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Oct 15, 2012

GAR-7 Service Tax Payment Challan – Download Excel Utility

GAR-7 Service Tax Payment Challan – Download Excel Utility

Posted: 14 Oct 2012 08:30 PM PDT

This excel base GAR-7 Challan for payment of service tax is Based on latest circular no 162/2012 dated on Negative List Approach. Has facility of building and saving assessee database to avoid repetitive work. It has built in check for Wrong Assessee Code Structure. Menu Driven and Help Section.

Works contract service after negative list-Part 1

Posted: 14 Oct 2012 08:08 PM PDT

Service portion in the execution of a works contract has been declared as service u/s 66E after the introduction of negative list. That means works contract service per se is not a service but it is a service because it has been declared to be a service u/s 66E. Here an attempt has been made to...

Excess tax charged on excess price is refundable if burden not passed on customer

Posted: 14 Oct 2012 12:29 PM PDT

It is quite clear that the claimant has to show that the burden of excise duty has not been passed on to any other person and not only to the buyers. In this case, the purchaser being the defence organisation of Government of India, the question of passing on the excise duty to any other [...]

Non-resident not liable to pay advance tax on account of default of payer

Posted: 14 Oct 2012 12:19 PM PDT

The undisputed fact in the present case remained that the tax on the entire income received by the assessee was required to be deducted at appropriate rates by the respective payers u/s 195(2) of the Act. Had the payer made the deduction of tax at the appropriate rate, the net tax payable by the...

All about XBRL Filing

Posted: 14 Oct 2012 11:33 AM PDT

XBRL is the acronym for Extensible Business Reporting Language. As the name itself suggests, it is a language for presentation of data which permits easy analysis and interpretation thereby reducing cost, time and effort. It promotes paperless reporting and thus is in line with the green...

Addition made In absence of plausible explanation in respect of unaccounted sales is justified

Posted: 14 Oct 2012 09:51 AM PDT

On the date of survey the books of account of the assessee were found to be incomplete, though the survey had taken place towards the close of the accounting period i.e. 20.3.2007. Finding was concluded by the survey team that the assessee was indulging in sales outside the books of account. Even...

No condonation of delay, if there is negligence & inaction

Posted: 14 Oct 2012 09:42 AM PDT

The condonation of delay for non-filing of appeal is to be considered in the light of the facts of the case and existence of sufficient cause or reasonable cause. In the absence of any reason, delay cannot be condoned and where there was actual negligence and inaction which led to in inordinate...

Despite deferment of Consideration capital gain taxable in the year of transfer

Posted: 14 Oct 2012 09:32 AM PDT

It is clear from the provisions of Sec. 45(1) , being a deeming provision any gain which has arisen during the year has to be taken for consideration irrespective of the fact that the transferor may receive the sale consideration in subsequent years. Further, the observation of the Ld. CIT(A) that...

Dearness relief received by a retired judge is 'profit in lieu of salary'

Posted: 14 Oct 2012 09:19 AM PDT

Section 17 of the Act defines salary, perquisites and profits in lieu of salary. The dearness relief is neither salary nor perquisite. It would thus fall within the meaning of 'profit in lieu of salary', under Section 17(3) and would fall under Clause (ii), which includes any payment...

Reassessment valid if income is inflated to clain higher deduction u/s. 80IA

Posted: 14 Oct 2012 09:14 AM PDT

It is an admitted position that in the return filed, the assessee did not indicate whether the entire interest or part thereof was received from Aditya Medisales. Further, there is no indication that from Aditya Medisales, which was a sister concern, the assessee had received interest at the rate...

Turnkey contract can be splitted & only Profit attributable to PE in India is liable to tax

Posted: 14 Oct 2012 08:59 AM PDT

Even if the contract was considered to be a turnkey contract, entire contract revenue could not be taxed in India but only so much of the profit as was attributable to the PE India was liable to Indian taxation.

No disallowance u/s. 14A in relation to shares held as stock-in-trade

Posted: 14 Oct 2012 08:49 AM PDT

Tribunal in the case of Ganjam Treading Co. Ltd. (supra) has already considered this situation and held that in view of the judgment of Hon'ble High Court of Karnataka in the case of CCL Ltd. Vs. JCIT (supra) the disallowance of interest in relation to the dividend received from trading shares...

Deduction u/s. 80-IA is not allowable on duty drawback amount- SC

Posted: 14 Oct 2012 03:59 AM PDT

Supreme Court has reversed the High Court Judgment and held that Deduction u/s. 80-IA is not allowable on duty drawback amount. The issue involved is squarely covered by the decision of this Court in Liberty India v. CIT [2009] 317 ITR 218. Accordingly, the civil appeals filed by the department...

Section 55A- Full value of consideration cannot be construed as fair market value

Posted: 14 Oct 2012 03:41 AM PDT

The appellant had shown sale value as a result of transfer at Rs. 14,00,000/- whereas stamp authority has taken this value at Rs. 13,83,600/- it means that assessee had shown more sale consideration in sale deed. Thus, this case cannot be referred u/s 50C (2) of the IT Act to the DVO. The capital...

S. 43B – Depositing of bonus payable to employees in separate bank account does not amount to actual payment

Posted: 14 Oct 2012 03:08 AM PDT

Deemed payment could not be treated as actual payment to qualify for deduction under Section 43B of the Income Tax Act, we do not agree with the submission of the learned counsel appearing for the assessee herein that depositing the amount in a bank, even if it be in a separate account, would...

Validly of transfer of shares by way of gift?

Posted: 14 Oct 2012 02:07 AM PDT

Briefly stated the facts of the case are that during course of the assessment proceedings for the year under consideration, the Assessing Officer observed that the assessee has received three residential flats at Hill Park from its sister concern M/s. British India Steam Navigation Co. (BISNCL)...

Violation of provisions of Provident Fund Act is no ground to determine TDS liability u/s. 194C

Posted: 14 Oct 2012 01:58 AM PDT

Admittedly, assessee has produced a register, which contained payments to various labourers. Admittedly, this register does not contain the addresses of the labourers nor it contains revenue stamp, nor is it signed by the Labour Department, no PF has also been deducted. Does all these wrongs in its...

Exemption U/s. Sec. 54EA available if initial amount received in kind is eventually invested

Posted: 14 Oct 2012 01:51 AM PDT

Reading of section 54EA of the Act makes it very clear that in case, the whole or any part of the net consideration of sale is invested in Specified Securities within a period of six months after the date of transfer, the deduction under section 54EA is available. The Net Consideration has been...

Interest Free Loan to subsidiary company – Borrowals to extent of interest free loans cannot be taken to have been used for business

Posted: 13 Oct 2012 10:38 PM PDT

The question then, would be; on facts what is discernible? As noticed above, every loan granted to a subsidiary company was preceded by the receipt of money by the assessee as loan from other entities. Undisputedly, even going by the assessee's contention that the loans to subsidiary companies were...

An appeal on mere apprehension of assessee that tax may be levied on him cannot be admitted

Posted: 13 Oct 2012 10:08 PM PDT

Apprehension of the assessees that they have been made liable to pay a portion of tax u/s 179 of the Act, is unwarranted and misconceived. As per the provisions of the Income-tax Act, no person can be made liable to pay any tax for himself or on behalf of any other entity for which he has been...

Even oral understanding is sufficient to entail depreciation claim of the lessee

Posted: 13 Oct 2012 09:41 PM PDT

The Ld DR, at the outset, argued that assessee was neither owner of property nor any tenancy rights were available with the assessee as the lease agreement was executed only after the close of previous year i.e. 31st March, 2006 and therefore the assessee was not eligible for depreciation.  On the...

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