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Nov 29, 2012

Service Tax on Renting of Immovable Property – Section 66E(A)

Service Tax on Real Estate – A Practical Perspective (PART – B)

Posted: 28 Nov 2012 06:51 PM PST

Article discusses Abatement/Valuation, Reverse Charge in Construction Activity along with different models applicable to Real estate Industry i.e. Tripartite Model, and Joint Development Model with case laws.

Service Tax on Renting of Immovable Property – Section 66E(A)

Posted: 28 Nov 2012 09:52 AM PST

Renting has been defined w.e.f. 1.7.2012 in section 65B(41) as allowing, permitting or granting access, entry, occupation, usage or any such facility, wholly or partly, in an immovable property, with or without the transfer of possession or control of the said immovable property and includes...

No Misconduct by CA if arbitrator of client accepts controversial balance sheet

Posted: 28 Nov 2012 09:27 AM PST

Considering the fact that the dispute between the partners in respect of the accounts of the said firm was referred to the arbitrator who was an independent person and the said arbitrator looking to the entire evidence has accepted the balance-sheet audited by the 1st Respondent as correct, we see...

'No concession no perquisite' is for employee and not for employer for TDS Deduction – SC

Posted: 28 Nov 2012 09:07 AM PST

Scheme of the Act provides that after the employer deducts from the salary of the employee the tax and pays the same to the Central Government, a Tax Deduction Certificate is furnished to the employee and it is for the employee to claim before the Assessing Officer in the assessment proceedings and...

Service tax can be demanded only if residential complex comprises more than 12 residential units

Posted: 28 Nov 2012 07:09 AM PST

Hon'ble Supreme Court and the Hon'ble Supreme Court has dismissed the appeal filed as reported at 2012 (25) J514 (SC). So we consider that this matter is no longer res integra and service tax can be demanded under section 65(105)(zzzh) only if the building concerned has more than 12 residential...

Foreign travel expenditure on Pleasure Trip not allowable

Posted: 28 Nov 2012 03:06 AM PST

The main issue is with regard to allowability of foreign travel expenditure. The assessee claimed foreign travel expenditure at Rs. 20,35,971. As the assessee not furnished details of expenditure relating to business and pleasure trips, the Assessing Officer disallowed 80% of foreign travel...

Proceedings u/s. 147 not to initiated to examine as to whether there is escapement of income

Posted: 27 Nov 2012 11:27 PM PST

Reverting to the facts of the instant case, it is seen that insofar as the second reason is concerned, the Assessing Officer initiated reassessment proceedings with a view to 'examine' whether the assessee had accumulated reserve. Obviously, the scope of section 147 cannot encompass such an action...

Foreign gift may be treated as undisclosed income on the basis of Confession before FERA Authorities

Posted: 27 Nov 2012 10:36 PM PST

In the present case, the evidence in the form of confirmatory letters, deed of gifts etc. were found during the course of search. The authorities on examination of the confirmatory letters and surrounding circumstances reached a prima facie view that the gifts were not genuine. A notice dated...

Service in relation to IPL sponsorship not liable to service tax for period prior to 1-7-2010

Posted: 27 Nov 2012 09:12 PM PST

As per Section 65(105)(zzzn) the activity undertaken by the applicant is a sponsorship activity but same is specifically exempt if same is undertaken in relation to sponsorship of the sports events. The above said activity came into taxable event with effect from 1.7.2010 when an exemption for...

Manpower Supply Service not include deputation of employees for onsite development of software

Posted: 27 Nov 2012 09:08 PM PST

Activities of the appellant may not deserve to be considered as 'supply of manpower' but as rendering of 'information technology software service' and in the light of the stay granted in the case of ASM Technologies Ltd. (supra), the appellants are eligible for waiver of pre-deposit. As regards,...

Jurisdictional AO may verify position & take such action as may be warranted in law u/s. 172(7)

Posted: 27 Nov 2012 08:41 PM PST

Jurisdictional AO may verify the position and take such action as may be warranted in law in terms of section 172(7) to ensure that the income of the assessee from the various voyages does not escape assessment as per the normal provisions of the I-T Act.

ITAT set aside disallowance u/s. 14A as Assessee not provided complete details of expenses

Posted: 27 Nov 2012 08:28 PM PST

 In the instant case, the assessee denied incurring any expenditure for earning income, which did not form part of total income during the course of assessment proceedings even when huge investments were made by the assessee in the shares for having controlling interest . In terms of the aforesaid...

Services not in the course of business of manufacturing are not entitled to input credit

Posted: 27 Nov 2012 08:17 PM PST

After examining the records, I am of the view that the services in relation to Convention services, Memberships of Clubs & Association Services, Health Club & Fitness Centre Services and House Keeping services are not entitled for input service credit.

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