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...

How to Download Form 16 Part A from TDSCPC website

How to Download Form 16 Part A from TDSCPC website Posted: 22 Apr 2013 07:09 PM PDT CBDT has made it mandatory for TDS deductors to issue PART A of from No. 16 for TDS deduction made on or After 01.04.2012 to by generating it through TRACES Portal and after duly authenticating and verifying it. Part B (Annexure)' of Form No. 16 shall be prepared by the deductor manually and issued... Part A of Form 16 to be generated from TRACES portal & Part B Manually Posted: 22 Apr 2013 06:16 PM PDT The deductor, issuing the Part A of Form No. 16 by downloading it from the TRACES Portal, shall, before issuing to the deductee authenticate the correctness of contents mentioned therein and verify the same either by using manual signature or by using digital signature in accordance with sub-rule... Transfer Pricing: Even Business Advance Has To Be At Libor ALP – ITAT Mumbai Posted: 22 Apr 2013 05:52 PM PDT Since the issue of LIBOR has been considered and decided by the Tribunal in various cases as relied upon by the assessee (supra); therefore, to maintain the rule of consistency, we follow the decision of the coordinate Benches of this Tribunal, and accept LIBOR for benchmarking interest on interest... Tolerable limit notified for determination of ALP – 1% for wholesale traders & 3% in other cases Posted: 22 Apr 2013 12:04 PM PDT Central Government hereby notifies that where the variation between the arm's length price determined under section 92C and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one per cent of the latter for wholesale... Services for installation of storage tank for storage of inputs outside factory are input services Posted: 22 Apr 2013 06:52 AM PDT We are sharing with you an important judgement of Hon'ble Mumbai High Court in the case of M/s Deepak Fertilizers and Petrochemicals Corpn. Ltd. Versus Commissioner of Central Excise [(2013] 32 taxmann.com 135 (Bombay)] on following issue: Issue: Whether Services in relation to erection,... Police action under Prize Chits and Money Circulation Schemes (Banning) Act, 1978 Posted: 21 Apr 2013 07:57 PM PDT State Governments Requested to issue Instructions to their Police for Vigorous Action under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 The Minister of Corporate Affairs has written to State Chief Ministers requesting State Governments to issue instructions to their State... CBEC Instructions consequent to Scanning & Digitization of APARs w.e.f. FY 2013-14 Posted: 21 Apr 2013 07:52 PM PDT As you are aware, DOP&T and Board has been emphasising the need to complete the APARs of officers/employees as per the time schedule fixed by DOPT. It has however been noted with concern that various proposals relating to promotions/empanelment/deputation of officers etc. are unduly delayed... Exemption in respect of services provided to exporters against VKGUY Scrips Posted: 21 Apr 2013 07:49 PM PDT Notification No. 08/2013 - Service Tax, This notification shall be applicable to the Vishesh Krishi and Gram Udyog Yojana (Special Agriculture and Village Industry Scheme) duty credit scrip issued to an exporter by the Regional Authority in accordance with paragraph 3.13.2 of the Foreign Trade... Exemption in respect of services provided to exporters against Focus Product Scheme (FPS) Scrips Posted: 21 Apr 2013 07:46 PM PDT Notification No. 07/2013 - Service Tax, Application. – This notification shall be applicable to the Focus Product Scheme duty credit scrip issued to an exporter by the Regional Authority in accordance with paragraph 3.15 of the Foreign Trade Policy. Exemption in respect of services provided to exporters against FMS Scrips Posted: 21 Apr 2013 07:42 PM PDT Notification No.06/2013 - Service Tax - Hereby exempts the taxable services provided or agreed to be provided against a scrip by a person located in the taxable territory from the whole of the service tax leviable thereon under section 66B of the said Act. Exporters can utilize 4% re-credited SAD till 30.09.2013 Posted: 21 Apr 2013 06:31 PM PDT The exporters will now be able to utilize 4% re-credited SAD till 30.09.2013. No further endorsement is required from RA for revalidation. No further extension would be considered. Amendment in Import Policy of Fish Body Oil (Refined) Posted: 21 Apr 2013 06:30 PM PDT The prescribed standard of EPA & DHA content in Fish Body Oil (Refined) has been revised to 'Not less than 5% by weight' without any upper limit. Amendment in Policy Condition 1 to Chapter 40 of ITC(HS), 2012 Posted: 21 Apr 2013 06:27 PM PDT Presently, the bracketed portion at the end of Policy Condition 1 appended to Chapter 40 of ITC (HS) 2012, Schedule 1 (Import Policy) reads as under: [This policy condition applies to EXIM codes 4012 11 00, 4012 12 00, 4012 13 00, 4012 19 10, 4012 19 20, 4012 20 10, and 4012 20 90]. DGFT restricts Import of items containing Ozone Depleting Substances (ODS) Posted: 21 Apr 2013 06:24 PM PDT Import of items containing Ozone Depleting Substances (ODS) has been restricted and non-ODS items have been made free. A revised list of countries which are parties to the Montreal Protocol under Appendix IV to Schedule 1 is notified. To redress grievances DGFT may provide Personal Hearing Posted: 21 Apr 2013 06:21 PM PDT As a last resort to redress grievances of Importers/Exporters, DGFT may provide an opportunity for Personal Hearing (PH). For such PH, a specific request has to be made to DG if following conditions are satisfied: Import of Capital Goods for production/transmission of energy(power) will no longer be available Posted: 21 Apr 2013 06:19 PM PDT 5.1(g) Authorization under EPCG Scheme shall not be issued for import of any Capital Goods (including Captive plants and Power Generator Sets of any kind) for i. Export of electrical energy (power) ii.Supply of electrical energy (power) under deemed exports iii.Use of power (energy) in their own...

