Penalty imposable for Accepting cash Loan without reasonable cause Posted: 03 Dec 2012 06:27 PM PST The assessee must prove beyond the shadow of the doubt there existed a reasonable cause for not complying with the conditions contained in section 269SS of the Act. Circumstances under which the cash was accepted must be explained. Unfortunately no cogent material was produced in that direction.  |
| Furnishing of additional information by AO is not expression of opinion Posted: 03 Dec 2012 06:19 PM PST From such exchange of information between the Assessing Officer and the assessee, we need to gather whether the question of taxability of a receipt of Rs. 5,56,000/- from the members by the petitioner was under consideration by the Assessing Officer.  |
| Sec.50C applicable for computation of capital gains in real estate transaction in respect of seller only Posted: 03 Dec 2012 06:05 PM PST In the case of ITO v. Harley Street Pharmaceuticals Ltd. [2010] 38 SOT 486 (Ahd) it has been held that provisions of Sec.50C are applicable only for computation of capital gains in real estate transaction in respect of seller only and not for the purchaser.  |
| Financial health can never be a criterion to judge allowability of an expense Posted: 03 Dec 2012 06:00 PM PST It is not necessary for the assessee to show that any legitimate expenditure incurred by him was also incurred out of necessity. It is also not necessary for the assessee to show that any expenditure incurred by him for the purpose of business carried on by him has actually resulted in profit or...  |
| TP – No penalty for Using of Multiple year data to Compute ALP Posted: 03 Dec 2012 05:50 PM PST The assessee in this case has used multiple year data in computing the arm's length price. The TPO, the Assessing Officer as well as the Commissioner of Income Tax (Appeals) have held that, such action by the assessee is contrary to the provisions of the Income Tax Act, 1961 and thus it tantamounts...  |
| Addition cannot be made for mere appearance of a transaction in AIR Posted: 03 Dec 2012 05:41 PM PST Just because an AIR report was generated indicating the PAN No. of assessee, the onus does not shift completely to assessee. It is the responsibility of AO to examine complete details before asking for reconciliation and whether the transactions were indeed undertaken or not. The AIR report also...  |
| Clarification on Appointment of Cost Auditor & Applicability of Cost Audit Posted: 03 Dec 2012 10:46 AM PST Ministry of Corporate Affairs vide General Circular No. 36/2012 dated 6th November 2012, clarified some of the issues relating to e-form Nos 23C and 23D with respect to death of existing cost auditor, resignation or change of cost auditor and additional fee thereof etc. It clarifies the following...  |
| Service Tax Registration Form Amended to include Accounting Codes Posted: 03 Dec 2012 05:53 AM PST Amendment in Form ST-1 consequent to restoration of accounting codes NOTIFICATION NO 48/2012 – Service Tax Dated: November 30, 2012 In exercise of the powers conferred by sub-section(1) read with sub-section (2) of Section 94 of the Finance Act, 1994( 32 of 1994), the Central Government...  |
| Tax Payers' Lounge Wins Award at IITF, 2012 – 2nd Year in a Row Posted: 03 Dec 2012 05:04 AM PST Tax Payers' Lounge at India International Trade Fair, 2012 was set up by the Directorate of Income Tax (PR, PP & OL), New Delhi to educate the taxpayers about tax laws & procedures, inform them about the taxpayer services launched by the Department to make compliance to tax laws easy, and...  |
| No TDS on Transportation in furtherance of contract of sale Posted: 02 Dec 2012 10:06 PM PST It was envisaged between the assessee and GAIL that gas would be supplied by GAIL to the assessee at the receiving point of the assessee's factory. For such purpose GAIL would be laying down its pipelines and other equipments and would maintain such paraphernalia  |
