s Reddy Structures Pvt. Ltd., for development and building of the housing project on the land belonging to him. The assessee contributed the land, undertook the developmental activities in the said land and thus complied with all other conditions which have... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Write back of amount not allowed as expenditure in earlier years cannot be considered as income Posted: 21 Jul 2012 11:12 PM PDT With reference to the income treated as'income from other sources', the CIT (A) analyzed the position of the income and noticed that it comprises of bad debts, miscellaneous receipts written back which were to be taxed under section 41(1) of the I.T. Act. With reference to the gratuity written... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 10(15A) To Claim benefit Airline should have acquired aircraft(s) on lease before 01.04.2007 Posted: 21 Jul 2012 11:12 PM PDT On reading of Section 10 (15A) of the Act it is apparent to us that for this Section, an Indian company engaged in the business of operation of aircrafts should have acquired aircraft(s) on lease under an agreement. It is only when an Indian company acquires aircraft on lease under an agreement,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Sale of space in monthly news publication by chemist association not covered under BAS Posted: 21 Jul 2012 11:10 PM PDT Mere publication of name of the company and name of the product along with details relating to price, packaging and dosage would not promote the sale or marketing of the product but the information would be of use only for the chemists/druggists. In fact that information would not be of use even to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Extended period of limitation can been invoked on suppression of facts by assessee Posted: 21 Jul 2012 11:05 PM PDT On verification of the records, we find that the details submitted by the applicants on 14.05.2007, does not cover the amount of tickets sold prior to 01.05.2006 for the journey carried out on or after 01.05.2006. We find that this is a suppression of fact on the part of the applicants prima facie... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Cenvat credit available on transportation charges incurred towards outward transportation of goods from factory gate Posted: 21 Jul 2012 11:04 PM PDT The assessee is engaged in the manufacture of goods and availed Cenvat credit on Inputs/Capital goods/Input services under the provisions of Cenvat Credit Rules. During the course of audit it was found that the assessee had availed Cenvat credit of Rs. 5,45,460/- for the service tax paid by the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No penalty can be imposed if Service Tax liability & interest thereof stand deposited u/s. 73(3) Posted: 21 Jul 2012 11:00 PM PDT Provision of Section 73(3) and explanation (ii) to said Section (which was introduced from 8.5.10), specifically indicate that if Service Tax liability and interest thereof stand deposited, there is no need for issuing Show-Cause Notice even for penalty. I find that the ld. Counsel was correct in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Extended period of limitation would not stand for demanding tax on photography service Posted: 21 Jul 2012 10:52 PM PDT The appellant filed this appeal against the impugned order whereby the demand of service tax on the ground that the appellants, for the purpose of paying service tax, did not include the value of materials used by them for providing such service. The contention of the appellant is that demand is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Cenvat credit on canteen service not available to the extent cost of providing canteen service recovered from workers Posted: 21 Jul 2012 10:50 PM PDT Even if it was accepted that the canteen service provided by the assessee was necessary for improving the efficiency of the worker and the same was eligible for Cenvat credit but in terms of Larger Bench decision in the case of CCE v. GTC Industries Ltd. [2008] 17 STT 63 (Mum. - CESTAT) there is no... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Commissioner (Appeals) has no power to condone delay beyond the period of 90 days in filing appeal Posted: 21 Jul 2012 10:45 PM PDT Hon'ble Supreme Court in the case of Singh Enterprises v. Commissioner 2005 (189) ETL A-113 (SC) has held that Commissioner (Appeals) has no power to condone the delay beyond the period of 90 days. We also refer to a listed decision of the Hon'ble Supreme Court in the case of Rajasthan Mechanical... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CENVAT Credit admissible on Service Tax on Commission to Consignment Agent Posted: 21 Jul 2012 10:40 PM PDT There is no dispute about role of consignment agent attributing to the promotion of the sale. Once sale promotion falls within Rule 2 (l) of Cenvat Credit Rules 2004, admissibility of cenvat credit of the service tax paid in respect of such service availed is permissible. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If service tax is not separately charged, amount charged should be taken as inclusive of service tax Posted: 21 Jul 2012 10:36 PM PDT The appellants were engaged in the business of renting out low-floor buses to Rajasthan State Road Transport Corporation (RSTRC) on contract basis. RSTRC was using the buses as stage carriers for transportation of persons. The appellants did not pay service tax on the consideration received from... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Pending dispute regarding taxability no penalty u/s. 78 can be imposed for non-payment of service tax Posted: 21 Jul 2012 10:35 PM PDT The activity rendered by the assessee was of purchasing of prepaid SIM cards from mobile company and selling them to the ultimate customers or through dealers. For doing such an activity, the mobile company given an amount as a commission which according to the revenue was liable for service tax.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CENVAT Credit of tax paid on Purchase of share of a company with which Assessee entered into purchase agreement Posted: 21 Jul 2012 10:35 PM PDT In this appeal of the department, the short question to be considered is whether the view taken by the lower authorities that the respondent was entitled to take CENVAT credit on stockbroker's service which was used by the respondent for acquiring shares in another company with which the respondent... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee can claim CENVAT of duty paid by job worker on goods sent back Posted: 21 Jul 2012 10:31 PM PDT Question involved in the appeal is whether the duty paid by the job worker on goods, received back by the appellant can be availed as Cenvat credit by the appellant. I find that the issue involved in the appeal is clearly covered by the decision of Hon'ble Bombay High court in the case of Nestle... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ROC -Amendment in forms 8, 10 & 17 wef 22nd July 2012 Posted: 21 Jul 2012 10:25 PM PDT Notification No. G.S.R. 577(E), dated 19-7-2012 In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Government's) General... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]