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Apr 14, 2013

S. 269SS not applies to cash loan taken by Partner from firm

S. 269SS not applies to cash loan taken by Partner from firm

Posted: 14 Apr 2013 07:41 PM PDT

Issue - The assessee had taken the amounts from four firms which were found to be in cash and the Assessing Officer has considered these payments were in violation of Section 269SS of the Act. Stand of assessee is that the amounts were taken in his capacity as partner and it cannot be taken as [...]

Additions cannot be deleted for a rectifiable mistake in one line of order

Posted: 14 Apr 2013 07:22 PM PDT

After going through the assessment order, annexure-1, we are of the considered opinion that the assessee may have submitted his returns showing his total income as 'NIL' and has shown book profit of Rs. 2,05,86,930/- under Section 115JB but A.O. has not proceeded to consider the case of...

Centralisation of cases after giving Proper Opportunity to Assessee is valid

Posted: 14 Apr 2013 07:02 PM PDT

In the present case, we notice that that petitioners belonged to the same family or group. They were subjected to common search operation. Their assessments were therefore, under proposal for transfer. A show cause notice was issued to all of them in which the Commissioner called upon them to...

Excise duty on finished goods to be included in closing stock valuation

Posted: 14 Apr 2013 06:54 PM PDT

The assessee has not come out with the case that in the opening stock, the excise duty was not included. The explanation furnished by the assessee is that since in the subsequent assessment year, the turnover was less than one crore of rupees and as such, the goods were not liable to excise duty,...

TDS – Special Bench verdict on S. 40(a)(ia) in Merilyn Shipping is not good law

Posted: 14 Apr 2013 06:46 PM PDT

We already have delivered a judgment on 3rd April, 2013 in ITAT No. 20 of 2013, G.A. No. 190 of 2013 (CIT, Kolkata-XI Vs. Crescent Export Syndicates) holding that the views expressed in the case of Merilyn Shipping & Transports (ITA.477/Viz./2008 dated 20.3.2012) were not acceptable.

Non-Compete Fee not eligible for depreciation or amortization

Posted: 14 Apr 2013 06:31 PM PDT

The Senior Counsel argued at length, whether such non compete right constitute is a right in rem or otherwise, is a matter to be decided by an appropriate higher judicial forum. In the instant proceedings, we cannot import the decision of Hon'ble Supreme Court of India in the case of Smifs (supra),...

Habitual Tax defaulters be aware – I-T dept decides to Publish name &amp: address

Posted: 14 Apr 2013 06:12 PM PDT

The Income Tax department has decided to name and shame chronic tax defaulters by publicising their names and addresses. It is in the process of finalising the procedures of compiling the names and cases pertaining to habitual tax dodgers and subsequently uploading them on its website. "The...

FAQ on Service Tax Voluntary Compliance Encouragement Scheme, 2013

Posted: 14 Apr 2013 05:38 AM PDT

Query -What is VCES? Reply- VCES is a new amnesty scheme introduced vide Chapter VI of the Finance Bill, 2013 (the Finance Bill), to encourage voluntary compliance by defaulter of Service Tax under Chapter V of the Finance Act, 1994 (the Finance Act).

New Forms for filing appeal under Customs, Excise & Service tax laws w.e.f. 1-6-2013

Posted: 14 Apr 2013 05:28 AM PDT

Please note that the Central Government has amended the Customs (Appeals) Rules, 1982 [the Customs (Appeals) Rules] vide Notification No. 37/2013-Customs (N.T.) dated April 10, 2013. These rules may be called the Customs (Appeals) (Amendment) Rules, 2013 [the Customs Amendment Rules] which will...

Remedies for Cheque Bounce

Posted: 14 Apr 2013 05:14 AM PDT

 According to statistics of Supreme Court; there are over 40 lakh pending cases of cheque bounce in the country. Lack of adequate knowledge has brought most of people in the situation of losing money. Here are some of the remedies a person can opt for while dealing with issues pertaining to return...

Deduction not claimed in Return U/s. 139(1) can be claimed in Return filed U/s.153A

Posted: 13 Apr 2013 09:43 PM PDT

In the present case, the assessees being the builders, had the option to recognize their income either on percentage completion method or on project completion method. Therefore, it was not certain to hold that the assessees were liable at all to file returns under section 139(1). Whether the...

Rent disallowed as receiver was neither owner & nor having possession of property rented

Posted: 13 Apr 2013 07:32 PM PDT

It is true that as per the agreement dated 13.9.1991, the assessee company was obliged to make payment for godown space which the assessee committed to hire from M/s. Coastal Roadways Ltd irrespective of whether such godowns utilised by the assessee or not. However, it is a matter of considerable...

Protocol amending the India-United Arab Emirates DTAA to be effective from March 12, 2013

Posted: 13 Apr 2013 12:39 PM PDT

NOTIFICATION NO. 29/2013 [F.NO. 503/5/2004-FTD-II], DATED 12-4-2013 Whereas the annexed Second Protocol amending the Agreement between the Government of the Republic of India and the Government of the United Arab Emirates for the avoidance of double taxation and the prevention of fiscal evasion...

DVAT 51 reconciliation return Qtr 1 to 4 of 2011-12 extended to 10/05/2013

Posted: 13 Apr 2013 12:06 PM PDT

Sub-rule (1) of Rule 67 of the Delhi Value Added Tax Rules, 2005 and Rule 4 of the Central Sales Tax(Delhi) Rules, 2005 for furnishing of reconciliation return in Form DVAT-51; and,

DVAT – Filing of application in Form WC 01 under new Composition Scheme

Posted: 13 Apr 2013 12:02 PM PDT

In the trade circles, there is some confusion with regard to the last date for filing of application in Form WC 01 under the new Composition Scheme, by the dealers who were not under composition scheme and were paying tax under Section 3 of the DVAT Act, 2004, during the last financial year.

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