Service Tax – No Half Yearly Returns This Time Posted: 26 Oct 2012 08:55 PM PDT While September is the month for filing Income Tax returns by business entities, in Service Tax, it is October of the year which keeps all services providers busy in filing their Service Tax returns for first six months ,i.e. April to September. The last date is 25th October of the year after which... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| CENVAT credit not available on GTA service used for transportation of final product from place of removal Posted: 26 Oct 2012 07:19 PM PDT Appellant is not entitled to claim CENVAT credit on the GTA service used by them for transportation of their final product from the place of removal for any period after 31/3/2008: [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Payment of goodwill on transfer of business not business auxiliary services Posted: 26 Oct 2012 07:12 PM PDT One for transfer of business goodwill and the other for collection, delivery and handling of fly ash on which service tax liability is being discharged. By no stretch imagination, payment of goodwill on transfer of business can come under the category of business auxiliary services; therefore, we... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Accounting Standard Committee recommends Tax Accounting Standards Posted: 26 Oct 2012 06:29 AM PDT Committee recommended that the AS notified under the Act should be made applicable only to the computation of taxable income and a taxpayer would not be required to maintain books of account on the basis of AS notified under the Act. The Committee examined all the 31 AS issued by the ICAI and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Involvement of broker of Assessee in unfair trade practice not make assessee's share transactions bogus Posted: 25 Oct 2012 11:18 PM PDT Even in a case where the share broker was found involved in unfair trade practice and was involved in lowering and rising of the share price, and any person, who himself is not involved in that type of transaction, if purchased the share from that broker innocently and bonafidely and if he show his... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Trust imparting education irrespective of caste, creed & religion entitled to registration u/s 12AA Posted: 25 Oct 2012 10:26 PM PDT DIT (E) was not justified in forming an opinion that the objects of the assessee are for a specific community being violative of the provisions of s. 13(1)(b) of the Act. As a matter of fact, the assessee has been serving the public irrespective of caste, creed and religion by imparting education... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Reassessment not valid if Assessee fully & truly disclosed all material facts Posted: 25 Oct 2012 10:20 PM PDT In the present case, we find that not only is there a change of opinion but also the re-opening is barred by limitation inasmuch as the condition that the escapement of income must have resulted from the failure on the part of the petitioner to fully and truly disclose all material facts, has not... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Compensation for termination of distributorship agreement is revenue receipt Posted: 25 Oct 2012 10:04 PM PDT Our conclusion is based on the fact that the assessee has not established that the termination of the distributorship agreement has resulted in a loss of source of income or has affected its trading contract. This was not even the assessee's case before the authorities before whom it was contended... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| India Signs Protocol for Amending the Convention for Avoidance of Double Taxation & Prevention of Fiscal Evasion Posted: 25 Oct 2012 09:49 PM PDT Protocol for Amending the Convention and Protocol Between the Republic of India And the Kingdom of Spain for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital Signed. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Loan advisory fees taxable in year of receipt itself & not over loan term, if not refundable in any case Posted: 25 Oct 2012 09:37 PM PDT Assessee stated before the A.O. that this advisory fee related to the loan granted and pertaining to setting covenants, negotiations and execution of documentation, creation of security etc. It shows that the amount from each party was one time receipt related with the rendering of such services... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| TP adjustments must be made on the basis of actual transactions with AE Posted: 25 Oct 2012 09:32 PM PDT The limited dispute raised is regarding transfer pricing adjustment in relation to international transactions entered into by the assessee with associate enterprises. There is no dispute either regarding TNMM method followed by the AO or about variables selected for computation of transfer pricing... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Housing Project of built-up area of more than 2000 sq. ft. not eligible for Deduction u/s. 80-IB (10)(d) from A.Y. 2005-06 Posted: 25 Oct 2012 09:31 PM PDT The ratio laid down by the Supreme Court in the case of Reliance Jute & Industries Ltd. v. CIT [1979] 120 ITR 921, squarely apply on the facts of the case as the assessee had not fulfilled the conditions precedent provided under section 80-IB(10)(d) as applicable from assessment year 2005-06. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Payment for supply of technical personnel in India is not taxable as FTS Posted: 25 Oct 2012 08:49 PM PDT All the agreements, invoices and related documents produced before us lead to the fact that the payments have been made only for supply of manpower for certain amount of hours and nothing more. Since there is no technology, skill, experience, technical plan, design, etc. had been made available... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| If existence of income is presumed, existence of expenditure is also to be presumed Posted: 24 Oct 2012 09:38 PM PDT If the revenue was of the opinion that the expenses claimed towards 'green boxes' was inadmissible or was excessive, or not genuine, in order to reject the entries in the books of account and other documents of the assessee, seized during the search, it ought to have relied on other materials....
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