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Nov 7, 2012

List of Companies authorized to issue tax-free bonds during F. Y. 2012-13

List of Companies authorized to issue tax-free bonds during F. Y. 2012-13

Posted: 07 Nov 2012 07:21 PM PST

Notification No. 46/2012 Central Government hereby authorises the entities mentioned in column (2) of the following Table to issue, during the financial year 2012-13. tax-free, secured, redeemable, non-convertible bonds, aggregating to amounts mentioned in column (3) of the said table, subject to...

Get your Post dated cheques (Dated After 31.12.2012) replaced

Posted: 07 Nov 2012 07:16 PM PST

The Reserve Bank today asked non- banking financial companies (NBFCs) to replace post-dated cheques issued to them by customers with new standardised cheques with improved security features.

Mere suppression of turnover do not lead to taxable income in the head of Assessee

Posted: 07 Nov 2012 07:11 PM PST

The suppression of turnover is different from the suppression of income. If there is suppression of turn-over, there is liability to pay excise duty. Merely because the excise duty is paid, there is no presumption that it leads to taxable income in the hands of the assessee. The tax under the...

Extraordinary profits cannot lead to conclusion that there is an arrangement between parties

Posted: 07 Nov 2012 07:10 PM PST

Tribunal has considered the entire evidence and on facts come to the conclusion that the profits earned by Kandla division of the respondent-assessee is not abnormally high due to any arrangement between the respondent-assessee and its German Principal. The Tribunal correctly held that...

Appeal disposed of on merits but without a speaking order, cannot be sustained

Posted: 07 Nov 2012 06:45 PM PST

After going through the order of CIT(A), We find that CIT(A) has passed a non-speaking order by following the decision of ITAT in the case of Multiplan India (Pvt.) Ltd. (supra). We are of the view that where appeal has been disposed of even though on merits without a speaking order, the order of...

'In personam' rights such as non-compete fees cannot be treated as depreciable intangible assets

Posted: 07 Nov 2012 04:44 PM PST

However, in the case of a non-competition agreement or covenant, the advantage is a restricted one, in point of time. It does not necessarily - and not in the facts of this case, confer any exclusive right to carry-on the primary business activity.

Quoting of wrong registration number on Service Tax Payment Challan is a rectifiable technical error

Posted: 07 Nov 2012 04:39 PM PST

Inasmuch as the department has received the amount due from the appellant quoting of wrong registration number in the concerned challans is only a technical error which can be rectified at the department's end itself.

Reimbursement of expense cannot be treated as loan or deposit to attract Section 269SS or 269T

Posted: 07 Nov 2012 04:37 PM PST

On a plain reading of the provisions of section 269SS and 269T of the Act, it is amply clear that the said provisions would be attracted when loans or deposits in excess or twenty thousand rupees are made or repaid. Thus, a basic precondition for falling within the ambit of the said provisions is...

No TDS on Payment to labourers appointed & paid through Mathadi Board

Posted: 07 Nov 2012 04:35 PM PST

The mandate of Sec. 194C is that the relationship of the person paying any sum to the person carrying out any work including the supply of labour should be in he nature of the principal to contractor. After anxiously examining the provisions of Maharashtra Mathadi Act and Scheme framed under it, we...

An Overview of Limited Liability Partnership (LLP) In India

Posted: 07 Nov 2012 04:46 AM PST

The Income of LLP will be charged to tax in the hands of the LLP only and not in the hands of individual partners. Remuneration to partners will be taxed as "Income from Business & Profession" and share of profit in the hands of the partner is exempt from tax u/s 10(2A). The LLP is allowed to...

HC penalises CIT & ACIT for seeking to circumvent the law & deplorable conduct

Posted: 07 Nov 2012 03:15 AM PST

Conduct of ACIT­10(1) Mumbai as well as CIT­10 Mumbai is highly deplorable. Once the jurisdiction to assess the petitioner was transferred by the CIT­10 Mumbai from ACIT­10(1) Mumbai to DCIT Circle­1(2) Pune by order dated 22.11.2011 it was totally improper on the part of ACIT­10(1) Mumbai to...

Non-consideration of judgment of jurisdictional High Court is a mistake

Posted: 07 Nov 2012 02:20 AM PST

No doubt in a normal situation, so far as matters capable of two views being taken will be outside the ambit of section 154. However, right now, we are dealing with interpretation of section 10(10C) and so far as this interpretation is concerned, law laid down by Hon'ble Calcutta High Court is that...

Addition justified if Income as Per Return in less than income as per TDS Certificates

Posted: 06 Nov 2012 10:49 PM PST

Appellant had sought higher deduction of tax at source by annexing TDS certificates and not reflecting the income as shown in the TDS certificates in its return of income. The Tribunal on consideration of all facts had come to the conclusion that remanding the matter to the Assessing Officer would...

Refund of Service Tax paid ignorantly if its burden not passed on to customer?

Posted: 06 Nov 2012 09:21 PM PST

Tribunal were correct in taking the view that the refund was liable to be paid to the present respondents as service tax was not passed on to the buyers/customers and there was no unjust enrichment.

Mere certain lapses & disallowances cannot be basis for denying exemption u/s.10(23C)

Posted: 06 Nov 2012 09:11 PM PST

Regarding allowability of exemption u/s. 10(23C)(iiiad)/(vi), we are of the opinion that there is no allegation that the assessee is not imparting education. The argument of the Department is that some benefit given to the founder member of the trust disables the trust from getting exemption u/s....

