Filing of Return of Income disbars advance ruling application

Filing of Return of Income disbars advance ruling application Posted: 22 Aug 2012 08:50 PM PDT The proviso to Section 245R(2) of the Act creates a bar upon the AAR to admitting an application (for advance ruling); it is also is a jurisdictional bar to the Authority to rule, under Section 245R(4). The proviso to Section 245R(2) of the Act creates a bar to the jurisdiction of the Authority if... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] AAR recommends reconsideration of RST's ruling on availability of relief u/s. 47(iv) Posted: 22 Aug 2012 08:28 PM PDT Question No. 2 is whether even otherwise the transaction will stand outside section 45 of the Act in view of the section 47 (iv) of the Act. In the light of the Ruling on question No. 1, this question may have no efficacy. Counsel argued that an earlier Ruling rendered by this Authority In re RST... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ITAT should rule on appropriatness of existing material before remanding matter back to AO Posted: 22 Aug 2012 08:11 PM PDT The Tribunal does not state that the material, including the comparables, furnished by the assessee was inadequate. The department also does not contend that the comparables were inadequate. They have analyzed the same in a particular manner whereas the Commissioner (Appeals) has analyzed the same... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Know-how expense for a particular customer is revenue expenditure Posted: 22 Aug 2012 08:04 PM PDT The question as to whether the expenditure would fall for consideration under section 35AB or the question as to whether the expenditure is on account of revenue or capital has to be decided by taking note of the facts and circumstances leading to the said expenditure. As pointed out by the Bombay... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Revisional Authority have no jurisdiction to initiate proceedings u/s. 263 Posted: 22 Aug 2012 07:59 PM PDT Even if two views are possible, the Revisional Authority had no jurisdiction to initiate proceedings under Section 263 of the Act. It was held that the order passed by the High Court is incorrect, which decision cannot be accepted. The Tribunal has followed the judgment of this Court as the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No capital gain on indirect transfer of Indian shares if no consideration accrued to transferor Posted: 22 Aug 2012 07:44 PM PDT According to the applicant, the merger and consequent transfer of all assets and liabilities did not generate any gain. The applicant was in involved circumstances. That is why the merger with the parent company was thought of. On a merger, the transferor is effaced. The transaction undertaken is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Income taxable under both FTS and PE would be taxable as FTS – AAR Posted: 22 Aug 2012 07:34 PM PDT The services rendered by the applicant are technical in nature and do not fall within the exception provided in the definition of FTS since the applicant has not actually carried out any mining or like project. It can at best be said that the services were rendered "in connection with" the mining... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CIT(A) has no power to restore matter to file of A.O. for re-consideration Posted: 22 Aug 2012 07:23 PM PDT in this case Ld.CIT(A) has in fact restored the matter to the file of the Assessing Officer for re-consideration and verification from the bank about the amount of actual cessation which amounts to setting aside the matter to the file of the Assessing Officer, and such action is beyond the powers... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 147 cannot be invoked for amendment with retrospective effect Posted: 22 Aug 2012 07:17 PM PDT It is clear that for invoking the proviso to section 147 beyond the period of four years, there must be failure on the part of the assessee to either make a return under section 139 or in response to a notice under section 147/148 or to disclose fully and truly all material facts necessary for the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Poonam Kishore Saxena new CBDT chairman Posted: 22 Aug 2012 06:41 PM PDT Dr. Poonam Kishore Saxena has taken over as Chairperson, Central Board of Direct Taxes on 21st August, 2012 . She is an IRS Officer of 1975 batch. She holds a Masters Degree in Economics from Rajasthan University and is also a PhD in Economics on the topic Widening the Direct Tax - Efforts of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ABCAUS Excel Inventory Template & Tracker Posted: 22 Aug 2012 09:42 AM PDT ABCAUS Excel Inventory Template and Tracker is MS Excel based solution for small to medium size trading firms. With its help Inventory can be recorded, tracked and valued. It has a very user-friendly interface and menu driven options with pop up help boxes to prevent an undesired input. It has a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Interest from Bank by Housing Society Taxable – Principle of mutuality do not apply Posted: 22 Aug 2012 07:02 AM PDT It is not possible to accept the contention of the counsel for the assessee that interest earned even from third parties would be exempt from the charge of income-tax, in all types of transactions. The ratio therein is that, if an incorporated entity is engaged in trade, the profit from it, even if... