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Jan 26, 2013

SCN issued after death of proprietor is bad in law

SCN issued after death of proprietor is bad in law

Posted: 26 Jan 2013 06:40 PM PST

Undisputedly, late Smt. Bimla Rani was the proprietor of the respondent firm M/s Shree Ambica Steel Industries. She died on 17.9.2006 and after her death the legal heir applied for cancellation of Excise registration in the name of the firm and the registration was admittedly cancelled by the...

No transfer of right to use – No deemed sale

Posted: 26 Jan 2013 06:35 PM PST

It is well settled that, whether the transaction amounts to transfer of right or not cannot be determined with reference to a particular word or clause in the agreement. The agreement has to be read as a whole to determine the nature of the transfer. From a close reading of all the clauses in the...

Buy-back of Shares and Company Law

Posted: 26 Jan 2013 06:27 PM PST

Not only statute, but also common law, has upheld the 'sanctity' of a company's capital. In 1887, in Trevor Vs. Whitworth 12 App Case 409, it was held that a company limited by shares may not purchase its own shares as this would amount to an unauthorized reduction of capital.

Subsequent Sale (Sale in Transit) under CST Act, 1956

Posted: 26 Jan 2013 06:01 PM PST

There are two types of inter-State sales. An inter-State sale contemplated by clause (b) is one, which is effected by transfer of documents of title to the goods during their movement from one state to another. Where the property in the goods has passed before the movement has commenced, sale will...

Compounding of offences under FEMA, 1999

Posted: 26 Jan 2013 04:06 AM PST

CA Kamal Garg The term 'compounding' has not been defined either in the Foreign Exchange Management Act, 1999 or the rules issued there under. However, inference can be drawn from the definition given in the Companies Act, 1956. It defines 'compounding' as: 'Any offence punishable under the Act...

Dividend Stripping Transactions – Income tax provisions

Posted: 26 Jan 2013 03:47 AM PST

Dividend stripping refers to transacting in shares or securities linked to shares of a company on which dividend is payable. Typically, a dividend stripping transaction can be explained with an illustration.

Download Income Tax Interest Calculator in Excel u/s. 234A B C

Posted: 26 Jan 2013 03:36 AM PST

ABCAUS Excel Income Tax Interest Calculator With this excel based income tax interest calculator one can calculate accurate amount of interest payable under section 234A, 234B and 234C of Income Tax Act, 1961. Inbuilt Help section and text of relevant sections have also been provided for ready...

PCE & IPCE result of Nov, 12 on 05.02.2013

Posted: 25 Jan 2013 09:19 PM PST

Results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in November, 2012 are likely to be declared on Tuesday, the 5th February, 2013 around 5.00 P.M. The results of the Chartered Accountants Professional Competence and Integrated...

CA loses Rs 85 lakh to online lottery scam

Posted: 25 Jan 2013 09:15 PM PST

As reported by leading daily TOI – Falling prey to an online lottery scam, chartered accountant Pankaj Kumar (name changed), 25, transferred nearly Rs 85 lakh to account numbers provided by the cyber criminals, who duped him by showing frivolous dreams having won lottery money of 10 lakh...

S. 194H TDS applicable on payment in the nature of commission, even in the absence of relationship of a principal & agent

Posted: 25 Jan 2013 09:09 PM PST

Section 194H talks about the payment to a recipient which is the income by way of commission or brokerage. It does not require that the relationship between the payer and the payee should be of a principal and agent. The Explanation to section 194 elaborates on the terms 'commission or brokerage'...

Ex- ITO from Mumbai gets 5 Year imprisonment for accepting bribe

Posted: 25 Jan 2013 09:03 PM PST

FIVE YEARS RIGOROUS IMPRISONMENT TO THEN INCOME TAX OFFICER FOR ACCEPTING A BRIBE OF RS. 75,000/- The Special Judge for CBI Cases, Mumbai has convicted Shri Leeladhar Bangera, the then Income Tax Officer, Ward No.10, Piramal Chambers, Mumbai and sentenced him to undergo five years Rigorous...

TDS is applicable U/s. 194C on Warehousing charges paid to clearing and forwarding agents & Not U/s. 194I

Posted: 25 Jan 2013 08:53 PM PST

CIT(Appeals) and the ITAT had the benefit of examining the entire documentary evidence which consisted of the various lease deeds and the c & f agents agreements. The conclusions drawn by these authorities on the basis of such scrutiny are concurrent. Even otherwise, if the revenue was of the...

