Thane Woman I-T officer caught accepting 1.5 lakh bribe Posted: 01 Nov 2012 05:52 PM PDT A woman income tax (I-T) officer was remanded in police custody till Saturday after being caught red-handed by CBI sleuths accepting a bribe from a Thane builder. Accused Madhavi Chavan was picked up from the Wagle Estate I-T office late on Wednesday after she accepted Rs 1.5 lakh from Sandeep...  |
| International Tax – TDS On Overseas Commission Posted: 01 Nov 2012 07:20 AM PDT After withdrawal of circular No. 786 of 2000, vide CBDT circular 7/2009 there is a lot of confusion in mind of exporters relating to deduction tax at source on commission paid to non-resident agents who operates outside India. Further recent ruling by Authority of Advance Rulings (AAR) against the...  |
| Amount paid on surrender of tenancy rights eligible for depreciation u/s. 32 Posted: 01 Nov 2012 04:46 AM PDT Apex Court in the decision reported in CIT v. D.P. Sandu Bros. Chembur (P.) Ltd. [2005] 273 ITR 1 that the surrender of tenancy rights amounted to transfer and hence, being a capital receipt, on the facts thus placed before this Court that the amount paid on account of surrender of tenancy rights...  |
| Valuation Officer report cannot form the foundation for rejection of books of account Posted: 01 Nov 2012 02:58 AM PDT On a conjoint reading of the provisions of section 69 and section 142A of the Act, it appears that for the purpose of resorting to the provisions of section 142A of the Act, the Assessing Officer would first be required to record a satisfaction that the assessee has made investments which are not...  |
| If section 40(a)(i) disallowance been made, no liability arise u/s. 201 Posted: 01 Nov 2012 02:40 AM PDT Demand under section 201 cannot be raised once the entire amount has been disallowed in the computation of income under section 40(a)(i) and 40(a)(ia).  |
| An overview of Sustainability & Integrated Reporting Posted: 01 Nov 2012 02:25 AM PDT The focus on reporting formats these days have shifted from Financial Reporting to Non Financial Reporting. Sustainability Reporting and Integrated Reporting are synonymously used with Non Financial Reporting. What better information does it offer over financial statements?  |
| Transfer of Flat After issue of notice u/s. 6(1) of SAFEMA is null & void Posted: 31 Oct 2012 10:31 PM PDT It is true that the appellants had obtained encumbrances certificates from the Sub-Registrar prior to purchase which show that there were no encumbrances to the subject flat. It is also true that the appellants had obtained loan from Vijaya Bank, Brigade Road Branch, Bangalore for purchase of the...  |
| Only Joint Commissioner or Additional Commissioner can sanction issue of Reassessment Notice Posted: 31 Oct 2012 10:24 PM PDT Admittedly, the return was processed u/s 143(1), as per the assessment order, on 15.05.2002 and the notice u/s 148 was issued on 28.03.2008. Therefore, as per section 151, the Assessing Officer was required to obtain the sanction of Joint Commissioner of Income tax as four years had lapsed from the...  |
| Developer following percentage completion method entitled to deduction u/s. 80-IB(10) Posted: 31 Oct 2012 10:13 PM PDT The assessee is following Percentage Completion Method. This method is recognised by the Income-tax Act for disclosing the profit in the case of a builder. The purpose of granting deduction u/s. 80IB(10) is to promote housing projects.  |
| Service Tax SSI Exemption In case of co-owned property having rent of More than 10 Lakh? Posted: 31 Oct 2012 10:09 PM PDT Benefit of 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.  |
| A.O. not to to demonstrate tax avoidance before invocation of TP provisions Posted: 31 Oct 2012 10:07 PM PDT As per the mandate of section 92(1), income from International transaction between AEs has to be computed having regard to ALP. Thus, there is nothing in the statutory language to suggest that the AO must demonstrate the avoidance of tax before invoking these provisions.  |
| Provision for wage revision based on Past Experience & Other factors allowable Posted: 31 Oct 2012 10:03 PM PDT In this case, the Tribunal had noticed that there was no dispute as regards the terms of employment of the workers and officers. The only question was the exact quantification of the compensation or wage revision. The Tribunal also held that provision for wage revision was based on past experience,...  |