No third time cess payable on DTA clearances from EOU to DTA

No third time cess payable on DTA clearances from EOU to DTA Posted: 21 Apr 2013 07:50 PM PDT  The Larger Bench of the Hon'ble Tribunal has held that no third time cess is payable on clearance from an Export Oriented Unit (EOU) to the Domestic Tariff Area Unit (DTA), which is subject matter of litigation for long now. Issue: Whether third time cess is leviable on clearance from an EOU to... Same Income cannot be taxed both in the hand of Individual & HUF based on AIR Information Posted: 21 Apr 2013 06:11 AM PDT It is noticed that the ancestral property was received by two brothers and the same was divided by two brothers by entering into an agreement between the two brothers. The assessee sold his share and shown the capital gain in the hands of HUF capacity. Whatever, the interest was received on sale... Provision for salary based on pay revision decision of Government is allowable Posted: 21 Apr 2013 06:08 AM PDT It is not in dispute that salary and wages accrue daily, weekly, fortnightly or monthly as per the contract of the employment. This is so as services is rendered in praesenti, the liability of the employer to compensate the employees for the services rendered also accrues in praesenti. A perusal of... Addition U/s. 69B based on mere DVO report without any Supporting evidence is invalid Posted: 21 Apr 2013 06:06 AM PDT The facts are that the assessing officer made an addition of Rs. 2,81,83,000/- under section 69B of the said Act on the basis of a valuation report which he received from the District Valuation Officer (DVO). This was in respect of purchase of a property by the respondent/assessee at 2-B, Goela... Mere pendency of PIL would not extinguish liability of assessee to pay tax on income received Posted: 21 Apr 2013 06:04 AM PDT  The assessee is a dealer in liquor distributing the rectified spirit to various retail vendors on behalf of the Government. By a Government Order dated 12-5-1992, the amount payable to the assessee was enhanced, consequently, the assessee was entitled to a sum of Rs.2,06,33,600/-. In terms of the... Partnership Firm cannot claim deduction U/s 80IA Posted: 21 Apr 2013 01:08 AM PDT A perusal of the statutory provisions makes it clear that it does not provide a blanket deduction i.e. in order to succeed in a claim of deduction; the concerned assessee has to derive profits and gains from any business referred to in sub-section (4). Further, sub-section (4) prescribes... Regarding Additional Duties of Excise on Goods of Special Importance, Textiles & Textile Articles Posted: 19 Apr 2013 09:13 PM PDT Notification No. 15/2013-Central Excise,  dated the April 18, 2013 G.S.R. 252 (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... Excise Exemption to goods cleared against a Post Export EPCG duty credit scrip issued by Regional Authority – Regarding Posted: 19 Apr 2013 09:03 PM PDT 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) Act, 1957 (58 of 1957) and sub-section (3) of section 3 of the Additional Duties...