Assessee not allowed to raise same issue again in the guise of rectification before ITAT

Assessee not allowed to raise same issue again in the guise of rectification before ITAT  On going through the order passed by the Tribunal, it is found that the Tribunal passed the order, after marshalling at the facts considering the submissions made before it and applying its mind to the decisions cited before it. There is no mistake in the order of the Tribunal of the nature as... Brand creation expenses are revenue expenditure Expenditure incurred by the assessee is not creating any enduring benefit of an asset but is rather helping the assessee in augmenting its sales and resultantly its profit. Even if it is presumed that the building of brand image of Nirvana is giving advantage of enduring benefit to the assessee,... S. 68 Assessee cannot be asked to prove source of source or origin of origin It is not in dispute that the aforesaid two amounts have been deposited by the two partners in their capital account. The partners are income tax payee. They have explained the source as having received gift from various persons, who have also filed their Income Tax Returns and have been assessed... Income from relinquishment of right in property is capital gain The decision in J.K. Kashyap v. Asstt. CIT [2008] 302 ITR 255 is an authority for the proposition that even when an assessee becomes entitled to an undefined and undivided share in a property, through an agreement, which he later relinquishes, the gain has to be assessed as income from capital... Provisional assessment under Rule 7 of Central Excise, Rules, 2002 Sanjay Kumar Provisional assessment. RULE 7      (1) Where the assessee is unable to determine the value of excisable goods or the rate of duty applicable thereto, he may request the AC/DC of Central Excise in writing giving reasons for payment of duty on provisional basis. AC/DC may order allowing... TDS cannot be postponed till last date of accounting period, HC ruling in virgin Creations will not apply A judgment is an authority for what it decides. It applies only to those cases in which the requisite amount of tax has been deducted at source out of payments made to the payee and thereafter deposited on or before the due date stipulated by law. The said judgment does not apply to a case [...] Compliance of sec. 2(19AA) of Income Tax Act not mandatory for all schemes of amalgamation or arrangement In the present case, the observation of the Regional Director that the demerger and transfer of undertaking – III of the demerged company to the resulting company No. 2 would result in non-compliance of section 2(19AA) of the Income-tax Act, 1961, does not appear to be valid as the definition of...

