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Sep 17, 2012

CBDT cannot take away exemption granted by statute by issuing a circular

Interest u/s. 234B/C not payable on deficit in advance tax because of retrospective amendment

Posted: 16 Sep 2012 09:02 PM PDT

The question is as to whether interest under section 234B and 234C of the Act can be charged for default in payment of advance tax and for deferment of advance tax, respectively, where the payment of tax became due only because of the amendment by way of insertion of Explanation 1(h) to s. 115JB...

Section 194C – Supervising construction work not liable to TDS

Posted: 16 Sep 2012 08:44 PM PDT

Engagement for professional service or services simplicter which do not involve contract for carrying out any work itself, or a contract for labour for carrying out such services, is not within the purview of section 194C as it exists.

Section 271D penalty cannot be imposed for business transactions in cash

Posted: 16 Sep 2012 07:56 PM PDT

Assessee entered into a collaboration agreement with 'D' for purchase of land on its behalf and development thereof by 'D'. 'D' purchased land from farmers on behalf of the assessee through its agent 'J'. In lieu of the consideration paid by 'D' for purchase of land, its account was credited by way...

CBDT cannot take away exemption granted by statute by issuing a circular

Posted: 16 Sep 2012 07:55 PM PDT

The impugned circular issued by the Board came up for consideration before the Bombay High Court and it has struck down the circular holding that powers under section 119 would not empower the Board to issue clarification which would take away the exemption which has been granted by the statute....

TDS u/s. 194 not applicable on trade advances to sister concerns

Posted: 16 Sep 2012 07:23 PM PDT

As far as trade advances are concerned, there is no question of applicability of the provisions of section. 194. On facts, the Commissioner (Appeals) collected the details of advances categorized into trade advances and processing charges. Though he restricted the applicability of TDS provisions...

Deduction U/s 80P on interest from employees, jeep charges & charges for issuing 'no dues certificates' to members?

Posted: 16 Sep 2012 07:17 PM PDT

Income from 'jeep charges' and 'no dues certificates', as would be apparent from the foregoing, is clearly business income. Revenue's stand of the same being assessable u/s. 56 is inconsistent with the facts of the case.

Foreign Direct Investment in Single-Brand Product Retail Trading (SBRT)

Posted: 16 Sep 2012 06:32 PM PDT

CA Kamal Garg The Cabinet has vide PRESS RELEASE, DATED 14-9-2012, approved the proposal of the Department of Industrial Policy & Promotion for amendment of the existing policy on Foreign Direct Investment in Single-Brand Product Retail Trading. Vide Press Note 1 (2012 Series) dated 10-1-2012,...

Section 153A – Seized material can be relied upon to draw inference that there can be similar transactions throughout period of six years

Posted: 16 Sep 2012 05:23 PM PDT

Unlike Chapter XIV-B which provided for a special procedure for assessment of search cases, section 153A which provides for an assessment in case of search, and was introduced by the Finance Act, 2003 with effect from 1-6-2003, does not provide that a search assessment has to be made on the basis...

AO's power u/s. 142A to refer matter to valuation officer to estimate cost of construction

Posted: 16 Sep 2012 04:44 PM PDT

In view of the amendment to the IT Act, the Assessing Officer has got power to refer the matter to the DVO for the purpose of valuation. Further, the Tribunal has committed an error in holding that CPWD rates adopted by the DVO were not correct without assigning any reason to arrive at such a...

Earning of huge profit within few days by a software company is possible

Posted: 16 Sep 2012 12:05 PM PDT

It is not in dispute that the assessee has started a new industrial unit at Silvassa for development of software. The assessee claimed deduction under sections 80-IA and 80-IB. However, the said deduction was denied only on the ground that within 18 days of establishment of new industrial unit, the...

Duty / Tax wrongly paid at insistence of Department is eligible as CENVAT credit

Posted: 16 Sep 2012 11:56 AM PDT

Though the excise duty was not paid at the time of clearance strictly in accordance with rules governing the same, the assessee cannot be found fault with because according to the assessee the said goods were not excisable to tax. Now the said stand has been vindicated by the order of the Appellate...

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