| Release of New book on Service Tax authored by Dr. Sanjiv Agarwal Posted: 31 Oct 2012 09:52 PM PDT A new book on Service Tax – New Law of Service Tax in India, authored by Dr. Sanjiv Agarwal, a Chartered Accountant and Service Tax expert was released by Mr. Gautam Bhattacharya, IRS, Commissioner of Service Tax, New Delhi at a function at Delhi. This 1600 page book is the latest book on Service...  |
| No penalty for delay in Late Filing of TDS return supported by reasonable cause Posted: 31 Oct 2012 09:47 PM PDT In the case under consideration, we notice that the requirement of filing form 24Q was new one for the assessee and as being the first year of filing such return, there is no dispute about the fact that the tax has been deducted by the assessee. As held by the I.T.A.T., Mumbai Bench in the case of...  |
| SC remit the case to CIT(A) as Cash Flow Statement filed by assessee isn't supported by relevant documents Posted: 31 Oct 2012 09:47 PM PDT High Court has stated that cash flow statements submitted by the assessee were not supported by documents. If so, the High Court should have remitted the case to CIT(A) giving opportunity to the assessee to produce relevant documents.  |
| Cessation of liability is not income from export & not eligible for deduction u/s. 80HHC Posted: 31 Oct 2012 09:31 PM PDT In the present case during the course of assessment proceedings it was noticed that there were credit balance in the names of two parties amounting to Rs.3,52,581/- appearing in the books of account of the assessee. On being asked to verify the same, the assessee agreed to surrender it. The said...  |
| Excise duty not to be included in valuation of closing stock – SC Posted: 31 Oct 2012 09:23 PM PDT On going through the records, we find that the assessee Company has been following the net method for valuing the closing stock. It includes excise duty at the time of removal of goods. Following the order of this Court in the case of CIT v. Shri Ram Honda Power Equipment Ltd. [2012] 26 taxmann.com...  |
| Extension of time to file ITR-V for AY 2010-11 and 2011-12 Posted: 31 Oct 2012 08:48 PM PDT CBDT has extended the time limit for filing ITR-V form relating to returns filed electronically without digital signatures for the AY 2010-11 and AY 2011-12 filed on or after 1st April, 2011 upto 31st December, 2012 or within a period of 120 days from the date of uploading return, whichever is...  |
| Standardized Packaging of 19 Commodities of Day- to-Day use made Mandatory Posted: 31 Oct 2012 08:47 PM PDT In the interest of common consumer, from today onwards 19 commodities of day- to-day use, like bread biscuits, tea etc. can be sold in specified standard packs only. Ministry of Consumer Affairs, Food and Public Distribution had issued a notice on June 5, 2012 in this regard by amending Legal...  |
| I-card mandatory for sleeper-class Rail passengers from Dec 1 Posted: 31 Oct 2012 08:44 PM PDT It will be mandatory for sleeper-class train passengers to carry identity proof from December 1, this year, Railways announced today, in a bid to facilitate travel by bonafide people and reduce the scope for misuse of tickets by touts.  |
| Protocol Amending the Convention between India, UK & Northern Ireland Posted: 31 Oct 2012 08:39 PM PDT Protocol Amending the Convention between India, UK and the Northern Ireland Signed for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains  |
| SEBi Circular on Change of Name in the Beneficial Owner (BO) Account Posted: 31 Oct 2012 08:27 PM PDT In order to simplify the procedure of change of name in individual Beneficial Owner's (BO) account, it has been decided that an individual BO may be allowed to change his/ her name, subject to the submission of following documents at the time of change of name of the individual in the BO account.  |
| RBI Guidelines for Rehabilitation of Sick Micro & Small Enterprises Posted: 31 Oct 2012 08:16 PM PDT The recent global slowdown has adversely impacted the Indian economy in general and more specifically the Micro and Small Enterprises (MSEs). The MSEs suffer the most in such situations especially from discontinuity of business, which they normally are not in a position to bear and become sick...  |
| Rate of exchange of conversion of each of foreign currency WEF 2nd November, 2012 Posted: 31 Oct 2012 08:08 PM PDT Notification No.97/2012-Customs (N.T.), Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect... |