Expense cannot be disallowed for Mistakes in form 15G

Notification of Profession Tax – Amendment in Rules for Providing PAN & TAN Posted: 25 Nov 2012 06:04 AM PST Government of Maharashtra is satisfied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra State Tax on Professions, Trades, Callings and Employments Rules, 1975 and to dispense with the condition of previous publication thereof under the... Providing adequate support staff to all assessment units – CBDT Posted: 25 Nov 2012 02:41 AM PST Assessment officers of many charges have conveyed to the Board that they are not being provided any secretarial assistance or other office help and they are left with no option but to make private arrangement to finalise their assessment orders and other time bound matters. Systematic corruption, is a human rights' violation – SC Posted: 25 Nov 2012 02:01 AM PST Corruption is not only a punishable offence but also undermines human rights, indirectly violating them, and systematic corruption, is a human rights' violation in itself, as it leads to systematic economic crimes. Thus, in the aforesaid backdrop, the High Court should not have passed the said... Public Servant Need No Sympathy for Corruption- HC Posted: 25 Nov 2012 01:49 AM PST Corrupt public servant deserves no sympathy and ruling out any leniency towards public servant who has been found guilty by the trial court, also made it clear that each of the criminal case is required to be decided with reference to the individual facts of each case. Validity of Reassessment notice if it mentions employee of company as agent? Posted: 24 Nov 2012 11:23 PM PST As per the Assessing Officer, the petitioner should be treated as an agent of Mr. Ivo Perica. For the salary income that Mr. Ivo Perica received for the work done in India having not paid tax, such tax could be recovered from the petitioner. For some strange reason, however, when the impugned... TPO to consider both external and internal comparables to determine ALP Posted: 24 Nov 2012 11:02 PM PST Even if the assessee as well as the authorities below agree that the internal comparables are sufficient for the TP study in the present case, that does not justify the legal compulsion of examining the external comparables as well. An agreement, arrived at on the basis of incorrect premises... Apex court can dismiss appeal on account of vagueness, leaving question of law open Posted: 24 Nov 2012 10:53 PM PST In the present case, we find that the Assessment Order does not give effect to the amount seized in the calculation of tax payable at the end of the Assessment Year in question. Further, there is no Demand Notice and there is no basis for claiming interest on advance tax due on 15th September, 15th... S. 2(22(e) – Mere transfer of profit by a company cannot be treated as loan Posted: 24 Nov 2012 10:46 PM PST Even though the assessment order mentions date of receipt of profit on sale of shares as 4.2.2004 and the amount is claimed to have been received from the company M/s DN Kansal & Securities (P) Ltd., the AO or the ld. CIT(A) did not analyse the nature of transaction as to how it is loan or... Extended period of limitation not invokable in case of revenue neutral situation Posted: 24 Nov 2012 10:37 PM PST There is no dispute that the appellants were eligible for CENVAT credit for the amount paid as Service Tax and, therefore, this is a situation which was revenue neutral and by not paying the Service Tax immediately, appellants have lost more than Rs.26,00,000/- paid by them as interest which would... Services provided by one unit of assessee to other unit not liable to service tax if Registration of Units based on same PAN Posted: 24 Nov 2012 10:26 PM PST We find from the Central Excise Registration and the other documents furnished by the applicant that the Registration by Central Excise Department has been given by including PAN Number of SAIL. There is no dispute that the applicant is an unit of M/s SAIL and the other units are also part of M/s... Expense cannot be disallowed for Mistakes in form 15G Posted: 24 Nov 2012 10:12 PM PST With respect to the deduction u/s.194-I,the learned Counsel for the assessee has submitted that the land lady being a senior citizen has submitted Form 15G to the assessee declaring that no tax should be deducted on the rent paid to her when the taxable limit for taxation in her hand was to be Rs.... Drilling of exploratory wells is part Mining Service Posted: 24 Nov 2012 09:43 PM PST While considering the scope of Survey and Exploration of Mineral, Oil and Gas Service, we limited the scope to the five elements of exploration and did not consider the drilling of exploratory wells as part of that service, it has to be treated as part of Mining Service since any service in... CENVAT Credit balance cannot be used for paying service tax by recipient of GTA services Posted: 24 Nov 2012 09:32 PM PST Since the appellant is not providing output services as categorized in Rule 2(p) of the Cenvat Credit Rules, 2004, debiting the said amount in the Cenvat account needs to be rectified by directing the appellant to debit or pay the entire amount invoked in both the appeals as service tax paid for... Delay in filing of application under sec. 84(3) is condonable Posted: 24 Nov 2012 09:28 PM PST The expression, including the provisions of sub-section (4) of section 129A is by way of clarification and has been so said expressly to remove any doubt about the applicability of the provision relating to cross objections to the applications made under section 129D(4) or else it may be said that... Unabsorbed depreciation to be set-off with income from other sources even if business losses not yet exhausted Posted: 24 Nov 2012 09:15 PM PST A reading of Section 32(2) thus makes it clear that if the unabsorbed depreciation allowance could not be wholly set off under clause (i) and clause (ii), the amount of depreciation not so set off can be set off from income from other head, if any, available for that assessment year. The language... Cenvat credit can be taken on machine procured prior to registration Posted: 24 Nov 2012 09:04 PM PST Ld. A.R has not been able to point out any provisions to the effect that Cenvat credit cannot be taken on machine procured prior to the date of issue of registration certificate. The argument of the lower authorities seems to be that the credit entries in the register for taking credit should not... Full value of consideration could not be substituted by market price if bona fide of the transaction not suspected Posted: 24 Nov 2012 09:04 PM PST When the bona fideof the transaction and the actual sale consideration received by the assessee has not been suspected, then for the purpose of computation of capital gains, the full value of consideration can not be substituted by market price or value of the capital asset as on the date of... ST Demand cannot be upheld under a category different than mentioned in show-cause notice Posted: 24 Nov 2012 08:55 PM PST Firstly, there is a legal infirmity that tax is demanded under a category of service different from the one for which demand was initially issued. There is also the issue that Clearing and Forwarding Service could be rendered using a godown made available by the service recipient. In this case the... Claim made Through invalid revised return can also be considered Posted: 24 Nov 2012 08:50 PM PST The AO examined the details of legal and professional charges paid by the company and noticed that the claim of Rs.5 lacs paid to M/s Kotak Mahindra Capital Company Ltd towards placement fees and earned dividend income which was claimed exempt u/s 10(34) of the Act. The company did not make any... Service Tax Penalty cannot be imposed u/s. 76 and 78 simultaneously Posted: 24 Nov 2012 08:29 PM PST We are of the view that even if technically, scope of sections 76 and 78 of the Act may be different, as submitted on behalf of the revenue, the fact that penalty has been levied under section 78 could be taken into account for levying or not levying penalty under section 76 of the Act. In such... Settlement Commission is barred from entertaining application after time limit prescribed for making an assessment order u/s. 143/144 expired Posted: 24 Nov 2012 08:24 PM PST Since no assessment order can be passed after the expiry of the prescribed time-limit, no proceeding can be taken in it. Moreover, proceeding for assessment/reassessment under section 147 are specifically excluded from the purview of case as defined under Section 245A(b). Thus, there is no question...