CBDT emphasises on improving quality of scrutiny assessments

CBDT emphasises on improving quality of scrutiny assessments Posted: 27 Sep 2012 07:21 PM PDT As you are aware, the CBDT has laid special emphasis in the CAP 2012-13 for improving the quality of assessments. In this regard, a strategy has been mentioned at Annexure-II (pgs. 38-43) of CAP Document. 2. The then Member (IT) had asked the Chief-Commissioners of Income-tax ('CCsIT') to send list... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax on Railway Passengers Travelling in AC Class/First Class from 1st October 2012 Posted: 27 Sep 2012 07:17 PM PDT In compliance of the provisions contained in Finance Bill 2012 and subsequent notifications issued by Ministry of Finance, the Service Tax in case of railway travel, which was exempted upto 30th September 2012, will be levied on the fare of passenger services in the following classes from 1st... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Levy of Service Tax on Transportation of Goods by Rail from 1st October 2012 Posted: 27 Sep 2012 07:15 PM PDT In compliance of the provisions contained in Finance Bill 2010 and subsequent notifications issued by Ministry of Finance, the Service Tax in case of transportation of goods by rail, which was exempted upto 30th September 2012, would now be levied on total freight charges with effect from 1st... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Department should have a panel of experts -SC Posted: 27 Sep 2012 06:39 PM PDT The crucial issue is, whether at the time of marketing of sugar, the same could be treated to retain the character of agricultural produce [sugarcane] grown by members of the Society or does it represent an independent commercial commodity which no longer has the character of agricultural produce? [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Closing stock of incentive sugar is to be valued at levy price and not at cost – SC Posted: 27 Sep 2012 06:33 PM PDT In the present case, if the closing stock of incentive sugar was to be valued at any figure, above the levy price, the direct consequence of such a valuation would have been that the excess amount over the levy price would be reflected as part of business income which would run counter to the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee obliged to be vigilant about proceedings initiated by him – HC Posted: 27 Sep 2012 06:16 PM PDT The assessee cannot be heard to say that the Tribunal was obliged to inform the petitioner about the dismissal of the order. Assuming that the Tribunal is required to send a copy of the order to the assessee/appellant, the assessee is also obliged to be vigilant about the proceedings initiated by... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 68 Addition for fraudulent loan transactions through family trust justified Posted: 27 Sep 2012 06:10 PM PDT In the instant case, 'R' has created these trusts and was depositing the amount in cash to be given to the company as loans. He did not produce the trust deeds, the author of the trusts or beneficiaries of the trusts. The method and manner in which the amounts were deposited in the bank accounts of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] In case of let out co-owned property, SSI exemption available to each co-owner separately Posted: 27 Sep 2012 05:50 PM PDT SSI exemption Notification No. 6/2005-ST dated 01.3.2005 as amended vide Notification No. 8/2008-ST dated 01.3.2008, grants the benefit of exemption of service tax per year, provided that the assessee has not crossed the threshold limit of rupees ten lakhs in the preceding financial year. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] In the absence of PE, Business profit of eBay from India Specific websites not taxable Posted: 27 Sep 2012 05:44 PM PDT  It has been contended that eBay India and eBay Motors constitute PEs of the assessee under para 2(a) of Article 5 of the DTA, as the assessee's 'Place of management'. Primarily, we find that there is no definition of the term 'Place of management' in the DTA. The same... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Jurisdiction of Commissioner (Appeals) – CBEC Messes up another Notification Posted: 26 Sep 2012 07:34 PM PDT  Notification No. 85/2012 – Customs (N.T.), New Delhi, the 26th September, 2012             G.S.R…..(E).- In exercise of the powers conferred by sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962) and in supersession of notification of the Government of India in the Ministry of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Anti Dumping Duty on Pre-sensitized Positive Offset Aluminum Plates – Close Resurrection Posted: 26 Sep 2012 07:30 PM PDT Notification No. 44/2012-Customs (ADD) in the matter of continuation of anti-dumping duty on imports of Pre-sensitized Positive Offset Aluminum Plates/PS Plates, originating in, or exported from, China PR imposed vide notification of the Government of India in the Ministry of Finance (Department... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No Bank Guarantee For PSUs for Storing Goods in Duty Free Shops Posted: 26 Sep 2012 07:27 PM PDT Circular No. 26/2012-Customs "In respect of individual consignments to be warehoused, the licencees are to give a double duty bond as required under the law. In respect of sensitive goods we may take a cash deposit or bank guarantee equal to 25% of the duty liability (effective duty foregone) for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FTP – Imports from Sri Lanka through any EDI Port Posted: 26 Sep 2012 07:22 PM PDT NOTIFICATION NO. 16 /(RE-2012) / 2009-2014 Importer (s) shall be able to import the items under aforementioned ITC (HS) codes under the India-Sri Lanka Free Trade Agreement (ISFTA) from all EDI Ports. [[ This is a content summary only. Visit my website for full links, other content, and more! ]]