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Apr 24, 2013

Section 50C do not prescribe any tolerance band

Section 50C do not prescribe any tolerance band

Posted: 23 Apr 2013 08:43 PM PDT

We do not find any merits in assessee's claim of undue hardships being caused to the taxpayers unless a tolerance band is read into the provisions of the section 50C and unless suitable adjustments are required to be made for long time gap between the date of agreement and actual sales. The...

Assessee can claim exemption under both Sec. 54 & 54F for investment in same house

Posted: 23 Apr 2013 08:42 PM PDT

Section 54 and 54F apply under different situations. While sec. 54 applies to long term capital gain arising out of transfer of long term capital asset being a residential house, sec. 54F applies to long term capital gain arising out of transfer of any long term capital asset other than a...

97th amendment on co-ops unconstitutional -Gujarat HC

Posted: 23 Apr 2013 07:33 PM PDT

The Gujarat high court has held that parts of the 97th amendment to India's Constitution of 2012, which made the right to form societies fundamental, were unconstitutional for usurping state power. A bench of Chief Justice Bhaskar Bhattacharya and Justice J B Pardiwala yesterday held that...

Service Tax Return ST-3 Due date of Oct 12 to Mar 13 extended to 31.08.2013

Posted: 23 Apr 2013 07:21 AM PDT

n exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the Form ST-3, for the period from 1st October 2012 to 31st March 2013, from 25th April, 2013 to 31st August, 2013. ...

Even if e-Return filed after due date but tax audit report obtained & not furnished no penalty u/s 271B

Posted: 23 Apr 2013 07:01 AM PDT

We do not find any merit in the order passed by the lower authorities imposing penalty u/s 27 1B, when tax audit report was obtained on 10.10.2007 i.e. before the due date of filing return which was on 2.11.2007 and in view of CBDT circular No. 5/2007 dated 26.7.2007, the assessee was under bona...

Service Tax Makes Eating Out Costlier

Posted: 23 Apr 2013 06:53 AM PDT

April 1, 2013 has brought a new levy of tax in the form of service tax on all restaurants who serve food and beverages to customers in their restaurants.

Honest tax-payer should not be subjected to unnecessary harassment – HC

Posted: 23 Apr 2013 06:19 AM PDT

Having regard to the facts of the case, it is but evident that the respondents have failed to discharge their legal obligation in not refunding the seized amount immediately or shortly after the completion of the assessment proceedings finally at least. We also do not appreciate the argument of the...

Investment by Navratna PSUs, OVL and OIL in unincorporated entities in oil sector abroad

Posted: 22 Apr 2013 12:09 PM PDT

Navratna Public Sector Undertakings (PSUs) and ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL) are allowed to invest in overseas unincorporated entities in oil sector (for exploration and drilling for oil and natural gas, etc.), which are duly approved by the Government of India, without any limits...

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