Rejection of Nil or lower tax deduction certificate for pendency of penalty proceedings is invalid Posted: 01 Sep 2012 09:21 PM PDT The issue of certificate under Sub-section (1) of Section 197 of the Act is mandatory on fulfilment of conditions enumerated under the rules. For determining the existing and estimated liability of the assessee where tax deduction is from income other than dividends, the Assessing Officer is to be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Relief u/s. 10A has to be given before adjustment of current as well as past losses Posted: 01 Sep 2012 09:13 PM PDT ection 10A, as it presently stands, though worded as deduction provision, is essentially and in substance an exemption provision. We have also held that the implication of an exemption provision is that the particular income which is exempt from tax does not enter the field of taxation and is not... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Non quote of PAN on TDS certificate issued may attract penalty u/s. 272B Posted: 01 Sep 2012 09:03 PM PDT As per order passed by the ITO (TDS), he has issued show cause notice to know the reason why the assessee has not quoted the PAN of the deductee in Form No. 16 and 16A. But the assessee had not given any explanation before the ITO (TDS), even the assessee has also failed to appear before him on the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Procedure for Changes/ Amendments in Constitution of Registered Partnership Firm Posted: 01 Sep 2012 07:54 PM PDT The law relating to a partnership firm is contained in the Indian Partnership Act, 1932.Under Section 58 of the Act, a firm may be registered at any time (not merely at the time of its formation but subsequently also) by filing an application with the Registrar of Firms of the area in which any... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Demerger without transfer of liabilities is valid unless sole motive for the same is tax avoidance Posted: 01 Sep 2012 07:37 PM PDT The main contention of the Income Tax Department is that the Scheme is floated with the sole object to avoid tax liability. Except the Income Tax Department no objections were raised by anyone against sanctioning the Scheme. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Service Tax Compliance by Chartered Accountants having turnover exceeding Rs. 50 Lakh Posted: 01 Sep 2012 07:30 PM PDT Till 31.03.2011, point of taxation in case of eight specified services including Chartered Accountants (CAs) was determined on the basis of receipt of payment. However, w.e.f. 01.04.2011, this benefit has been extended to all services albeit, in a slightly modified form. Now all individuals,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| S. 115JB – MAT- Assessee not eligible for credit of Surcharge & Cess paid Posted: 01 Sep 2012 07:26 PM PDT Therefore, it emerges that MAT payable u/s 115JB is only income tax and does not include surcharge or education cess. Therefore, if only income tax is paid under the provisions of section 115JB it is natural that tax credit u/s 115JAA will only be of income tax and not of surcharge and education... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| No TDS on distribution of collected money, if not shown as expense Posted: 01 Sep 2012 06:59 PM PDT Since the assessee only distributed the income in terms of the agreement and this did not amount to incurring of an expenditure nor the assessee claimed any, there was no infirmity in the findings of the Commissioner (Appeals) in deleting the disallowance under section 40(a)(ia). [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| S. 271(1)(c) – No penalty for Concealment if AO accepts Income Returned u/s. 153A Posted: 01 Sep 2012 06:53 PM PDT It is settled law that suspicion howsoever strong, it cannot take place of actual evidence and, hence, the contention of the revenue that assessee was in possession of cash throughout the period of six assessment years has to be rejected. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Format of Form 29C – Reporting of MAT Payable by LLP Posted: 01 Sep 2012 06:21 PM PDT Notification No. 34/2012 -FORM NO. 29C - Report under section 115JC of the Income-tax Act, 1961 for computing adjusted total income and alternate minimum tax of the person other than a company [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Download Report on GAAR by Expert Committee Posted: 01 Sep 2012 06:17 PM PDT The Committee, chaired by Dr. Parthasarathi Shome, has submitted its draft report after analysis of the GAAR provisions and noting the concerns expressed by various shareholders. The draft report has recommended certain amendments in the Income-tax Act, 1961; guidelines to be prescribed under the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| No Tax in India on Interest paid by Indian branch to its foreign head office Posted: 01 Sep 2012 11:35 AM PDT Issues involved in this appeal of the revenue are squarely covered by the recent decision of Special Bench of the Tribunal in the case of Sumitomo Mitsui Banking Corpn. v. Dy. DIT [2012] 136 ITD 66 wherein it has been held that interest paid by the Indian Branch of the assessee bank to its overseas... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| CBDT Press Release explaining Advance Pricing Agreement Scheme & its benefits Posted: 01 Sep 2012 12:58 AM PDT CBDT Explains APA through a press release. Indian APA Scheme Notifies Three Types of APA unilateral, bilateral and multilateral. Press Release clarifies that the choice is on the applicant to choose a particular type of APA at the time of making the application.
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