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Regional rural banks not eligible for deduction u/s. 80P from A.Y. 2007-08 Posted: 22 Aug 2012 06:45 AM PDT It is, therefore, reiterated that regional rural banks are not eligible for deduction under section 80P of the Income-tax Act, 1961, from the assessment year 2007-08 onwards. Furthermore, Circular No. 319, dated January 1 I, 1982, deeming any regional rural bank to be co-operative society stands... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Points to be raised in a SARFAESI Appeal & getting relief? Posted: 22 Aug 2012 06:38 AM PDT It has almost settled and become like a regular practice for the borrowers to question the proceedings initiated by the Banks at the last stage under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Australia Transfer Pricing Legislation Approved Posted: 22 Aug 2012 06:25 AM PDT The Australian Senate has passed legislation on the application of transfer pricing rules, designed to ensure that multinational companies pay their 'fair share' of tax. The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No. 1) 2012 was put forward before the house of Representatives in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Last date to pay CS Annual membership fees Posted: 21 Aug 2012 09:24 PM PDT The last extended date for payment for Annual Membership Fee for the year 2012-13 is 31st August, 2012. The members who are yet to pay the fee are requested to pay the fee on or before 31st August, 2012. Please note that the names of the members whose annual membership fee for 2012-13 is not... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Low Tax Effect Circular is retrospective & applies to pending appeal Posted: 21 Aug 2012 09:02 PM PDT The appeal was filed in June, 2000. Our Court in the matter of CIT Vs. Vijay V.Kavekar in Income Tax Appeal No.78 of 2007 dated 29th July, 2011 held that the CBDT Circular No.2/2011 issued on 9th February 2011 directing the Revenue not to file appeals under Section 260A in cases where the tax... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Dispute Resolution and Tax-Payer Services through Indirect Tax Ombudsman, Delhi Posted: 21 Aug 2012 09:00 PM PDT The post of Indirect Tax Ombudsman has been created with the objective of enabling resolution of complaints relating to grievances against Customs, Central Excise and Service Tax Department and facilitating settlement of such complaints with satisfaction of the complainant. Para 10 (III) of 'the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] DGFT recognises 5 more laboratories for certification/grading of diamonds of 0.25 carrots & above Posted: 21 Aug 2012 08:52 PM PDT Under para 4A.2.1 of the Foreign Trade Policy dealing with Export of Cut & Polished Diamonds for Certification/ Grading & Re-import following five additional authorized laboratories for certification/ grading of diamonds of 0.25 carat and above are added after Serial No. (x): (xi) GIA... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Policy for issue of import licenses of Rough Marble & Travertine Blocks for 2012-13 Posted: 21 Aug 2012 06:58 PM PDT Import policy of Rough Marble and Travertine blocks for the year 2012-13 has been notified with a quota of 6 lakh MT and an MIP of US$ 325 per MT . [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI adds Sikkim and Andaman under Kolkata office Posted: 21 Aug 2012 06:54 PM PDT Companies based in Sikkim and the Andaman and Nicobar islands can now file offer documents for public issues of up to 500 crore rupees with SEBI's Eastern Regional office in Kolkata, the market regulator said on Wednesday. This comes into effect for all draft offer documents for issues which are... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FDI by citizen / entity incorporated in Pakistan Posted: 21 Aug 2012 06:47 PM PDT A person who is a citizen of Pakistan or an entity incorporated in Pakistan may, with the prior approval of the Foreign Investment Promotion Board of the Government of India, purchase shares and convertible debentures of an Indian company under Foreign Direct Investment Scheme, subject to the terms... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Financial Inclusion – access to banking Services – Basic Savings Bank Deposit A/c Posted: 21 Aug 2012 06:45 PM PDT Holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other savings bank deposit account in that bank. If a customer has any other existing savings bank deposit account in that bank, he/she will be required to close it within 30 days from the date of opening a 'Basic...