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Dec 31, 2012

Katrina Kaif (Assessee) not liable to pay service tax if already paid by agent

Katrina Kaif (Assessee) not liable to pay service tax if already paid by agent

Posted: 31 Dec 2012 07:33 PM PST

In this case, the appellant Katrina Kaif has provided the service for promotion of product by agreeing as model herself for advertisement films, TV commercials, still photographing, footage, press advertisement, outdoor, packaging and sales material etc. The revenue is of the view that as the...

ST demand cannot be adjusted arbitrarily against Excise duty refund during pendency of appeal

Posted: 31 Dec 2012 07:19 PM PST

It is noted that the appropriation of the amounts, to the extent of Rs.18,32,782/-, towards the alleged service tax dues said to be payable by the petitioner, from the amount of Rs.47,00,094/- said to be due to the petitioner as export duty rebate, cannot be sustained in the eye of law. The...

In case of FOR sale, transport up to buyer's premises is input service

Posted: 31 Dec 2012 07:14 PM PST

Admittedly, the Chartered Accountant's certificate to the effect that sale is on FOR basis and all expenses incurred up to the buyers premises form part of the cost of final product. Commissioner (Appeals) has also held in favour of the appellant, when he observed that the purchase orders are on...

Capital Gain Exemption & Capital Gain Account Scheme

Posted: 31 Dec 2012 05:33 PM PST

Section 54(2) mentions that if the amount invested in the new asset is less than the capital gain amount then the remaining amount should be deposited in the capital gain scheme account. Now the points of disputes are; 1. To claim exemption, is it necessary to deposit the remaining amount in...

Network access charges are not software expenditure & are revenue in nature

Posted: 31 Dec 2012 12:51 PM PST

The assessee has made the payment for availing e-mail infrastructure, which is owned by the parent company. It is using this e-mail infrastructure facilities for communication between its employees and outside business partners. Such facilities of secured internet facilities facilitates the...

R&D expenditure which is approved by DSIR only would be eligible for weighted deduction

Posted: 31 Dec 2012 12:41 PM PST

As per the provisions of sec 35(2AB) of Act as applicable to the relevant Assessment year, the expenditure incurred by the assessee in any approved in-house research facility, to the extent of approved by the prescribed authority, is entitled to weighted deduction of 150% of such approved...

Revisionary power u/s. 263 cannot be excersied for inadequate Enquiry on a particular matter

Posted: 31 Dec 2012 11:51 AM PST

In the present case, the records reveal that the assessee was specifically queried regarding the nature and character of the one-time regulatory fee paid by it as well as the bank and stamp duty charges. A detailed explanation in the form of statements and other documents required of by the...

S. 263 CIT can revise AO's order of taxing receipt as ordinary income instead of taxing it u/s. 44BB

Posted: 31 Dec 2012 11:36 AM PST

A look at the assessment order, in respect whereof power under section 263 of the Act was exercised, would amply make it clear that the Assessing Authority did not at all make any endeavour to ascertain, whether Rs. 96 and odd crores were received by the assessee for and in respect of services...

CPC registration date extended upto 02.04.2012 for appearing in June, 2013 CPT

Posted: 31 Dec 2012 11:28 AM PST

Extension of Common Proficiency Course (CPC) registration date upto 2nd April, 2013 for appearing in the June, 2013 Common Proficiency Test (CPT)

5 year Jail Term to then ACIT Rajiv Kumar in Bribery Case

Posted: 31 Dec 2012 11:23 AM PST

The Special Judge for CBI Cases, Mumbai has convicted Shri Rajiv Kumar, then Assistant Commissioner of Income Tax, Mumbai and sentenced him to undergo five years Rigorous Imprisonment with fine of Rs.30,000/- in a bribery case.

Regarding procedure, safeguards, conditions and limitations for grant of refund of CENVAT credit under Rule 5 of CENVAT Credit Rules, 2004

Posted: 31 Dec 2012 11:09 AM PST

Notification No. 27 /2012-CE (N.T.) Safeguards, conditions and limitations.- Refund of CENVAT Credit under rule 5 of the said rules, shall be subjected to the following safeguards, conditions and limitations, namely:-

Amendments in the Reward/Incentive Schemes of Chapter 3 of Foreign Trade Policy 2009-14

Posted: 31 Dec 2012 10:54 AM PST

PUBLIC NOTICE No.42 (RE2012)/2009-14 Amendments in the Reward/Incentive Schemes of Chapter 3 of Foreign Trade Policy 2009-14 - Appendix 37A, Appendix 37C and Appendix 37D of Handbook of Procedure (Vol. I).

Income from supervisory services rendered in connection with commissioning of a power project is business income in terms of article 7 of Indo-German DTAA rws 44D & 115A

Posted: 31 Dec 2012 10:46 AM PST

There was neither any other contrary view nor the assessee brought on record any material controverting the findings of the Assessing Officer in this regard. Accordingly, the finding of the Assessing Officer that amount received by the assessee had to be taxed as business profits in terms of the...

Eligibility Criteria for Incremental Exports Incentivisation Scheme

Posted: 31 Dec 2012 10:43 AM PST

Incremental Exports Incentivisation Scheme -Objective (a) The objective of the Scheme is to incentivize incremental exports. Entitlement (b) An IEC holder would be entitled for a duty credit scrip @ 2% on the incremental growth (achieved by the IEC holder) during the period 01.01.2013 to...

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