| No stay for financial crisis if Assessee remains invested in shares Posted: 02 Dec 2012 08:52 PM PST As regards the financial difficulty, I have gone through the Income Tax return for the year 2010-2011 and I find that acceding to the Income Tax return, the appellant had invested in equity shares amounting to more than Rs. 4.7 lakhs. In view of the fact that the demand of Service Tax is of Rs....  |
| CMA President Communique December 2012 Posted: 02 Dec 2012 08:36 PM PST We, the Cost and Management Accountants, also need to Invest to serve the community. But there is a difference between the investment of a businessman and a professional Accountant. The Investment of a businessman mainly comprises monetary matters whereas the investment of a CMA comprises time. We...  |
| Even Section 143(1) Assessment Cannot Be Reopened u/s 147 In Absence Of New Material Posted: 02 Dec 2012 07:09 PM PST It was held by the Third Member that section 147 applies both to section 143(1) as well as section 143(3) and, therefore, except to the extent that a reassessment notice issued u/s 148 in a case where the original assessment was made u/s 143(1) cannot be challenged on the ground of a mere change of...  |
| Tribunal has no jurisdiction over rebate claims and appeal has to be filed before GOI Posted: 02 Dec 2012 07:01 PM PST Whatever was submitted to the department was rebate claim under Notification No.21/2004 after the refund claim was rejected. The rebate claim has been correctly rejected on the ground that the procedure as set out under Notification No.21/2004 has not been followed.  |
| NSE/BSE transaction charges and SEBI turnover fees are not includible in value of stock broking services Posted: 02 Dec 2012 06:56 PM PST This Stay Petition is been filed for waiver of pre-deposit of amounts of Service Tax confirmed by the adjudicating authority and upheld by first appellate authority. The Service Tax has been confirmed by adjudicating authority and upheld by first appellate authority, on the ground that the...  |
| If Trust conducts marathon in commercial manner, then it cannot be said to be existing only for charitable purposes Posted: 01 Dec 2012 10:31 PM PST The voluntary contribution received by a trust created only for charitable or religious purposes is to be deemed as income u/s. 11 of the Act. In case some of the objects of the trust are charitable and some of the objects can be termed as non charitable then such a trust will not be covered u/s....  |
| Cost Accounting Records (Sugar Industry) Amendment Rules, 2012 Posted: 01 Dec 2012 07:54 PM PST Cost Accounting Records (Sugar Industry) Amendment Rules, 2012 – AMENDMENT IN RULE 2 AND SUBSTITUTION OF FORM – A Notification NO. G.S.R. 865(E), dated 30-11-2012 In exercise of the powers conferred by clause (b) of sub-section (1) of section 642 read with clause (d) of sub-section (1)...  |
| Cost Accounting Records (Electricity Industry) Amendment Rules, 2012 Posted: 01 Dec 2012 07:52 PM PST Cost Accounting Records (Electricity Industry) Amendment Rules, 2012 – AMENDMENT IN RULE 2 AND SUBSTITUTION OF FORM – A Notification NO. G.S.R. 866(E), dated 30-11-2012 In exercise of the powers conferred by clause (b) of sub-section (1) of section 642 read with clause (d) of...  |
| Cost Accounting Records (Petroleum Industry) Amendment Rules, 2012 Posted: 01 Dec 2012 07:50 PM PST Cost Accounting Records (Petroleum Industry) Amendment Rules, 2012 – amendment in rule 2 and substitution of form – A Notification NO. G.S.R. 867(E), dated 30-11-2012 In exercise of the powers conferred by clause (b) of sub-section (1) of section 642 read with clause (d) of sub-section...  |
| Cost Accounting Records (Telecommunication Industry) Amendment Rules, 2012 Posted: 01 Dec 2012 07:33 PM PST Cost Accounting Records (Telecommunication Industry) Amendment Rules, 2012 – AMENDMENT IN RULE 2 AND SUBSTITUTION OF FORM – A Notification NO. G.S.R. 868(E), dated 30-11-2012 In exercise of the powers conferred by clause (b) of sub-section (1) of section 642 read with clause (d) of... |