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All that could happen, by allowing proceedings to continue, was that the assessing officer might pass an order of assessment or re-assessment. The petitioner would then have a spate of statutory remedies. The judge who heard a writ petition from the Chennai-based Jayaram Paper Mills Ltd challenging a notice of July 7, 2008 issued by Assistant Commissioner of Income-Tax, Company Circle II(3), Chennai, for AY 2004-05 ruled that the reason recorded by second respondent (ACI.. Full Article

A job worker is engaged in processing material, supplied by principal manufacturers on job work basis. Such job work is covered under Business auxiliary service attracting service tax, when the process does not amount to manufacture. However, Notification 8/2005-S.T. dated 01.03.2005 exempt such job work on the condition that the processed material is returned to the principal manufacturer for further manufacture, on which finally duty is payable. Full Article

SUMMARY OF CASE LAW Merely because income is attached to immovable property, it cannot be the sole factor for assessment of such income as “income from house property. CASE LAW DETAILS Decided by: ITAT, DELHI BENCHES `F’: NEW DELHI, In The case of: Bigg Investments & Finance Pvt. Ltd. v.DCIT, Appeal No.: ITA Nos. 5367 & 5368/Del/04, Decided [...] Full Article

Trade Notice No.  15  /2009          Service Tax No.    7  /2009  Dated:  13.03.2009. Sub: Service Tax – Clarification regarding ‘Commission’ covered under “Business Auxiliary Service” – Reg.       The matter regarding levy of service tax under the head ‘Business Auxiliary Service’ on the ‘Commission’ received by the Directors of the company has been examined.  The Board is of the view that some [...] Full Article

Gujarat State Petroleum Corpn. Ltd. v. JCIT The deduction claimed by the assessee under section 42 cannot be considered for the purpose of computing the deemed income under section 115JA Full Article

THE assessee company was incorporated with the main object of acquiring a holding of equity and preference shares of companies engaged in the business of cement, ready mix and aggregate and to provide financial management. It was the first return of the assessee company. The Assessing Officer noted that the total capital was at Rs.209.33 crores which was raised during this year, out of which a sum of Rs.207.78 crores was invested in the shares of Lafarge India Ltd. The a.. Full Article