We may in concluding note that the basis on which the assessee is sought to be taxed in the present case in respect of the amount of Rs.32,00,000/ is that there was a dividend under Section 2(22)(e) and no other basis has been suggested in the order of the Assessing Officer.
Even if it is assumed that the assessee was authorized to collect sales tax and retain with it, the same will be chargeable to tax as trading receipt in view of decision of Supreme Court in the case of Sahney Steel and Press Works Ltd. v. CIT [228 ITR 253 (SC)].
The Finance Minister, Mr Pranab Mukherjee, has told the State Finance Ministers that they are free to fix their own State GST rates, but hopes that they would not exercise this freedom after a consensus is reached in the GST Council. He, thus, has conceded a major demand of the States that the Union Finance Minister should not have the last word on the State GST rates.
The ICAI has argued that the bulk of the management accounting work is done by the chartered accountants, so addition of the word ‘Management’ to the Institute of Cost and Works Accountants of India, or ICWAI, is misleading and should not be allowed.
Keyman Insurance Policy for section 10(10D) is not confined to a policy taken by a person on life of an employee, but also extends to an insurance policy taken with respect to life of another who is connected in any manner whatsoever with business of subscriber.
Where an order passed by the Assessing Officer is subject to an appeal that has been filed, the power of the Commissioner to invoke his revisional jurisdiction under section 263 can only extend to such matters which have not been considered and decided in the appeal.
In all fairness, while hearing an appeal from the original authority, the CIT, the CBDT who is the appellate authority cannot deny the reasonable opportunity of hearing to the petitioning assessee at whose instance the impugned order came to be passed and which has become the subject-matter of appeal before the CBDT.
It is no doubt true that as per section 92CA of the Income-tax Act, when the assessee goes before the authority concerned on transfer pricing, an opportunity of personal hearing should be granted to the assessee. As far as the present case is concerned, the notice dated 25-8-2009 was sent by the Transfer Pricing Officer intimating the date of personal hearing on 4-9-2009, on which date the petitioner was to file its reply. Admittedly
The Centre and states were yet again unable to stitch a deal on the constitutional amendments, clouding prospects for rollout of India’s most ambitious indirect taxes reform — goods and services tax — next year. The Union finance minister Pranab Mukherjee, however, promised another draft to address concern raised by the states ruled by leading opposition party BJP and Tamil Nadu where Congress’ key ally DMK is in power.
Representations have been received in the Board from Trade and Industry Associations requesting to extend the benefit of ACP scheme to the category of status holders like Export Houses, Star Export Houses, Star Trading Houses etc. Requests have also been made to relax the criteria prescribed vide Board’s Circular No.42/2005-Customs dated 24.11.2005 regarding eligibility for grant of ACP status in cases booked in respect of Customs, Central Excise and Service Tax issues so that purely technical cases should not become a disqualification.