While granting registration, objects of trust & not purported utilization of income to be considered

Posted: 25 Jan 2013 08:42 PM PST

The submission of the counsel for the revenue that the Trust was not set up for charitable purposes and it was utilizing its income not for the said purpose cannot be examined at this stage as only objects of the Trust had to be considered by the Commissioner. The Trust was in nascent stage and was...

Service tax not payable on Electricity charges as it is not part of 'renting of immovable property' service

Posted: 25 Jan 2013 08:35 PM PST

The applicant has contended before the adjudicating authority that supply of electricity is supply of 'goods' and the same is exempted as per Notification no. 12/2003-ST wherein it has been clarified that supply of goods shall not form part of taxable service.

Order of attachment u/s. 226(3) not justified if AO passes unspeaking order u/s. 220(6)

Posted: 25 Jan 2013 08:31 PM PST

Under Section 220(6) of the Act, where an appeal was pending against the assessment order, the assessee was not to be treated as an assessee in default in respect of the amount in dispute in appeal, in the discretion of the Assessing Officer on such conditions as he may think fit to impose. The...

Taxability of Agricultural Income in the Hands of HUF or Individual depends on ownership of property

Posted: 25 Jan 2013 06:40 PM PST

As far as instant assessment is concerned, it is a case of individual assessment. The extent of the property sought to be assessed at the hands of HUF was to the extent of 20.88 acres at Alamarathupatti Village. Even though the assessee claimed the property in entirety as HUF property, the...

Service tax not payable on Technical inspection & testing of LPF Tankers under Indian Explosives Act, 1884

Posted: 25 Jan 2013 06:36 PM PST

Technical inspection and testing under the Indian Explosives Act, 1884 is a statutory obligation, therefore the same is not liable to tax under Technical Testing and Certification Service. Therefore, the appellants are liable to pay service tax as prayed by the learned counsel.

Mechanism for 'offer for sale' by promoters through RSE modified to ensure efficiency and transparency

Posted: 24 Jan 2013 09:15 PM PST

Comprehensive guidelines on Offer For Sale (OFS) of Shares by Promoters through the Stock Exchange Mechanism CIRCULAR No. MRD/DP/04/2013, dated 25-1-2013 1. Comprehensive guidelines on sale of shares through OFS mechanism were issued vide Circular No. MRD/DP/18/2012, dated July 18, 2012. Based on...

S. 194A CBDT notifies 'National Skill Development Fund'

Posted: 23 Jan 2013 09:46 PM PST

SECTION 194A OF THE INCOME-TAX ACT, 1961 – DEDUCTION OF TAX AT SOURCE – INTEREST OTHER THAN INTEREST ON SECURITIES – NOTIFIED INSTITUTION NOTIFICATION NO. 4/2013 [F.NO.275/28/2012-IT(B)], DATED 24-1-2013 In exercise of the powers conferred by sub-clause (f) of clause (iii) of...

Interest Rates on and Premature Withdrawal of Rupee Term Deposits

Posted: 23 Jan 2013 09:44 PM PST

Interest Rates on and Premature Withdrawal of Rupee Term Deposits circular DBOD. No. Dir. BC. 74 /13.03.00/2012-13, dated 24-1-2013 In terms of our mailbox clarification dated May 16, 2007, deposits of Rs. 15 lakh or any higher threshold approved by the Boards of banks have been termed...

SEBI initializes to create infrastructure for debt segments on stock exchange

Posted: 23 Jan 2013 09:24 PM PST

Guidelines for providing dedicated Debt Segment on Stock Exchanges Circular no. MRD/DP/03/2013, DATED 24-1-2013 1. The market for debt securities differs from equity markets in several ways such as risk, returns, liquidity, type of participants and method of trading. While publicly issued debt...

Only standard text books sold eligible were for ST exemption, not study materials provided as a part of service

Posted: 23 Jan 2013 06:38 PM PST

Notification No. 12/2003-ST dated 20-6-2003 excludes the value of the goods and materials sold by the service provider to the recipient of service, from the value of the taxable services. The said exclusion is subject to the condition that there is documentary proof specifically indicating the...

Customs – Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, Others – Palmolein and Crude Soyabean Oil

Posted: 22 Jan 2013 09:20 PM PST

Notification No. 08/2013 – Customs (N. T.),  New Delhi,  23rd January, 2013 S.O. ____ (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to...

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