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Feb 7, 2013

No Penalty for mere reduction in deduction claimed

No Penalty for mere reduction in deduction claimed

Posted: 06 Feb 2013 05:17 PM PST

Whether the penalty was imposed U/s 271(1)(c ) because of the reason that the deduction claimed under section 80-IB by the respondent-assessee was ultimately allowed at a lower level were valid?

Income tax Planning in respect of Salary Perquisites

Posted: 06 Feb 2013 05:15 PM PST

For employees of large Indian and multinational companies, benefits go beyond salaries to include lifestyle perks such as company accommodation or club membership. Growth in business operations and competition for talent are now prompting even mid-sized companies to adopt the HR practices of such...

Tax Planning for Salaried and Individual People

Posted: 06 Feb 2013 10:39 AM PST

The general perception when it comes to salaried employees is that there isn't much scope for saving tax. But that isn't true. In fact there are many avenues under the head Income from Salary in which tax savings are possible.

CA PCC / IPCC Toppers &amp: Pass percentage of Examination held in Nov'12

Posted: 06 Feb 2013 10:28 AM PST

Chartered Accountants Professional Competence Course (PCC) Examination held  in Nov, 2012 The details of percentage of candidates passed in the above said examinations are given  below: Appeared Passed Percentage Both Group 5870 320 5.45% Group 1 8766 1943 22.17% Group 2 12650 1870 14.78% Toppers...

HC should not dispose appeal without discussing the same – SC

Posted: 05 Feb 2013 09:31 PM PST

On going through the records, we find that the issues that were raised were not discussed and dealt with by the High Court except for saying that the case is not a fit case to be interfered with. According to us, this is not a proper disposal of the appeal. Accordingly, we set aside the order and...

TPO only has to compute ALP & not suppose to comment on a transaction

Posted: 05 Feb 2013 09:11 PM PST

The TPO has to work out the ALP of the international transaction by applying the methods recognized under the Act. He is not competent to hold that the expenditure in question has not been incurred by the assessee or that the assessee has not derived any benefits for the payment made by the...

Expenditure on renovation/repair/addition in leasehold premises is capital expenditure

Posted: 05 Feb 2013 09:11 PM PST

It is essential that the expenditure incurred on the construction of any structure on the leased premises should result in saving of the revenue expenditure at the subsequent stage. In the present case, from the pleadings of both the sides, it cannot be ascertained whether the assessee is getting...

Royalty earned by NR from another NR not taxable in India even if payer embeds the now-how into products sold in India

Posted: 05 Feb 2013 09:02 PM PST

U/s 9(1)(vi)(c) royalty payable by a person who is a non-resident is deemed to arise in India where the royalty is payable in respect of any right etc utilised for the purposes of a business carried on by such person in India or for the purposes of earning any income from any source in India. [...]

Additional depreciation allowable only on acquisition & installation of new machinery

Posted: 05 Feb 2013 09:00 PM PST

During the assessment year 2006-07 in question in the provisions laid down u/s 32(i)(iia) there was specific condition alongwith installation of new plant or machinery after 31st March, 2005 that the new plant or machinery must also be acquired after 31st March, 2005. We have also reproduced herein...

Mere filing of return u/s. sec. 153A not sufficient to escape penalty for concealment

Posted: 05 Feb 2013 08:58 PM PST

After the search and the statement recorded under section 132(4), the assessee, on being issued with notice under section 153A did not file any return. The notice under section 153A was issued on 20-7-2006. It was only when assessment proceedings were taken up for consideration, did the assessee,...

Penalty justified for claim of depreciation on asset not used in business

Posted: 05 Feb 2013 08:51 PM PST

Even if it is assumed that the assessee continued to remain the owner of the property throughout the year, the other condition of section 32, that the property should have been used for the purpose of the assessee's business has not been satisfied. There is no proof that the director resided...

If What material fact not been disclosed is not clear in order rejecting the objections issue of notice u/s. 148 is invalid

Posted: 05 Feb 2013 08:30 PM PST

In the present case, the impugned reasons behind the notice dated 28.03.2012, which we have extracted above, does not even carry a whisper that there has been a failure on the part of the assessee to fully and truly disclose all material facts necessary for the assessment. Even the order rejecting...

Assessee eligible to take credit of service tax paid belatedly

Posted: 05 Feb 2013 05:42 PM PST

If the appellant have paid the service tax they are entitled to take credit of the same. In that view, it cannot be said that by suppressing the fact that the appellants are going to get extra benefit on account suppression. In view of these observations and following the decision in the case of...

Uploading of data relating to charitable entities on the Income Tax website

Posted: 04 Feb 2013 06:22 PM PST

A module was developed on the national website and was made available to the CCsIT (CCA) for uploading of Exempted Institution data, while many CCsIT (CCA) has already uploaded data into the module for use by the general public, some of the CCsIT (CCA) are facing...

Accumulated Income of Trust is taxable in the year of Sec.13 Violation

Posted: 04 Feb 2013 05:49 PM PST

Section 11(3), which is made applicable to section 10(21), itself provides that the entire accumulated income shall be deemed to be the income of the assessee of the previous year in which the breach of the conditions or the contingency occurs. The statute having thus fixed the assessment year in...

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