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Oct 20, 2012

Fw: TaxGuru : “Mere non-production of donor would not attract penalty for concealment if Gift disclosed in Return” plus 8 more

Mere non-production of donor would not attract penalty for concealment if Gift disclosed in Return

Posted: 20 Oct 2012 09:54 AM PDT

Assessee has duly disclosed the gifts and there was no concealment in this regard. Only the assessee has failed to produce the alleged donor that the penalty has been imposed. I further find that section 271(1(c) of the Act postulates imposition of penalty for furnishing of inaccurate particulars... 

No payment required in cash where tax already deposited by utilizing CENVAT Credit

Posted: 20 Oct 2012 09:09 AM PDT

Appellant have already paid service tax from their Modvat credit, the deposit of the service tax collected from the buyers would amount to double payment. It may be noted that the proceedings are for confirmation of demand in terms of section 73A of the Finance Act which relates to the tax...

Legal Provisions relating to Dividend (Summary & Steps of Dividend Declaration)

Posted: 20 Oct 2012 08:44 AM PDT

Section 205 of the Act specifies the sources from which dividends can be paid and makes it compulsory for a company to provide for depreciation before declaring dividends. It also lays down the manner of providing for depreciation as well as that of payment of dividends.

Whether reimbursement of traveling expenses received by non-resident assessee is taxable as fees for technical services?

Posted: 19 Oct 2012 09:55 PM PDT

  The details of total travelling expenses incurred by the assessee and then reimbursed by HCE is available on page 88B of the paper book. From the above clauses of the agreement, it is amply clear that the travelling expenses borne by HME and HCE are distinct from the fees for technical...

ITAT may order deeper investigation, if it is prima facie convinced that motive of the assessee was to avoid his tax liability lawfully due

Posted: 19 Oct 2012 09:52 PM PDT

ITAT has chosen to disregard the plea of the Revenue for further investigation into the matter though there was sufficient material, which was referred to by the Assessing Officer, to suspect the motives of the assesses in claiming such huge expenditure by way of interest under Section 57(iii) of...

Comment on HC judgment by CIT(A) is grossly illegal and improper

Posted: 19 Oct 2012 09:39 PM PDT

It was improper for Commissioner of Income-tax (Appeals) to comment on the judgment of the Division Bench while disposing of the application expressing reservation about his powers to grant the interim order. Therefore, it has to be stated that the Appellate Authority has not proceeded to...

A sanctioned scheme of amalgamation/arrangement would attract Stamp Duty

Posted: 19 Oct 2012 09:31 PM PDT

As per the proposed law that was pending for consideration of the President of India, scheme of amalgamation and/or arrangement would involve two per cent Stamp Duty whereas the 'conveyance' as of date would require payment of duty at the rate of seven per cent. It is for the State to fix the rate....

S. 10A not restricts assessee from outsourcing of certain services necessary for producing an article or a thing

Posted: 19 Oct 2012 09:30 PM PDT

Provisions of Section 10A are beneficial provisions; the explanation given by the CBDT in Circular No.697 dated 23.11.1999 entitling the assessee to the benefits of S.10A; and also the legal position that the Act has not restricted the assessee from outsourcing of certain services necessary for...

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  Circumstances when Court to sanction proposal for reduction of capital

Posted: 19 Oct 2012 09:17 PM PDT

Court finds that the petitioner has followed the required procedure as contemplated under Sections 100 and 101 of the Act for the proposed reduction of capital. The Court also finds that Article 8 of the Articles of Association of the petitioner-Company permits reduction of capital. It also appears...

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