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Oct 19, 2012

Fw: TaxGuru : “General XBRL Filing Errors & quality of XBRL filing” plus 28 more

General XBRL Filing Errors & quality of XBRL filing

Posted: 18 Oct 2012 07:32 PM PDT

MCA asks institutes to impart training to its professionals to improve quality of XBRL filings. You are aware that XBRL filing of financial statements by a select class of companies for FY 2010-11 was mandated vide Ministry of Corporate Affairs Notification GSR No. 748(E), dated 5-10-2011. T

S. 11(2) – Income Accumulation can't be questioned if trust furnishes the purpose

Posted: 18 Oct 2012 07:27 AM PDT

Section 11(1) provides subject to the provisions of section 60 to 63, the income which is derived from property held under trust wholly for charitable or religious purposes, to the extent to which such income is applied to such purposes in India; and, where any such income is accumulated or set...

Cenvat credit eligibility of services used for clearance of final products upto the place of removal

Posted: 18 Oct 2012 06:48 AM PDT

By virtue of powers granted under Section 37(1) of Central Excise Act, 1944, Central Government can make rules to provide for credit of Service Tax leviable under Chapter V of the Finance Act, 1994 (32 of 1994) paid or payable on taxable services used in or in relation to the manufacture of...

Expense on sub-division of shares is revenue expenditure as No enduring benefit

Posted: 18 Oct 2012 06:39 AM PDT

In the present case, the expenditure is incurred for the purpose of sub-division of the shares. However, we do not see how the observations made by the Apex Court in the ratio laid down in case of General Insurance Corporation (supra) can be distinguished in view of such difference in facts. In...

Deeming Provision U/s. 50C cannot be applied to Purchase to make addition U/s. 69B

Posted: 18 Oct 2012 05:52 AM PDT

In the case of Harley Street Pharmaceuticals Ltd. (supra) it has been held that provisions of Sec.50C are applicable only for computation of capital gains in real estate transaction in respect of seller only and not for the purchaser. Legal fiction cannot be extended any further and has to be...

No Capital Gain on Transfer of Land Having Nil Acquisition Cost

Posted: 18 Oct 2012 04:08 AM PDT

According to us for charging capital gains, the assets must have been acquired by incurring cost. In the instant case, the assessee has not incurred any cost for the acquisition of asset because the same was allotted to the assessee's father by Government of India being refugee from Pakistan at...

Input service credit available on storage charges paid up to place of removal

Posted: 18 Oct 2012 03:30 AM PDT

Question whether the place where goods are stored after clearance from the factory on payment of duty can be considered as place of removal for the purpose of Rule 2(l) of Cenvat Credit Rules, 2004 is no longer res integra because of the clarification issued by the CBEC in the matter.

Full value of consideration cannot be substituted by market value unless there is a proof for extra consideration

Posted: 18 Oct 2012 03:16 AM PDT

Honourable Madras High Court in case of A.S. Jayakumar (supra) has held that unless there is a proof for extra consideration paid by the purchaser over and above what is stated in the sale deed, section 52(2) of the I T Act cannot be invoked.

TDS u/s. 194C on payments to agents of truck-owners?

Posted: 18 Oct 2012 03:05 AM PDT

So far as pre June 2008 position is concerned, tax withholding obligations under section 194 C in respect of an individual only in cases where the payments were made to a sub contractor for carrying out a part off work, or the work itself, undertaken by the assessee and that too when such...

Defects in Block Assessment notice can't vitiate its validity, if assessee participates in proceedings

Posted: 18 Oct 2012 01:48 AM PDT

Assessee participated in the enquiry conducted under Section 131 of the Income Tax Act and had also made a statement confirming the purchase of the land. Subsequent thereto, the assessee had participated in the enquiry and on 15.5.2002, in response to the notice under Section 142(1)

Search Assessment cannot be reopened u/s. 147 on the basis of same material

Posted: 18 Oct 2012 12:09 AM PDT

If we consider the facts of the case under consideration, we notice from the admitted facts that the stage of impugned assessment is not an assessment made under section 147/148 of the Act after completion of block assessment but it is a case of original block assessment itself.

No TDS on transportation of gas if it is carried out in furtherance of contract for sale of gas- CBDT

Posted: 18 Oct 2012 12:06 AM PDT

Circular No. 9/2012 Representations have been received from various sections of the Industry on the difficulties faced in the matter of Tax Deduction at Source on Gas Transportation Charges paid by the purchasers of Natural gas to the sellers of gas.

Clarification for applicability of Revised Schedule VI to December 2012 CMA Examinations

Posted: 17 Oct 2012 10:33 PM PDT

The Directorate had been receiving enquiries relating to applicability of Revised Schedule VI in Examinations of the Institute to be held in December 2012. All concerned were informed that the same would be applicable. It is observed that there is some confusion which has aroused due to some...

Mere intention to begin manufacture or production in backward area not sufficient to claim deduction U/s. 80HH

Posted: 17 Oct 2012 10:26 PM PDT

Section 80HH states that an industrial undertaking has to begin manufacture or production in a backward area. Mere intention to begin manufacture or production and making investment would not suffice for that purpose. There has to be actual manufacture or production. Hon'ble Apex Court in the case...

