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Jan 15, 2013

Goods not physically bearing brand name sold from branded outlets not eligible for SSI Exemption – SC

Goods not physically bearing brand name sold from branded outlets not eligible for SSI Exemption – SC

Posted: 15 Jan 2013 06:41 PM PST

In case of goods sold from exclusive single brand retail outlets or restaurants or stores, the fact that a good is sold from such a store ought to be a relevant fact in construing if the good is its branded good or not. In the case of such goods, perhaps a rebuttable presumption arises in favour of...

Service tax provisions in case of Raising of Lumpsum Rent & ST Bill

Posted: 15 Jan 2013 05:53 PM PST

We are a practicing CA firm. We are operating from one rented premises, which belongs to Wife of one of the partner? The Partner's wife recently raised the bill for rent of 9 months i.e. from 1st April 2012 to 31st December 2012 as one bill on 31.12.2012. No Payment towards the rent been made till...

Taxability and Salient Features of IRFC Tax Free Bonds

Posted: 15 Jan 2013 05:41 PM PST

The Bonds are issued in the form of tax-free, secured, redeemable, non-convertible bonds and the interest on the Bonds will not form part of the total income as per provisions u/s. 10 (15) (iv) (h) of I.T. Act, 1961

S. 158B Payment of Advance Tax / TDS cannot tantamount to disclosure of total income – SC

Posted: 15 Jan 2013 04:23 PM PST

In the instant case, after the search was conducted on 23rd February 2006, it was found that for the assessment year 1995-96, the respondent-assessee had not filed its return of income by the due date. It is only when block assessment proceedings were initiated by the assessing...

Interest earned by a Club from FD placed with member banks not exempt on 'mutuality' ground – SC

Posted: 15 Jan 2013 04:17 PM PST

In the present case, the interest accrues on the surplus deposited by the club like in the case of any other deposit made by an account holder with the bank. For a receipt to be exempt on the principles of Mutuality, three conditions have to be satisfied.

Vehicle financier eligible for depreciation on vehicle not registered it its name – SC

Posted: 15 Jan 2013 04:14 PM PST

Moto Vehicle Act mandates that during the period of lease, the vehicle be registered, in the certificate of registration, in the name of the lessee and, on conclusion of the lease period, the vehicle be registered in the name of lessor as owner.

Supreme Court guidelines in relation to public interest litigations

Posted: 15 Jan 2013 08:08 AM PST

Supreme Court, in Guruvayoor Devaswom Managing Committee v. C.K. Rajan [2003] 7 SCC 546 though laid down the following guidelines in relation to public interest litigations:- (i)  The Court in exercise of powers under Article 32 and Article 226 of the Constitution of India can entertain a petition...

Last Date for Physical Submission of Audit Report in Form 704 for F. Y. 2011-2012

Posted: 15 Jan 2013 05:55 AM PST

With reference to above, the dealers who are required to file audit report u/s 61 of MVAT Act, 2002 for the financial year 2011-2012, besides filing the audit report, should also furnish following documents. i. A statement of submission of Audit Report in the format given in the circular 27 T of...

Valuation of Service- S.67 with Service Tax – 'Determination of Value' Rules-2006

Posted: 15 Jan 2013 05:15 AM PST

In cases where the service provider received any part of the consideration in non monetary form or by way of reimbursement , such item did not figure in the invoice raised, thereby depressing the real value of taxable service.

Fresh notice is not necessary when reassessment is set aside for non-observance of natural justice

Posted: 15 Jan 2013 02:04 AM PST

Where the AAC set aside the reassessment on the only ground that the assessee was not afforded opportunity to put forward his case, but did not hold that the notice issued under section 148 was invalid, there would be no need for the ITO to issue a fresh notice to the assessee.

Due date for filing of B/s & P/L in XBRL mode extended to 15.02.2013

Posted: 14 Jan 2013 09:19 PM PST

In continuation of the Ministry's General Circular Nos: 16/2012 dated 06.07.2012, 34/2012 dated 25.10.2012 and 39/2012 dated 12.12.2012 on the subject cited above, it is stated that the time limit to file the financial statements in the XBRL mode without any additional fee/penalty has been extended...

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