Delhi HC stays Service tax on Legal Services under Reverse Charge Mechanism

Section 14A – No disallowance when no expenditure on tax free income Posted: 24 Sep 2012 07:33 PM PDT Section 14A has within it implicit notion of apportionment in the cases where the expenditure is incurred for the composite/indivisible activities in respect of which taxable and non-taxable income is received. But when it is possible to determine the actual expenditure in relation to the exempt... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No Sec. 54 deduction on Acquisition of Perpetual Tenancy Right Posted: 24 Sep 2012 07:28 PM PDT  It has also been argued that under the provisions of tenancy agreement, assessee had right to bequeath the flat, sub-let/lease it and was also entitled to raise loan against the flat. The assessee had also right to make alteration in the flat and therefore, considering these factors and also the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S.133A – ITO has no power to examine any person on oath Posted: 24 Sep 2012 06:43 PM PDT In contradistinction to the power under section 133A, section 132(4) of the Income-tax Act enables the authorised officer to examine a person on oath and any statement made by such person during such examination can also be used in evidence under the Income-tax Act. On the other hand, whatever... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Addition to Income on the basis of mere presumption, not sustainable Posted: 24 Sep 2012 06:25 PM PDT The existence of foreign party and its genuineness has not been doubted by the Assessing Officer as the assessee apart from receiving separate funds has also imported goods from the said party for its own trade. The assessee had filed evidence with the Assessing Officer in the shape of letters... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If income does not result at all, there cannot be a tax Posted: 24 Sep 2012 06:19 PM PDT  It is observed that the development rights in the property i.e. plot of land No. 257 owned by the assessee were agreed to be sold to M/s Dipti Builders as per the development agreement dated 16-06-2006 for a total consideration of Rs.16.11 crores and construction of 18,000 sq.ft. free of cost. The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Delhi HC stays Service tax on Legal Services under Reverse Charge Mechanism Posted: 24 Sep 2012 06:06 PM PDT Service tax on Legal Services provided by advocate (whether individual or firm) to any business entity has been imposed vide the Finance Act, 2012 under reverse charge mechanism wherein service recipient is liable to deposit service tax on fees paid to advocates. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Markets Endorse Recent Reforms Posted: 24 Sep 2012 01:41 AM PDT If hike in diesel prices and controlled supply of subsidized cooking gas cylinders created a political furor all over, the other reform measures such as allowing FDI in retail, substantial reduction in taxes on overseas borrowings by Indian Companies from 20% to 5% and final announcement of Rajiv... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Online issuance of Statutory Forms i.e. C, E-1, E-2, F, H & I in Punjab Posted: 23 Sep 2012 08:15 PM PDT Statutory forms like C, E-1, E-2, F, H and I plays vital role in availing the concessional rate under the Interstate Transactions. After long hue and cry, Punjab Govt. has issued a notification no. GSR.33/CA.74/ 1956/S.13/Amd(17)/2012 dated 04-07-2012 by virtue of which Statutory forms are... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FDI Policy as amended up to 22-9-2012 – Circular 1 of 2012 Posted: 23 Sep 2012 08:07 PM PDT  CONSOLIDATED FDI POLICY (EFFECTIVE FROM 10-4-2012) Circular 1 of 2012, dated 10-4-2012 [AS AMENDED BY PRESS NOTE NO. 2 (2012 SERIES), DATED 31-7-2012; PRESS NOTE NO. 3 (2012 SERIES), DATED 1-8-2012 AND PRESS NOTE NOS. 4 TO 8 (2012 SERIES), ALL DATED 20-9-2012] CHAPTER 1 INTENT AND OBJECTIVE 1.1... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MCA issues Revised eform 23AC and 23ACA Posted: 23 Sep 2012 07:45 PM PDT Companies (Central Government's) General Rules and Forms (Fifth Amendment) Rules, 2012 – (Form 23AC & 23ACA) NOTIFICATION [f.no.17/160/2012-clv], dated 21-9-2012 In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]