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Apr 16, 2013

CCITs to list & track quality scrutiny assessments made during FY 2012-13 -CBDT

CCITs to list & track quality scrutiny assessments made during FY 2012-13 -CBDT

Posted: 16 Apr 2013 06:23 PM PDT

COMPILATION OF QUALITY SCRUTINY ASSESSMENT CASES COMPLETED DURING FINANCIAL YEAR 2012-13 LETTER [F.NO. 225/65/2013/ITA-II], DATED 11-4-2013 I am directed to draw your kind attention towards Board's decision to review the Quality of assessments completed by the Assessing Officers during...

I-T Dept releases Book on Controversies in Income Tax Assessment

Posted: 16 Apr 2013 05:40 PM PDT

The genesis of this book is an exercise carried out to compile best quality assessment orders passed in each Chief C.I.T region of Gujarat during the Financial Year 2011-12. On analyzing these orders it emerged that majority of additions were relatable to issues pertaining to 19 topics. Therefore...

Whether Service Tax payable on service provided by way of erection of pandal or shamiana?

Posted: 16 Apr 2013 05:13 PM PDT

The Central Board of Excise and Customs (the CBEC) vide Circular No. 168/3/2013, dated April 15, 2013 has issued clarification on following issue: Issue: Whether service tax is leviable on the activity of preparation of place for organizing event or function by way of erection of pandal and...

No Change in the Schedule of May 2013 CA Examinations

Posted: 16 Apr 2013 04:57 PM PDT

No Change in the Schedule of The Chartered Accountants Examinations – May 2013 Students appearing for Intermediate (Integrated Professional Competence) Examination may note that, owing to the Bye Elections to Ward 43 – Nangloi East and Ward 256 Yamuna Vihar of North Delhi & East Delhi...

Mere non production of cash purchase bills does not make Purchase bogus

Posted: 16 Apr 2013 03:11 PM PDT

Assessing Officer has observed that in response to show-cause notice issued to the assessee specifying the defects noticed in M/s. Agrawal Enterprises, the assessee has simply escaped by saying that it is not their mistake if the seller did not show the cash sales in their books of account. It was...

Initiation of Reassessment based on change of opinion not valid

Posted: 16 Apr 2013 01:09 PM PDT

Assessing Officer having examined the nature of receipts and the corresponding expenditure in the original assessment, now cannot be permitted to change his view with respect to the nature of treatment such receipts must receive. To put it differently, the Assessing Officer made no additions on the...

EPF / ESI contributions allowable, if paid before due date of filing I-T return

Posted: 16 Apr 2013 12:20 PM PDT

Amounts whether employees' contribution or the employer's contribution are not being shown as payable as on the last date of the Assessment Year cannot be brought to tax if the same has been paid before the due date of filing of the return.

Consideration for live telecast of an event is not royalty as no copyright in live events

Posted: 16 Apr 2013 12:04 PM PDT

Tribunal  referred to a book titled Law of Copyright and Industrial Designs by P. Narayanan wherein it was stated in paragraph No. 17.02 that a cinematograph film depicting live events like sporting events, horse race, etc. cannot infringe any copyright because there is no copyright in live events....

S. 263 CIT can revise Assessment Order to make Disallowance U/s. 14A if AO fails to do so

Posted: 16 Apr 2013 12:02 PM PDT

Assessment Officer in its order dated 28th January, 2005 did not make provision for disallowance of expenditure in terms of Section 14A of the I.T. Act. The assessee has paid interest of Rs.4,49,02,775/- out of which only a sum of Rs.1,33,51,132/- was shown to be relatable to the non-taxable...

Educational institute with profit motive may claim exemption U/s. 11

Posted: 16 Apr 2013 11:54 AM PDT

Income of any educational institute cannot be exempted unconditionally if such institution also exists for deriving of profit. According to this provision, if any educational institution is running on commercial basis then income of such educational institution cannot be exempted from taxation....

Reopening of assessment on ground of eligibility for S. 10B deduction which was already allowed not justified

Posted: 16 Apr 2013 11:45 AM PDT

During the course of assessment proceedings the Income Tax Officer has raised certain queries with regard to deductions, which were replied by the assessee and the in the assessment order in paragraph no.4.1 the Assessing Officer has dealt with the question of grant of deduction and has allowed...

Package Scheme of Incentives, 2013 in Maharashtra

Posted: 16 Apr 2013 11:39 AM PDT

In order to encourage the dispersal of industries to lesser developed areas of the State, the Government has been giving package of incentives to New Industrial Units / Expansion Units set up in the developing regions of the State since 1964 under a Scheme popularly known as the Package Scheme of...

Penalty order to be quashed if issue already been decided in Assessee's favour

Posted: 16 Apr 2013 11:35 AM PDT

From the documents on record, it can be seen that part of the penalty was confirmed by the CIT(Appeals). However, with respect to the rest, the same was deleted. The Tribunal concurred with such view of CIT (Appeals). Several additions were struck down in the assessment proceeding itself and were...

S. 127 – Case should be transferred after giving personal hearing & reasons

Posted: 16 Apr 2013 11:32 AM PDT

We do not find substance in the submission of the Respondent-Revenue that there is no requirement to offer a personal hearing as the same was not asked for by the Petitioner. This court in the matter of Sahara Hospitality (supra) has held that it is mandatory wherever it is possible to do so on the...

Manufacturing of goods under own brand name is not job-work

Posted: 15 Apr 2013 08:59 PM PDT

Appellants are the manufacturer of country liquor under the brand name "Pahili Dhar" which is a registered trade name of the appellant themselves. The appellants are having the agreement with M/s. Talreja Trade (HUF) for marketing this liquor. Therefore, it cannot be said that the...

Cenvat Credit when intermediate product is exempt & Final Product is dutiable

Posted: 15 Apr 2013 08:40 PM PDT

Input services used in manufacture of exempted intermediate product is eligible for credit, if such intermediate product is used in manufacture of dutiable final product In the present case, ONGC is a manufacturer both of dutiable and exempted products. Crude oil as well as natural gases are...

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