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Jan 5, 2013

Invitation to join panel of esteemed authors / Submit Articles

Invitation to join panel of esteemed authors / Submit Articles

Posted: 05 Jan 2013 07:50 PM PST

TAXGURU.IN would like to invite Authors to join our esteemed panel of Authors. The Authors who like to be Part of TAXGURU.IN and get their article published on our website can mail their article to us and we will publish the same with due credit to the author. Our email id is .

RBI may stick to 6 crores limit for March 2013 Statutory Branch Bank Audits

Posted: 05 Jan 2013 07:49 PM PST

As per internal Sources Reserve Bank of India has decided to stick to 6 crores limit for March 2013 Statutory Branch Bank Audits. As per the reliable source, in spite of clearance for 20 crores limit, RBI is going ahead with last year agreed limit of 6 crores. RBI shall finalize its Empanelment by...

No penalty on Sania Mirza as income not offered to tax was due to bona fide mistake

Posted: 05 Jan 2013 07:03 PM PST

The admitted position is that the amount of Rs.30,63,310/- was shown by her in the return. That being the position, it cannot be said that there was any concealment. There is no dispute about the fact that the amount was correctly mentioned and therefore, there is also nothing inaccurate in the...

Prior to 1-4-2011 there was no requirement to maintain separate a/c for trading activities

Posted: 05 Jan 2013 06:32 PM PST

It is not in dispute that the Bangalore office of the company was a registered input service distributor and it distributed input services under cover of valid invoices to the various manufacturing units, eight in number, which were engaged in the manufacture of pharmaceutical formulations...

Non availability of bond is no ground to extend 6 month period prescribed u/s. 54EC

Posted: 05 Jan 2013 06:22 PM PST

Section 54EC grants relief to those assessees, who transfer a long term capital asset resulting in capital gains by making investment in various bonds with in within a period of six months from the date of transfer. The Legislature intent in enacting the provision is to provide benefits to those...

Onus on revenue to prove that expense disallowed u/s. 40A(2)(b) were excessive or unreasonable

Posted: 05 Jan 2013 06:20 PM PST

It is not pointed out as to how the expenses incurred are excessive or unreasonable therefore, such expenditure can be disallowed by invoking the provisions of Section 40(A)(2) of the Act. In view of this matter, we do not find any infirmity into the order passed by Ld. CIT(A). Therefore the...

Addition U/s. 50C justified even in case of depreciable Asset if Assessee not challenges the value adopted by stamp valuation authority

Posted: 05 Jan 2013 06:15 PM PST

Sections 50 & 50C operate in two different fields and if the value adopted by the stamp valuation authority is accepted by the purchaser/seller there cannot be any variation for limited purposes of computing the consideration received, under section 50C of the Income Tax Act, 1961.

Chapter VI-A deduction admissible in computing undisclosed income or loss under block assessment

Posted: 05 Jan 2013 05:22 PM PST

Proviso to Clause (a) of Explanation under section 158BB of the Act for the purpose of determination of undisclosed income or loss of each previous year for the purpose of aggregation is to be taken as the total income or loss computed in accordance with the provisions of the Act without giving...

MVAT – Non levy of penalty for filing of Audit report by developers

Posted: 05 Jan 2013 05:18 PM PST

Trade Circular 14T of 2012 was issued on 06 August, 2012 to guide developers for obtaining registration, availing administrative relief for unregistered period, filing of returns and Audit Report u/s 61 for the periods starting from 20/06/2006.

Salient Features of Companies Bill, 2012 on Corporate Social Responsibility (CSR)

Posted: 05 Jan 2013 01:08 PM PST

Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more...

MVAT- Fresh Hawala Dealer List includes 361 new dealer

Posted: 05 Jan 2013 11:30 AM PST

New 361 delaer has been added to Hawala List by VAT Department. We attached herewith updated list of Suspicious Dealers on 4th January 2013 totaling to 1915 nos Following dealer name excluded from the hawala dealer list.  27860101920V  -PUSHP HARI ELECTRICAL & ENGG. P LTD / Skysoft com. P. Ltd....

Unless the assessment has been disputed, no refund can be sanctioned

Posted: 05 Jan 2013 11:27 AM PST

Service provider, namely, M/s.Aban Offshore Ltd., has paid the impugned tax amount under the category of Mining Service without disputing the same. As pointed out by the learned JCDR, it is settled law that unless the assessment has been disputed, no refund can be sanctioned vide the Hon'ble...

Toll collection on national highways by a concessionaire under assignment agreement not liable to service tax under BAS

Posted: 05 Jan 2013 11:25 AM PST

Under Clause 2.1 of the assignment agreement dt.29.6.2001, CIDBI assigned and transferred the concession agreement in favour of the respondent and the respondent unconditionally agreed to accept the said assignment/transfer of the concession agreement and undertook to execute/perform the concession...

Bona fide belief/Retrospective amendment in law doesn't warrant invocation of extended period of limitation

Posted: 05 Jan 2013 10:36 AM PST

The provisions of the Finance Act, 1994 relating to the service of renting of immovable property had been amended by the Finance Act, 2011 with retrospective effect from 1-6-2007 making rent per se a taxable service. Earlier in Home Solution Retail (India) Ltd. v. Union of India [2009] 20 STT 129...

Services in relation to storage of input outside factory are not input services

Posted: 05 Jan 2013 10:30 AM PST

Ammonia is imported by the appellant and after goods are cleared from the port and the goods are delivered to the appellants. Procurement of the input is over after taking delivery of the goods. Thereafter appellants are eligible for credit of service tax paid on inward transportation of the inputs...

Assessment of earlier year cannot be reopened on the basis of persuasive finding in subsequent years

Posted: 05 Jan 2013 02:08 AM PST

From a perusal of the reasons recorded by the Assessing Officer, we find that he had simply recorded the finding in the assessment order passed for the assessment year 1996-97 and a vague reference was made that similar was the position in respect of the assessment year in question. The assessment...

CBI arrests a superintendent and inspector of service tax department for accepting bribe

Posted: 04 Jan 2013 09:05 PM PST

The Central Bureau of Investigation has arrested a Superintendent and an Inspector of Service Tax, Department of Revenue (Ministry of Finance), CGO Complex, Lodhi Road, New Delhi for demanding and accepting a bribe of Rs.One Lakh from the Complainant.

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