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Mar 18, 2013

HC issued guidelines to end TDS credit & refund adjustment harassment of Assessee by CPU

HC issued guidelines to end TDS credit & refund adjustment harassment of Assessee by CPU

Posted: 17 Mar 2013 05:42 AM PDT

In this case high Court has issued guideline to Income Tax Department in respect of the following :- Uploading Of Wrong Or Fictitious Demand Adjustment Of Refund Contrary To The Mandate Of Section 245 Of The Income Tax Act Denial Of Interest Where Assessee Not At Fault Credit Of Tax Deducted At...

Lower deduction certificate issued in respect of one unit is enough to cover other units of Assessee despite Separate TANs

Posted: 17 Mar 2013 05:40 AM PDT

Assessing Officer of the contractors have furnished certificate under Section 197 of the Act to the Principal Officer of the Parle Biscuits Pvt Ltd, Mumbai. Such certificate is in terms of clause (iii) of Section 204 of the Act. Such certificate mandates the persons to whom such certificate is...

Assets seized during search to be returned back on payment of demand raised post search assessment

Posted: 16 Mar 2013 10:09 PM PDT

Detention of the assets has been provided and permitted only so long as there is some outstanding demand of tax and penalty against an assessee or expected liability of such tax or penalty; obviously to safeguard the interest of Revenue for the realization or recovery of such demand of tax,...

An entity established with new set of employees & Capital cannot be said restructured entity

Posted: 16 Mar 2013 10:05 PM PDT

Various objections raised by AO as mentioned above have been verified by ld. CIT(A) and found that land and building and machineries are new. Capitals introduced by the Directors are from their own sources and not by transferring from M/s. Shagun. Out of 70 employees employed by assessee company,...

S. 10B Conversion of marble blocks into the polished slabs & tiles constitutes manufacture

Posted: 16 Mar 2013 10:04 PM PDT

So far the question of benefit under s. 10B of the Act is concerned, the learned counsel for the appellant-assessee has submitted that the view as taken by the Tribunal cannot be sustained for the authoritative pronouncement of the Hon'ble Supreme Court in the case of ITO v. Arihant Tiles...

DGFT Clarification regarding TED Refund where TED exemption is available

Posted: 15 Mar 2013 07:55 PM PDT

Prudent financial management and adherence to discipline of budget would be compromised if refund is provided, in cases, where exemption is mandated. In fact, in such cases the relevant taxes should not have been collected to begin with. And if, there has been an error/oversight committed, then the...

Official Liquidator cannot approach Company Court to set aside auction or confirmation of sale confirmed by the Recovery Officer under RDB Act

Posted: 13 Mar 2013 05:45 AM PDT

It has been submitted by Mr. Banerji, learned senior counsel, that if the Company Court as well as the DRT can exercise jurisdiction in respect of the same auction or sale after adjudication by the DRT, there would be duality of exercise of jurisdiction which the RDB Act does not envisage. By way...

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