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Apr 13, 2013

File Online RTI Application, Payment of Fees, Guideline, FAQ

File Online RTI Application, Payment of Fees, Guideline, FAQ

Posted: 12 Apr 2013 08:30 PM PDT

In this Article we have discussed how one can file Online RTI Application and Pay the RTI application Fees. We have further provided Instructions for Filing Online RTI Application / payment & Frequently asked questions related to the same. In a step towards greater transparency, the government...

Exemption u/s 54F when the capital amount invested in two adjacent residential flats

Posted: 12 Apr 2013 08:27 PM PDT

DCIT vs. Vikas Oberoi (ITAT Mumbai), I.T.A. NO.4362/M/2011 (AY: 2002-03), Date of decision – 20.3.2013 Briefly stated relevant facts of this issue are that the AO restricted the claim of an exemption u/s 54F of the Act to Rs. 1,10,59,626/- only as against the assessee's claim of Rs....

CBEC extends last date of e-filing of Service Tax Return for July-Sep 2012 to 30.04.2013

Posted: 12 Apr 2013 08:10 PM PDT

CBEC extends the last date of e-filing of Service Tax Return (ST 3) for the period July-September, 2012 from 15th to 30th April, 2013 The Central Board of Excise & Customs vide Order No. 02/2013-ST dated 12.04.2013 has extended the date of submission of the Form ST-3 for the period from 1st...

S. 154 Order can be rectified by AO without giving opportunity of hearing to Assessee

Posted: 12 Apr 2013 08:03 PM PDT

In the present case, the Ld. AO made changes in the original order by invoking sec 154 based on evidences and disallowed a certain sum of expenditure which were related to previous years and as told found to be of capital in nature too. On appeal to CIT by the assessee, an order was passed for...

Buy Back of Shares – bye bye Mauritius

Posted: 12 Apr 2013 08:01 PM PDT

Mauritius is always a favourite among tourists across the world. However, Mauritius is also famous among worldwide investors for their tax friendly environment. As per an estimate 40% of portfolio inflows in India are coming from Mauritius. Like Mauritius, other tax havens i.e. Cyprus, Switzerland...

Advertisement charges paid to Google & Yahoo not taxable as website cannot constitute a PE in India

Posted: 12 Apr 2013 07:54 PM PDT

The service which is rendered by the Google is generation of certain text on the search engine result page. This is a wholly automated process. There is no dispute that in the services rendered by the search engines, which provide these advertising opportunities, there is no human touch at all. The...

ICAI reduces senior member age to 60 years for subsidized annual membership fees

Posted: 12 Apr 2013 07:32 PM PDT

The Council of the Institute has decided to reduce the age from 65 years to 60 years for treating a member as Senior Citizen for the purpose of payment of annual membership fee and certificate of practice fee. Accordingly, for the words and figure age of 65 years appearing in the proviso of both...

All Cestat Appeal shoule be in New forms wef 01.06.2013

Posted: 12 Apr 2013 06:39 PM PDT

The Board has decided to amend/revise the forms for filing appeal in the CESTAT. Accordingly, new forms for Central Excise (E.A.-3, E.A.-4, E.A.-5), Customs (C.A.-3, C.A.-4, C.A.-5) and Service Tax (S.T.-5, S.T.-6, S.T.-7) have been notified vide Notification Nos 6/2013-Central Excise (N.T.),...

RTI – Information on Disciplinary/Vigilance Proceedings

Posted: 12 Apr 2013 12:29 PM PDT

CIRCULAR NO. 07/04/2013 Delhi High Court's decision in LPA No.618/2012 dated 06.11.2012 in the matter of disclosure of information under the provisions of RTI Act, relating to disciplinary matters.

Encourage Mutual Cooperation between Tax-Payers & Income Tax Dept – FM

Posted: 12 Apr 2013 02:41 AM PDT

Central Direct Tax Advisory Committee (CDTAC) is to Develop and Encourage Mutual Cooperation between the Tax-Payers and the Income Tax Department and to Remove Administrative and Procedural difficulties of a General Nature: FM The Union Finance Minister Shri P. Chidambaram said that role of the...

ALP cannot be determined arbitrarily, It must be by one of methods prescribed U/s. 92C, RW rule 10B

Posted: 12 Apr 2013 01:28 AM PDT

The issue involved in the present case is relating to the determination of arm's length price in relation to the international transactions involving payment of royalty by the assessee company to its associated enterprises. As provided in section 92C of the Act, such arms's length price...

TP – Super profit making or Restructured Companies cannot be taken as comparables for computing ALP

Posted: 12 Apr 2013 01:26 AM PDT

It was held that :- (a)          Companies with extra-ordinary circumstances, like those which suffered events like merger/de-merger, impacting the financial results, could not be treated as comparables. (b)          Companies having supernormal profit cannot be considered as comparable; (c)       ...

Perpetual right of possession of Hotel suite with right to transfer is capital Asset

Posted: 11 Apr 2013 10:50 PM PDT

Section 2(14) defines 'capital asset' as property of any kind held by an assessee. The term 'property' encompasses in its ambit bundle of rights. This includes every conceivable species of valuable rights and interests. The right to dispose off a thing in every legal way, to...

Deduction U/s. 80IB allowable on expenses disallowed by AO

Posted: 11 Apr 2013 10:39 PM PDT

Assessee was held entitled for deduction u/s.80IB(10) in case there was enhanced income on account of statutory disallowance u/s.43B, 40(a)(ia) and 36(1)(va), etc. In the instant case nature of receipts on credit side of Profit and Loss Account for eligible housing projects u/s.80IB(10) was the...

Non-transparent functioning amounts to oppression & mismanagement in affairs of company

Posted: 11 Apr 2013 10:30 PM PDT

Non-transparent functioning of the R-I Company is evident from the correspondence produced by the petitioners who have been denied access to the statutory Records and the A/c books despite holding 52.94%, shares in the R-I Company. Huge amounts owed by Diastar Inc. USA to the R-I Company,...

Rajasthan HC – Circular authorizing recovery during pendency of stay application void if Assessee is not at fault

Posted: 11 Apr 2013 10:29 PM PDT

We hold that the impugned circular dated 1.1.2013 obligating the concerned authorities to initiate recovery proceedings on the expiry of period as mentioned therein so far as it relates to the situations where appeals with stay applications have been filed, but no stay had been granted and the stay...

Revised Return can be filed even after receiving intimation U/s. 143(1)

Posted: 11 Apr 2013 10:17 PM PDT

The intimation under section 143(1)(a) was deemed to be a notice of demand under section 156, for the apparent purpose of making machinery provisions relating to recovery of tax applicable. By such application only recovery indicated to be payable in the intimation became permissible. And nothing...

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