Amount paid for violation of laws not allowable despite Compounding

Amount paid for violation of laws not allowable despite Compounding Posted: 26 Nov 2012 06:50 PM PST Now coming to the other aspect on the basis of which the AO disallowed the claim as to whether or not expenditure incurred as a result of compounding of violation of municipal laws & Environmental laws falls within the ambit of aforesaid explanation to sec. 37(1) of the Act, Hon'ble Karnataka... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Penalty can't be deleted on transaction treated as sham Posted: 26 Nov 2012 06:17 PM PST If we take the view that a claim which is wholly untenable in law and has absolutely no foundation on which it could be made, the assessee would not be liable to imposition of penalty, even if he was not acting bonafide while making a claim of this nature, that would give a licence to unscrupulous... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No Penalty on voluntary admission of Assessee of taxing the income @ 8% Posted: 26 Nov 2012 06:07 PM PST Whether the disclosure/admission of Assessee of taxing the income @ 8% when faced with detailed enquiry is a voluntary surrender and not liable for penalty under section 271(1)(c) of the Act?" [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Payment for relinquishment of fabricated tenancy rights could not be considered in computing capital gain Posted: 26 Nov 2012 05:05 PM PST  The Tribunal recorded that amount of Rs. 15, 00, 000/- paid by the assessee to the Bank cannot be stated to be incurred wholly and exclusively for the purpose of the sale. The Tribunal further recorded that the amount shown as compensation for termination of tenancy rights is in fact not related... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Commission paid to overseas agents for export sales is an input service Posted: 26 Nov 2012 04:39 PM PST Overseas commission agent services promotes the assessee's business activities and adds to Revenue earning by manufacture and sale of incremental quantity, activity may have nexus to such sales and Service Tax paid on such services has to be held as includable in the definition of inputs services. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Penalty for delay in payment of service tax for no willful default can be waived Posted: 26 Nov 2012 03:33 PM PST Once the cause of default is not traced, it is not possible to determine whether that was reasonable or not. There is no whisper about deliberate breach of law by the appellant which normally is consideration while invoking penalty provision. Penalty being not automatically leviable and also no... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Crucial date of sale for issuing C forms Posted: 25 Nov 2012 07:48 PM PST C form is a form for the concessional rate of CST on the inter-state sale of goods and is issued by purchasing dealer in one State to the selling dealer in another State for the inter-state sales transactions done during the period of three months i.e a quarter. [[ This is a content summary only. Visit my website for full links, other content, and more! ]]