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Nov 4, 2012

Service Tax On Works Contract – Exemptions – After 01-07-2012

Service Tax On Works Contract – Exemptions – After 01-07-2012

Posted: 04 Nov 2012 06:17 PM PST

Service tax provisions in respect to Works Contracts have undergone major changes after introduction of new service tax regime. Works contract in itself is a very lengthy subject and law relating to Works Contract in Service Tax is available in a very scattered way. I am trying to summarize all the...

VAT on under construction flats – A.O. to decide whether a particular contract for Building construction is a works contract or not – HC

Posted: 04 Nov 2012 06:51 AM PST

Judgments of the Bombay High Court in the case of Marathi Bandhkam and Ashok Gokani (Flat buyer) vindicate my stand that the MCHI judgment had merely decided the constitutional validity of the amendment made to the definition of sale and not whether a particular contract is a works contract or not,

MVAT – Updated List of Suspicious Dealers as on 03.11.2012

Posted: 04 Nov 2012 05:35 AM PST

The Department of Sales Tax, Maharashtra State has declared UPDATED list of Suspicious Dealers on 3rd November 2012 totaling to 1555 nos.

Earlier return, after a revised return, cannot form the basis of assessment

Posted: 04 Nov 2012 05:27 AM PST

It is well settled that when a revised return is filed by the assessee, the original return is totally substituted and the revised return alone has to be taken into consideration in completing the assessment. The earlier return, after a revised return has been furnished, cannot form the basis of...

Cost Accountants in Full-Time Employment Can Sign Specified Compliance Reports Relating To Cost Records

Posted: 04 Nov 2012 05:18 AM PST

The Central Government vide the following notifications, has allowed cost accountants in full time employment, in addition to certification by members in full-time practice, to certify the Compliance Report to be filed with the Central Government in compliance with the following rules, namely:-

In case of foreign gift, Assessee to prove Credit worthiness of donor

Posted: 04 Nov 2012 05:10 AM PST

The burden is on the assessees to show that the amount received by purported gift(s) from the two donors was a gift in the legal sense. Assessees have not led evidence to show whether the alleged donors had adequate funds in their respective accounts to make these purported gift(s) in Singapore...

Can bank claim depreciation on stock in trade shown as Investment in Balance Sheet

Posted: 04 Nov 2012 05:05 AM PST

In the instant case, we would like to convey that in so far as the books of account are concerned, namely, the balance sheet, the assessee was supposed to follow the mandate of the Reserve Bank of India and, therefore, that by itself would not be a ground to label the securities as 'investment'....

Arrears of rent received as mesne profits taxable in year of receipt & not in year of accrual

Posted: 04 Nov 2012 04:46 AM PST

Arrears of rent received by the assessee (as mesne profits) could not be brought to tax for the previous years, when they fell due. They could be brought to tax only during the year of receipt. The revenue had further argued that during the year of receipt, the assessee had shown the amount so...

Deduction u/s. 80-IA is to be allowed unit-wise without deducting losses in other unit

Posted: 04 Nov 2012 04:33 AM PST

Gross total income of the assessee is at Rs. 8,03,26,598 lakhs after adjusting the losses suffered by it in the eligible as well as profits of the non-eligible units. There are no brought forward losses or unabsorbed depreciation. The claim of deduction under section 80-IA was in respect of...

Company wind-up power is conferred on Court & notwithstanding any arbitration agreement

Posted: 04 Nov 2012 04:17 AM PST

Power of winding up of a company was conferred on the Court and notwithstanding any arbitration agreement between the parties the arbitrator would have no jurisdiction to pass the said order. We fail to appreciate, how this decision would help us to decide the present controversy.

If debt itself is disputed than winding petition deserve to be dismissed

Posted: 04 Nov 2012 04:07 AM PST

It is therefore necessary that there must be debt due and the company must be unable to pay it. If the debt is a disputed debt and the defence is substantial one order of winding up should not be passed. It is also note worthy that after the petitions were admitted no other persons have raised any...

Capping of TP adjustments to combined group profits not possible

Posted: 04 Nov 2012 03:54 AM PST

Interra Information Technologies (India) Private Limited, a company incorporated under the Companies Act, 1956, is a 100% subsidiary of Interra IT Inc., a US based company. Interra IT Inc. enters into contract with customers and subcontracts a part/whole of the work to Interra India.

No addition if Assessee was not beneficiary of accommodation entry business

Posted: 04 Nov 2012 01:09 AM PST

It is seen from the statement of 'M' that the assessee's name was not mentioned by him at all as beneficiary of the accommodation entry business carried by him. Since despite being obliquely prompted, he did not mention the assessee's name and merely stated that he did not deal with any...

If Excess excise duty paid not refunded, buyer can claim the refund

Posted: 03 Nov 2012 11:43 PM PDT

Learned counsel for the appellant submits that even if the duty has been paid in excess of the amount finally held to be payable, unless the excess duty paid has been refunded, the assessee could claim cenvat credit as the department could not get the duty twice.

HC to decide reduction of 90 per cent of net commission received by assessee from profits of business for computation of deduction u/s. 80HHF

Posted: 03 Nov 2012 09:19 PM PDT

Whether, on the facts and circumstances of this case and in law, the Income Tax Appellate Tribunal was correct in directing the Department to reduce 90% of the net commission received by the assessee from the profits of the business for computation of deduction under Section 80HHF of the Income Tax...

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