continuation

If there is default on the part of the assessee to comply with the original demand notice, the provisions of the Taxation Laws (Continuation & Validation of Recovery Proceedings) Act, 1964 shall apply. Full Article

The assesses claiming refund orders under Insurance services are experiencing enormous complexities in getting their refund orders passed on vague and futile justifications that not only are annoying and irritating the assessees but also deprives away the faith of assessees on the refund mechanism designed by the Government. Such reasons on which the department is refusing the refund claims on the said services are being written out hereunder as follows: - Full Article

In continuation of the series of previous two articles, elaborating the difficulties in getting the refund claim under GTA service and Port services, we in this article are attempting to present the problems existing in the Service tax refund mechanism under Technical testing and analysis Services (Section 65[105][zzh]). This complete state of affairs is humorously picturisead by the way of poems and conversation between Johnny (an assessee) and his father. This Endeavou.. Full Article

SUMMARY OF CASE LAW The expenditure incurred by the assessee by way of payments to the retiring partners is only an application of its income, which is on capital account and not allowable as a deduction. Full Article

Rupee Export Credit Interest Rates RBI/2009-10/ 157 , Ref.: UBD.CO.BPD.Cir. No. 1/13.05.000/ 2009-10 Dated:-September 16, 2009 Rupee Export Credit Interest Rates Please refer to our circular UBD.PCB.Cir. No. 3/13.05.000/ 2008-09 dated June 18, 2009 on the captioned subject regarding extension of interest subvention of 2 percentage points w.e.f. June 1, 2009 till September 30, 2009 on [...] Full Article

There is no provision either in the Act or in the Rules made thereunder to refuse recognition under section 80G(5) or continuation thereof only on the ground that the particulars of donors are not provided by Institution or fund. Full Article

SUMMARY OF CASE LAW The concept of reconstruction of business as contemplated by section 80-1B(2)(i) would not be attracted when a company which is already running one industrial unit sets up another industrial unit; the new industrial unit would not lose its separate and independent identity even though it has been set up by a [...] Full Article