Sebi notifies Rajiv Gandhi Equity Savings Scheme norms Posted: 06 Dec 2012 06:03 PM PST Under the scheme, announced in the 2012-13 Union Budget, new investors can avail tax benefits who invest up to Rs. 50,000 in the stock market and whose gross total annual income is less than or equal to Rs. 10 lakh. The scheme was notified by the Department of Revenue, Finance Ministry on November...  |
| Rajiv Gandhi Equity Savings Scheme, 2012 – Corrigendum Posted: 06 Dec 2012 05:39 PM PST Notification No. 53/2012 [F. No. 142/35/2012 -TPL], dated 5-12-2012 In the notification of Government of India, Ministry of Finance, Department of Revenue, No. 51/2012, dated 23rd November, 2012 bearing S.O. 2777(E) and published in the Gazette of India, Extraordinary, Part II, Section 3,...  |
| Income Tax Department proposes to introduce e-signature for ITR Posted: 06 Dec 2012 05:32 PM PST Income Tax Department proposes to introduce an electronic signature for efiling of Income Tax Returns in addition to existing Digital Signature Certificate / ITR V. The e-signature shall be based on the validation of the taxpayer on the basis of the data available with the Income Tax department.  |
| Rajiv Gandhi Equity Saving Scheme -Section 80CCG Posted: 06 Dec 2012 05:19 PM PST Eligible Investors: Scheme is open to new retail investors, identified on the basis of their PAN numbers. This includes those who have opened the Demat Account but have not made any transaction in equity and /or in derivatives till the date of notification of this Scheme and all those account...  |
| Non-compete commission paid to employee during employment is part of salary -HC Posted: 06 Dec 2012 02:24 AM PST The assessee continued to earn the non-compete commission in his capacity as an employee, to refrain from carrying on any business similar to that of UC. The assessee, in this case, also continued his employment with the firm, and was given commission for doing what he was normally expected to do,...  |
| Order passed without application of mind or making requisite inquiries requires revision Posted: 06 Dec 2012 02:07 AM PST The Assessing Officer has been entrusted the role of an investigator, prosecutor as well as adjudicator under the scheme of the Income-tax Act. If he commits an error while discharging the aforesaid roles and consequently passes an erroneous order causing prejudice either to the assessee or to the...  |
| Court should not interfere in decision passed by overwhelming majority of share-holders Posted: 06 Dec 2012 12:01 AM PST In a case of scheme of arrangement pending for approval of the Court under Section 391 Court should act as umpire. It would not be a rubber stamp being a blind folded instrument of putting of seal of approval. It would certainly consider the objections raised by the objectors, to the extent,...  |
| Every Search Panchnama Does Not Extend Limitation Period Posted: 05 Dec 2012 11:22 PM PST As already seen, merely because, more than one panchanama is drawn in the given case on one authorisation, one cannot construe that the subsequent and the last of the panchanama issued as one flowing out of the search as a last of the panchanama referrable to Explanation (2) to Section 1 58BE. Once...  |
| No deduction U/s.10A if Assessee do not file ROI within the due date Posted: 05 Dec 2012 10:28 PM PST The Proviso to s. 10A(1A) provides that no deduction under this section shall be allowed to an assessee who does not furnish a return of his income on or before the due date specified u/s 139(1). The assessee's argument that the said Proviso is merely directory and not mandatory is not acceptable.  |
| ALV of Property will be Nil if it was let out in earlier years but lying vacant in previous year Posted: 05 Dec 2012 08:20 PM PST It appears that there is a difference between the provisions of Section 23(1)(c) of the Act and those of Section 23(4) thereof. However, it is not so. As per Section 23(1)(c), if any part of the property was let out and was vacant during the year or any part thereof, and due to such vacancy, the...  |
| Penalty Justified for Failure to Explain source of Credit in the name of Partners Posted: 05 Dec 2012 08:14 PM PST A very heavy onus is placed on the assessee to explain the difference between the assessed income and returned income and the assessee in the instant case did not discharge the said onus. In the light of the discussion made above and conduct of the assessee, it is thus clear that all the material...  |
| Section 40A(3) not attracted on Differential amount paid on exchange of jewellery Posted: 05 Dec 2012 08:10 PM PST Admittedly, assessee was in the business of selling jewellery and it was also purchasing old gold and old diamonds from its customers, who wanted to exchange their old jewellery with new jewellery. Contention of the assessee that it was not effecting any cash purchase from its customers, has not...  |
| Assessee cannot request for recall of order passed by Tribunal unless he points out any mistake which is apparent from record Posted: 05 Dec 2012 11:07 AM PST It is an accepted position that the Appellate Tribunal does not have any power to review its own orders under the provisions of the Act. The only power which the Tribunal possesses is to rectify any mistake in its own order which is apparent from the record.  |
| Penalty should not exceed 25% if service tax deposited before issue of SCN Posted: 05 Dec 2012 11:02 AM PST In this case, the service tax itself was concededly paid on 3.3.2009, i.e., before the show cause notice which was issued on 12.3.2009. The Order in Original confirmed the said demand for Rs. 3,54,37,986/- which had been so deposited.  |
| Balance in Cenvat Account can be claimed as business expenditure on closure of business Posted: 05 Dec 2012 10:47 AM PST In the facts of the present case, the assessee had paid CENVAT on purchase of raw material which was deposited in its PLA account for claiming the benefit of set off against the excise duty payable on the manufactured items i.e. branded yarn. The assessee was paying higher rate of excise duty on...  |
| Whether benefit of composition under Works Contract is admissible to on-going contracts as on 01.06.2007? Posted: 05 Dec 2012 10:42 AM PST Those who had paid tax as per the provisions and classification existing prior to 1-6-2007 and those who opted for payment of tax under the provisions of rule 3 ibid and paid tax after exercising the option belonged to different classes and, therefore, the impugned circular or the provisions of...  |
| Delay in filing appeal condoned as director was abroad at the time of receipt of Order Posted: 05 Dec 2012 10:35 AM PST Appellant's signatory director of the applicant company was abroad during the time when the orders were received from the superintendent, and when the orders were served on the consultant. It is the submission of the ld. Counsel that the appellant company or the director was not aware of the...  |
| Prima facie Value of Taxable services includes value of free material supplied Posted: 05 Dec 2012 10:35 AM PST Post service tax valuation rules, the said rules provides for inclusion of free material supplied by service recipients and has been directing the assessee in other cases to deposit some amount of the Service Tex liability for the period post service Tax valuation rules as a condition to hear and...  |
| Core Investment Companies – Overseas Investment (Reserve Bank) Directions, 2012 Posted: 05 Dec 2012 10:31 AM PST Core Investment Companies (CICs) invest primarily in group companies, in different sectors of the economy. Being holding companies they need to invest in both financial and non-financial activities. It has therefore been decided to issue a separate set of Directions to CICs with regard to their... |