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Dec 7, 2012

Reimbursement of Expenses not subject to Service Tax

Reimbursement of Expenses not subject to Service Tax

Posted: 07 Dec 2012 07:14 PM PST

Whether reimbursement of expenses includible in gross consideration for the chargeability of Service Tax? Whether Rule 5(1) of Service Tax (Determination of Value) Rules is ultra vires Sections 66 and 67 of Finance Act, 1994?

Service Tax Refund cannot be denied on technical grounds

Posted: 07 Dec 2012 06:51 PM PST

It appears that the deficiency is that the bills raised by the CHA do not show the shipping bill numbers and date and the full requirements of the above conditions are not met. The reason given in the impugned order is that copies of shipping bills are not produced. No such condition is prescribed...

No penalty & Interest for non deduction of TDS if Deductee-payee having no tax liability

Posted: 07 Dec 2012 06:36 PM PST

There cannot be any dispute that an assessee who is having losses cannot be compelled to pay the income-tax, as the Income-tax Act does not provide for such a situation, exception being the MAT provisions in the case of companies. What is required to be seen as per the circular issued by CBDT and...

Undisclosed income which is subject matter of block assessment cannot be made basis for reopening of assessment

Posted: 07 Dec 2012 06:11 PM PST

Admittedly as is apparent on a plain reading of the reasons recorded, the stock of gold ornaments valued at Rs. 29,77,726/- was subject matter of block assessment under section 158BC of the Act. The Assessing Officer after considering the material on record in fact made an addition of Rs....

Mere reconstitution of partnership firm not amount to splitting up of business already in existence

Posted: 07 Dec 2012 06:02 PM PST

There is no dispute that after the partnership was reconstitued, the reconstituted firm had started a new business with an amendment to the partnership deed enabling the firm to carry on the manufacture and export of handicrafts items. Prior to the reconstitution the firm was authorized to merely...

Trust Registration cannot be denied for Non Filing of Return for Several Years

Posted: 07 Dec 2012 05:58 PM PST

Non-filing of the returns for the last several years cannot be a ground for declining to grant registration as the Commissioner is only enjoined to see as to whether the Trust is genuine and whether the object for which it has been formed is for charitable purpose or not.

Taxability of income arising from sale of asset held under Gold Deposit Scheme

Posted: 07 Dec 2012 05:51 PM PST

It is not in dispute that on the date of maturity, i.e., 22.11.2006, the certificates of gold were redeemed, therefore, 22.11.2006 should be considered as the date of acquisition of the gold for the purpose of computation of capital gains. The authorities below were, therefore, not justified in...

How to be an Effective CEO?

Posted: 07 Dec 2012 05:31 PM PST

A C-Level job is all about managing complexity, a defining trait of a leader. A Chief Executive Officer is involved in strategic decision making, responding to unanticipated events and directing the interaction of different functions in the organization. A leader defines an organization. A skillful...

Expenditure on civil and electrical works incurred in leasehold premises is not enduring benefit

Posted: 07 Dec 2012 11:21 AM PST

It has been held that when any expenditure is incurred by an assessee on leasehold premises, even though it may give an enduring benefit, it would not amount to capital expenditure as no capital asset is being created in favour of the assessee. In some of the cases, the expenditure is on civil and...

S.10A Foreign remittances to be credited within 6 months in a/c of assessee

Posted: 07 Dec 2012 11:15 AM PST

Unless the foreign remittances are credited in the account of assessee or at least credited in the account of the bank, it can not be said that the export proceeds have been received in or brought into India. The assessee has placed on record a certificate from State Bank of India which only states...

Consideration deemed to be received on the date of encashment of cheque and not on date of receipt

Posted: 07 Dec 2012 10:52 AM PST

In the present case, though the cheque was received on 4.1.2007, the same was actually deposited in the bank on 5.2.2007 and must have been encashed on a date after that. As such, it is to be considered as if the consideration for the services was received by the appellant in the month of February...

Measures taken to provide Relief to Exporters

Posted: 07 Dec 2012 06:18 AM PST

In view of the difficulties faced by exporters on account of the weakening of external demand, RBI has taken following measure; (i) Period of realization and repatriation to India of the amount representing the full export value of goods or software was enhanced from 6 months to 12 months.

High Value Income Tax Appeal Cases

Posted: 07 Dec 2012 06:11 AM PST

Commissioners of Income-Tax (Appeals) were directed to bifurcate the appeals pending with them into four categories. High demand appeals brought forward as on the first day of the financial year involving disputed demand of Rs. 10 lakhs and above, have been identified as the first category for...

Income-Tax Department facing acute workforce shortage

Posted: 07 Dec 2012 06:10 AM PST

The sanctioned and the working strength of the officers/staff in the Income Tax Department/Directorates as on 31.3.2012 are given as under:-

Information Regarding Tax Evasion

Posted: 07 Dec 2012 06:07 AM PST

The Government is focusing on increasing use of Information Technology for detection of evasion of tax. The Government also receives information on tax evasion from public at large through letters, e-mails, reports in media etc. the Government grants rewards to persons who provide information...

Rate of Interest on Home and Education Loans

Posted: 07 Dec 2012 06:02 AM PST

Reserve Bank of India had deregulated the interest rates on advances sanctioned by Scheduled Commercial Banks, with effect from October 18, 1994 and these interest rates were determined by bank themselves with the approval of their Boards, subject to Benchmark Prime Lending Rate (BPLR) and spread...

Business started with loans would not render it as 'property held under trust'

Posted: 07 Dec 2012 05:30 AM PST

It was contended on behalf of the assessee that in case we hold that the assessee-trust is not eligible for exemption because the Katha business was itself not held under trust, it would produce an anomalous or discriminatory result inasmuch as all that is required is for the settler of the trust...

Who is Willful Defaulters?

Posted: 06 Dec 2012 09:05 PM PST

Reserve Bank of India (RBI) collects on quarterly basis, the information on Willful Defaulters (non-suit filed accounts) of Rs. 25 lakh and above from Banks. Besides RBI, the Credit Information Companies, including Credit Information Bureau of India Ltd. (CIBIL) are maintaining a database on suit...

Rate of exchange of conversion of each of foreign currency WEF 07.12.2012

Posted: 05 Dec 2012 07:30 PM PST

NOTIFICATION  NO.108/2012-CUSTOMS (N.T.),  DATED THE 6th December, 2012 S.O.       (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue)...

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