Jurisdiction u/s. 263 cannot be invoked if Order is erroneous but not prejudicial to interest of revenue

Posted: 06 Nov 2012 08:40 PM PST

Though the order of the AO was erroneous, the same was not prejudicial to the interest of the revenue as no part of the capital gain became taxable because of loss of exemption u/s.11(1A) of the Act. Since the order sought to be revised u/s.263 of the Act was erroneous but not prejudicial to the...

sec. 80-IB(10) -If profit is taxed on POCM method, deduction to be allowed on same method

Posted: 06 Nov 2012 08:38 PM PST

In the instant situation, the revenue is taxing the profit on percentage completion method but suggesting to grant deduction only on completion of the project. If the stand of the revenue is accepted then only on completion of project an assessee would be entitled for deduction under section...

Addition u/s 68 for no effort by Dept. to verify identity & creditworthiness of creditors not justified

Posted: 06 Nov 2012 08:36 PM PST

AO and the CIT(A) did not make any effort to verify the confirmations, identity and creditworthiness of the creditors in question and they also ignored the fact that the transaction of cash credits received and its repayment were made through bank and we also hold that the authorities below did not...

Company Liquidation – Applicant not to suffer because of lapses of Official Liquidator

Posted: 06 Nov 2012 08:30 PM PST

It cannot be understood by the Court how such glaring lapses can be casually explained away as 'inadvertence' and 'oversight'. It is the bounden duty of the Official Liquidator to ensure and carry out a proper, detailed investigation regarding the properties in question, especially pertaining to...

Written authorisation necessary to allow a third person to trade on behalf of client of broker

Posted: 06 Nov 2012 08:25 PM PST

The broker client agreement has got a statutory force since it is meant for observing the rules, bye-laws, regulations and circulars issued by the Exchange. In respect of instructions issued by an authorised representative specific reference is made to the letter authorising the said...

Appointment of Cost Auditor – Mistakes in Form 23C & 23D & Remedy

Posted: 06 Nov 2012 07:47 PM PST

MCA is regularly receiving requests from the companies and cost auditors for making corrections in the e-forms 23C & 23D in respect of minor typographical errors or other mistakes such as incorrect financial year, incorrect name of the cost auditor or the cost audit firm, incorrect PAN number,...

Circumstances when ROC may scrutnise Balance Sheets

Posted: 06 Nov 2012 07:45 PM PST

In the following cases, the Registrars routinely scrutinize balance sheets:(i) of companies against whom there are complaints; (ii) of companies which have raised money from the public through public issue of shares/ debentures etc.; (iii) in cases where the auditors have qualified their reports.

Cost audit fee & Limit on the number of compliance reports – Request for Comments

Posted: 06 Nov 2012 07:26 PM PST

Ministry of Corporate Affairs, Cost Audit Branch, invites comments/ suggestions on regulating Cost Audit Fee and fixing limit on the no. of Compliance Reports

Highest bidder do not get a vested right in property sold during auction by Income Tax Department

Posted: 06 Nov 2012 06:16 PM PST

The proclamation of sale and holding a public auction are only the initial steps towards sale of immovable property of a tax defaulter to recover such amount through sale of his properties. The highest bidder, whose offer is accepted, during such public auction, has the responsibility to deposit 25...

Deduction u/s. 80-IB(8A) allowable if approval not withdrawn

Posted: 06 Nov 2012 06:03 PM PST

Sub-rule (3) of rule 18DA itself provides the consequence of violation of sub-rule (2). As per sub-rule (3), if at any stage it is found that any provisions of the Act or the rules have been violated, the prescribed authority specified may withdraw the approval so granted. Therefore, if there is a...

Migration of current version of Internet Protocol IPv4 to IPv6

Posted: 06 Nov 2012 04:46 PM PST

As you may be aware, the Government of India has envisaged providing "Broadband on Demand" by 2015 in the recently unveiled National Telecom Policy (NTP) - 2012 emphasizing the role of Internet as catalyst for socio-economic development of the country and also as an effective medium of various...

Despite Set Aside For De Novo Consideration, AO Cannot Look At Fresh Issues

Posted: 06 Nov 2012 03:32 AM PST

In the instant case the powers of the CIT[A] are not questioned but what has been questioned is the powers of the AO in framing a de novo assessment , when the original assessment is set aside laying down the boundaries for framing the set aside assessment .

S. 80IA(4)(iii) – Notification No. 48/2012 – Dated 6-11-2012

Posted: 05 Nov 2012 05:27 PM PST

Notification No. 48/2012 And whereas M/s. India Land and Properties Pvt. Ltd. having its registered address at Plot No. 14, 3rd Main Road, Ambattur Industrial Estate, Chennai-600058 has developed an Industrial Park at Indian Land Tech Park Tower AB and Tower C at Survey Nos. 195 part, 196 part, 197...

S. 80IA(4)(iii) – Notification No. 47/2012 – Dated 6-11-2012

Posted: 05 Nov 2012 05:22 PM PST

Notification No. 47/2012 nd whereas M/s. Ferani Hotels Pvt. Ltd. having its registered address at B, 2nd Floor, 623 Linking Road, Khar (W), Mumbai has developed an Industrial Park at Bldg. Nos. 1, 4, 11, 14 & 21, 327A/4A(pt.), Malad, Mumbai Suburban District, Maharashtra.

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