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May 21, 2013

Gist of Service Tax Voluntary Compliance Encouragement Scheme, 2013

Gist of Service Tax Voluntary Compliance Encouragement Scheme, 2013

Posted: 20 May 2013 08:30 PM PDT

Hon'ble Union Minister of Finance has proposed a Service Tax Voluntary Compliance Encouragement Scheme, 2013 in Finance Budget 2013. The Scheme is applicable for the tax dues not paid for the period 1st October 2007 to 31st December 2012.

Value adopted by assessee cannot be substituted by A.O. merely on the basis of general inquiries

Posted: 20 May 2013 08:29 PM PDT

When the value declared by the assessee as on 01.04. 1981 is supported by valuation report of a registered valuer and the A.O. has taken different valuation without obtaining valuation report from the DVO, such value taken by the registered valuer cannot be substituted by the A.O. merely on the...

In case of gifted assets index to be taken of the year in which acquired by previous owner

Posted: 20 May 2013 07:46 PM PDT

Indexed cost of gifted assets has to be determined with reference to previous owner s. 55(1)(b)(2)(ii) provides that where the capital asset became the property of the assessee by any of the modes specified under s. 49(1), not only the cost of improvement incurred by the assessee but also the cost...

Rape is morally and physically most reprehensible crime in society – SC

Posted: 20 May 2013 06:58 PM PDT

A bench of justices B S Chauhan and Dipak Misra  has observed as follows in  CRIMINAL APPEAL NO. 2322 of 2010 dated 20.05.2013 :-  Rape is the most morally and physically reprehensible crime in a  society, as it is an assault on the body,  mind  and  privacy  of  the victim. While a murderer...

G.P. rate to be accepted if it is higher than average G.P. rate of last three years

Posted: 20 May 2013 12:17 PM PDT

Having perused the documents on record with the assistance of the learned counsel for the revenue, we notice that the Tribunal had though confirmed the view of the revenue authorities with respect to the rejection of the books of account of the assessee, did not accept the  re-computation of higher...

No Sec.14A disallowance if assessee is dealer of shares and securities

Posted: 20 May 2013 12:01 PM PDT

In the judgment of Hon'ble Karnataka High Court rendered in the case of CCI Ltd. (supra) it was held that if the assessee is a dealer of shares and securities then it cannot be said that such purchases of shares and holding of shares were for the purpose of earning of dividend income and hence,...

Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation

Posted: 19 May 2013 09:47 PM PDT

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 52 dated November 20, 2012 extending the enhanced period for realization and repatriation to India, of the amount representing the full value of goods or software exported, from six months...

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