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Jan 8, 2013

Amount disallowed u/s. 40(a)(ia) not eligible for deduction u/s. 80IB

Amount disallowed u/s. 40(a)(ia) not eligible for deduction u/s. 80IB

Posted: 08 Jan 2013 07:28 PM PST

It is settled principle that the deeming fiction created under any provisions of the Act cannot be imported into a beneficial provisions of the Act. In this case, the addition made on account of disallowance of expenditure is due to the deeming fiction created by the penal section 40(a)(ia) of the...

ITAT-Allahabad bench will hear all appeals through Video Conferencing

Posted: 08 Jan 2013 06:47 PM PST

Appellants, Respondents and all other concerned are hereby informed that, in exercise of powers vested in the Income Tax Appellate Tribunal under sub-section [5] of section 255 of the Income Tax Act, 1961, it is directed that appeals and applications fixed before the Income Tax Appellate Tribunal...

'Courier service' is input service, if ownership of goods remains with sender till delivery

Posted: 08 Jan 2013 05:45 PM PST

'Courier service' is input service, if ownership of goods sent remains with sender till delivery to customer & courier charges form part of goods sent The only ground for objection of Cenvat credit is the appellant did not produce the documentary evidence to show that the ownership remained...

Free E-Book on Overview of Companies Bill, 2012

Posted: 08 Jan 2013 05:05 PM PST

The new avatar of Companies Bill, is said to aim at - Protecting the interests of Employees and Small Investors,Voluntary adoption of Social Welfare Schemes, Clearing cumbersome procedures and making India an attractive and safe destination for Investment.

MCA Starts disabling DIN of Directors

Posted: 08 Jan 2013 04:54 PM PST

MCA STARTED DISABLING THE DIN OF DIRECTORS WHO HAVE NOT FURNISHED THEIR PAN MCA vide General Circular No. 4/2012, In continuation of General Circular Nos. 32/2011 dated 31.05.2011, 66/2011 dated 04.10.2011 and 70/2011 dated 15/12/2011 had extended the time limit of filing DIN-4 by DIN holders for...

SC issues notice to Amitabh Bachchan

Posted: 08 Jan 2013 04:31 PM PST

NOTICE TO AB Sr. The Supreme Court has issued a notice to Mr. Amitabh Bachchan regarding his case for A.Y. 02-03 on a petition from the revenue. On 13th October, 2002, Mr. Bachchan filed his return for the year stating his income to be Rs. 14.99 crore, later on 31st March, 2003, he filed a [...]

The Cost Accountants Chapters Bye-laws, 2013

Posted: 08 Jan 2013 04:10 PM PST

Notification                Date- 01.01.2013 No. CMA (2)/2013:  In exercise of powers conferred by Regulation 146 of the Cost and Works Accountants Regulations, 1959, the Council of the Institute of Cost Accountants of India hereby issues The Cost Accountants' Chapters Bye-laws, 2013 with effect...

Order passed by Single Judge recalling order of another Single Judge liable to be set aside

Posted: 08 Jan 2013 11:09 AM PST

There has to be a sanctity to the order of Court otherwise the Court orders would be meaningless. An order of the Court may be set aside by a higher Court. A Court of coordinate jurisdiction should ordinarily not recall the order of another learned Judge unless and until there was an ex facie...

SC directs Sahara to deposit amount refundable to investors with SEBI

Posted: 08 Jan 2013 11:06 AM PST

SC held that The appellants shall immediately hand over the Demand Drafts, which they have produced in Court, to SEBI, for a total sum of Rs. 5120/- Crores and deposit the balance in terms of the order of 31st August, 2012, namely, Rs. 17,400/- Crores and the entire amount, including the amount...

For retention of seized Books of account revenue should communicate CIT approval & recorded reasons for said approval to Assessee

Posted: 08 Jan 2013 10:53 AM PST

Scheme of sub-sections (8), (10) and (12) of Section 132 makes it amply clear that there is a statutory obligation on the Revenue to communicate to the person concerned not merely the Commissioner's approval but the recorded reasons on which the same has been obtained and that such communication...

Income arising on account of offshore supply & Services not taxable under DTAA b/w India & Japan despite retrospective amendment

Posted: 08 Jan 2013 10:51 AM PST

Income arising on account of offshore services and offshore supply of equipments would not be taxable. If the assessee is not liable to tax in view of the Article 8 (sic) of DTAA between India and Japan, then, irrespective of the amendment to section 9(1) of the Act, the assessee would not be...

Computation of Income in case of Bank which claims deduction u/s. 36(1)(vii) & 36(1)(viia) simultaneously

Posted: 08 Jan 2013 10:48 AM PST

We notice that in this respect the provision is silent. We may therefore record that the interpretation adopted by the Tribunal in the impugned judgment would ordinarily give rise to a question of law particularly when it is pointed out that there is no previous decision of any High Court on the...

Order of Commissioner (Appeals) remitting back case for verification or quantification is not a remand order

Posted: 08 Jan 2013 10:42 AM PST

The order of the Commissioner (Appeals) is not a remand order and he has clearly held that the refund was available in respect of all services except 'Air Travel Agent service'. Therefore, I do not find any merit in the submission that the Commissioner's (Appeals) order is a...

Services in relation to import of raw materials are input services

Posted: 08 Jan 2013 10:40 AM PST

In this case appellant is engaged in the manufacture of MG craft paper and they import waste paper and use the same in the manufacture of final product. The services received are in relation to the importation of waste paper such as container charges, handling charges incurred in the port etc.

Appeal not maintainable if revenue involved is less then limit prescribed by CBDT Circular

Posted: 08 Jan 2013 10:31 AM PST

Mr. A. Shankar, learned counsel for the assessee has raised a preliminary objection regarding maintainability of this appeal at this point of time pointing out that the revenue that is involved is not more than Rs. 2,00,000/- and therefore, in terms of board Circular No. 2/05, dated 24.10.2005 the...

If show cause notice suggests that Department had already come to conclusion it is to be set aside

Posted: 07 Jan 2013 08:36 PM PST

It is settled principle of law that a quasi-judicial authority, while acting in exercise of its statutory power must act fairly and must act with an open mind while initiating the show-cause proceeding. A show-cause notice is meant to give the person proceeded against a reasonable opportunity of...

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