Expense on Foreign Tours not out of business exigency not allowable

Posted: 17 Oct 2012 10:14 PM PDT

In order to claim deduction the assessee has to prove by adducing cogent evidence that it was incurred on account of business activities of the company. It appears as rightly pointed out by the respondent that despite opportunity being given, it could not produce any materials that such foreign...

If donation receipts are in department's custody, no addition can be made u/s 68 being an anonymous donation

Posted: 17 Oct 2012 10:08 PM PDT

The assessee received a donations which was not anonymous donations within the meaning of Section 11(3) of the Act because the receipts issued by the assessee trust were still in the custody of the department as the receipt books were impounded in the course of the survey and no confirmations were...

TPO cannot reject date provided by Assessee unless the same are inadequate

Posted: 17 Oct 2012 09:57 PM PDT

A perusal of the above contents of the written submissions filed by the assessee before the TPO shows that the data was provided by the assessee before the TPO concerning the international transaction pertaining to availing of intra group services by the assessee from its associate enterprises.

If income is not chargeable to tax in India, tax is not required to be deducted u/s 195(1)

Posted: 17 Oct 2012 09:52 PM PDT

In the case of Hyderabad Industries Ltd. (supra) also ITAT, Hyderabad Bench held the similar view. In the present case, the AO has failed to bring any material on record on the basis of which it could be concluded that commission paid to foreign agents is chargeable to tax in India. Unless the...

In case of Pvt Company Department can recover only Interest from Director not the Interest & Penalty

Posted: 17 Oct 2012 09:47 PM PDT

In proceedings under Article 226, and that whether the presumption of liability can be rebutted under Section 179 has to be gone into before the tax authorities. Nonetheless, the Court here has to deal with the assessee's fundamental argument that he is not liable to pay anything more than the tax...

Trust deed is to be treated as settlement deed & would be chargeable to stamp duty

Posted: 17 Oct 2012 09:31 PM PDT

It is to be noted that a settlement is an admixture of gift or partition or trust. In law, a family arrangement/settlement is accepted as a transfer of interest in the property in favour of an individual between whom the family arrangement or settlement is so made. Just because a deed/instrument...

LLPs to File Form-8 by 30th October-2012

Posted: 17 Oct 2012 09:23 PM PDT

All LLPs registered upto 30-September-2011 have to mandatorily close their financial year as on 31-03-2012 and file Form-8 by 30th October-2012. LLPs registered from 01-10-2011 to 31-03-2012 have option either to close financial year as on 31-03-2012 or 31-03-2013 and to file both Form-8 & 11...

Adjudication authority can condone in filing of Service tax refund claim

Posted: 17 Oct 2012 09:06 PM PDT

I do not agree with the argument that the time-limit under Notification dated 1-3-2011 cannot be made applicable to the claims filed before that date and pending on that date. I also consider the fact that even under the earlier notification, the Deputy Commissioner had power to condone the delay....

Payment out of Credit or PLA – Rule 8(3A) not applies to payments to be made under rule 6(3)(b)

Posted: 17 Oct 2012 07:07 PM PDT

The assessee was required to pay 10% of value of the final exempted goods in terms of the provisions of rule 6(3)(b) of Cenvat Credit Rules. Explanation-1 attached to the said rule is to the effect that such amount shall be paid by the manufacturer by debiting the Cenvat credit or otherwise. As...

Transfer /Promotion in the grade of Addl./Joint Commissioner of Income Tax – Order No.194 of 2012

Posted: 17 Oct 2012 07:04 PM PDT

ORDER NO. 194 OF 2012, Dated 18th October 201239399 The transfers/postings of officers in the grade of Additional/Joint Commissioner of Income Tax are hereby ordered with immediate effect and until further orders: Download Order No. 194 of 2012 Dated 18.10.2012

Constitution of a Committee for Reforming the Regulatory Environment for doing Business in India – Corrigendum

Posted: 17 Oct 2012 07:01 PM PDT

GENERAL CIRCULAR NO. 32/2012 In continuation to this Ministry vide circular no. 26/2012, dated 23-8-2012 wherein a Committee has been constituted for Reforming the Regulatory Environment for doing business in India. In this regard, the 1st meeting of the said committee held on 10-10-2012,...

Rate of exchange of conversion of each of foreign currency WEF 19th October, 2012

Posted: 17 Oct 2012 06:47 PM PDT

Notification No. 95/2012-Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect...

Right to Continue Complain also gets transferred to person acquiring all rights of complainant

Posted: 17 Oct 2012 11:49 AM PDT

As per Sub-section (2), the ISARC becomes a lender of the financial assets in place of SIDBI and thus, has all the rights of SIDBI in relation to the financial assets which were acquired by it. The contention of the learned counsel for the petitioner that no financial facility was extended by SIDBI...

Initiation of Recovery Proceeding without before disposing stay application is invalid

Posted: 17 Oct 2012 11:32 AM PDT

It is also a fact that the assessing officer initiated the recovery proceedings without passing any order on the stay application of the assessee. It is also a fact that the recovery proceedings under S. 220(6) were initiated without attending to or expressly rejecting the stay application filed by...

Promotion of Assistant Commissioners to DCIT – Order No. 193 of 2012

Posted: 17 Oct 2012 10:02 AM PDT

Vide Order No. 193 of 2012 dated 17.10.2012, the CBDT has ordered that several IRS officers in the grade of ACITs be promoted to the grade of DCITs

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