TDS return under digital signature optional, new forms & rule to claim refund

TDS return under digital signature optional, new forms & rule to claim refund 1) All statements to be furnished in Form nos. 24Q, 27Q and 26Q shall be furnished electronically with option to furnish it under a digital signature; 2) Deductor can file statement in the new Form 26B to claim refund of the sum paid to the Central Government under Chapter XVII-B, provided: CBDT Circular disallowing expenditure on freebies to medical practitioners is valid If the assessee satisfies the assessing authority that the expenditure is not in violation of the regulations framed by the medical council then it may legitimately claim a deduction, but it is for the assessee to satisfy the assessing officer that the expense is not in violation of the Medical... No penalty can be levied on admission of appeal by High Court Hon'ble Delhi High Court in the case of CIT vs. Liquid Investment Limited, I.T.A.No. 240/2009 vide its order dated 5.10.2010 has clearly held that where High Court has accepted substantial question of law u/s 260A, this itself shows that issue is debatable. Accordingly, no penalty was imposable u/s... S. 271(1)(c) Admission of quantum appeal by HC shows that issue is debatable Both the CIT(A) as well as the ITAT have set aside the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, 1961 on the ground that the issue of deduction under Section 14A of the Act was a debatable issue. Agricultural Land is not Capital Asset if not within notified area & no capital gain on transfer of such land The agricultural land situated in areas lying within a distance not exceeding 8 kms. from the local limits of Municipalities or Cantonment Boards are covered by the amended definition of 'capital asset', if such areas are, having regard to the extent of and scope for their urbanization... Bonus Provision under Payment of Bonus Act,1965 is ascertained liability for MAT calculations The position in law is clear that if the provision for bonus had been computed on the basis of Payment of Bonus Act, 1965 then it would be an ascertained liability. However, if it was only estimation then it could not be regarded as an ascertained liability. Since, the position is not clear on... Expenses allowed in earlier year cannot be disallowed in subsequent years if facts are same Admittedly, the facts of the year under consideration and assessment year 2004-05 are identical. In AY 2004-05, the Assessing Officer allowed depreciation on certain assets while in the year under consideration, he disallowed the depreciation on all the assets. In our opinion, when the facts are... Value recorded in registered sale deed cannot be sole basis for determining FMV Consideration as shown in the Registered Sale Deed cannot be equated with 'Fair Market Value', as defined in the Act u/s 2(22B) of the Act. /Therefore, adoption of average value of land at Rs. 27,030/- per acre as on 1.4.1981, as 'Fair Market Value' of the land in question,... Addition justified if creditworthiness of donors giving gift not proved In the absence of any material to show that said amount was sent by the assessee's mother and brothers from Singapore, the claim of the assessee does not merit any consideration. Thus the amount of Rs. 78 lakhs treated as unexplained investment under section 69 and assessable as undisclosed... CBI arrests Central Excise Superintendent In Bribery Case The Central Bureau of Investigation has arrested a Superintendent of Central Excise, Ahmedabad for demanding & accepting a bribe of Rs. 14,500/- from the Complainant. CBI registered a case against a Superintendent of Central Excise working under Ahmedabad-I Commissionerate, Ahmedabad on the... CBEC Appoints Baddi, Distt, Solan – Himachal Pradesh as an ICD Notification No.  22/2013 – Customs (N.T.) New Delhi, dated the 20th February, 2013 G.S.R…..(E) . - In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Government, hereby makes the following further amendments... Compliance Certificate by Practicing Company Secretary for listing of SMEs PRESS RELEASE CHIEF OF BUSINESS BUREAU February 20, 2013 Compliance Certificate by Practicing Company Secretary (PCS) for listing of Small & Medium Enterprises (SMEs). In recognition of the role of SMEs in economic development of the country, Securities and Exchange Board of India (SEBI) and...

List of Eligible Shares / Mutual Funds / ETFs under RGESS

List of Eligible Shares / Mutual Funds / ETFs under RGESS List of Eligible Shares / Mutual Funds (MFs) & Exchange Traded Funds (ETFs) under Rajiv Gandhi Equity Saving Scheme (RGESS) The investment options under the scheme will be limited to the following categories of equities?*: Listed equity shares a. The top 100 stocks at NSE and BSE i.e., CNX-100... CS December 2012 Exam results likely on 25.02.2013 The Result Of Foundation Programme (Old Syllabus), Executive Programme And Professional Programme Examinations Held In December, 2012 Is Scheduled To Be Declared At 11.00 A.M. On 25th February, 2013. The Results Alongwith Individual Candidate's Subject Wise Break-Up of Marks Will Be Available on... Expenditure on corporate membership of club is revenue expenditure Expenditure should bring into existence an asset or an advantage for the enduring benefit of a trade. In the present case, the corporate membership of Rs.6 lacs was for a limited period of 5 years. Revised Audit Report Formats for bank/ bank branch audit Applicability of the Revised Audit Report Formats (including for bank/ bank branch audit reports) and Reporting in respect of Memorandum of Changes in Bank Audit Reports As you would be aware, the Institute of Chartered Accountants of India had pursuant to the issuance of the Revised SA... Customs -Post Export EPCG Duty Credit Scrip Scheme notified NOTIFICATION NO 06/2013-Cus., Dated: February 18, 2013 G.S.R. 100 (E). In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods when... Excise – Post Export EPCG Duty Credit Scrip Scheme notified NOTIFICATION NO 03/2013-Central Excise, Dated: February 18, 2013 G.S.R. 102 (E). In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section (3) of section 3 of the Additional Duties of Excise (Goods of Special Importance)... Grant of Commendation Certificate on the occasion of Central Excise Day, 2013 – regarding On the occasion of Central Excise Day, 2013, it has been proposed to award Commendation Certificates to selected officers at an All India level from different grades who, by their innovative ideas/continued devotion and commitment to duty have contributed in promoting excellence in the fields of...