"25 August 2010" Archive

Online Scheduling of factory stuffing inspection by Central Excise Officer -regarding

Circular No. 934/24/2010- Central Excise 25/08/2010

It has been suggested to the Board that in order to reduce transaction cost involved in factory stuffing inspection by Central Excise officers scheduling factory stuffing permission should be provided on line by the department. This suggestion has been accepted y the department....

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After order u/s 143(3) of the Act, no rectification order u/s. 154 could be passed to rectify the intimation u/s 143(1)(a) of the Act – HC

Tamil Nadu Magnetise Ltd. Vs The Commissioner of Income Tax (Madras High Court)

Tamil Nadu Magnesite Ltd. Vs. CIT (Madras HC) - In view of the law laid down by the Hon ble Supreme Court in Commissioner of Income Tax v. Gujarat Electricity Board (cited supra), after passing of an order under Section 143(3) of the Act, intimation under Section 143(1)(a) of the Act gets merged with the said order under Section 143(3) o...

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ICAI likely to seek powers to penalise errant audit firms with prior approval from government

The Institute of Chartered Accountants of India (ICAI) is likely to ask for powers to penalise errant audit firms, but only with prior approval from the government. The ICAI Council, the apex decision-making body that met last week, was divided on the issue of the regulatory agency for auditors getting powers to penalise firms as well.Ins...

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Posted Under: Excise Duty | ,

Depreciation-Allowability-Trucks in the names of directors

CIT Vs. Varanasi Auto Sales (P) Ltd. (Allahabad High Court)

Income tax - Sec 32(1) - Assessee-company claims depreciation on trucks registered in the name of Director - Revenue disallows - Tribunal allows the appeal - held, since the vehicles have been purchased in the name of the Director only for convenience sake and rents have been credited to the company's account and even tax has been paid on...

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Posted Under: Excise Duty |

Can the valuation done by any authority of the State Government for the purpose of payment of stamp duty in respect of land or building be taken as actual sale consideration received by the purchaser?

CIT Vs. Chandni Buchar (Punjab & Haryana High Court)

The Assessing Officer added the difference between purchase price disclosed in the sale deed and purchase price of the property adopted for the purpose of paying the stamp duty to the total income of the assessee as income from unexplained sources. The Commissioner of Income-tax (Appeals) deleted this addition by holding that section 50C ...

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Can the notional interest on interest free deposit received by the assessee in respect of a shop let out on rent be brought to tax as “Business income” or “Income from house property”?

CIT Vs. Asian Hotels Ltd. (Delhi High Court)

The assessee had received interest free deposit in respect of shops given on rent. The Assessing Officer added to the assessee's income notional interest on the interest free deposit at the rate of 18 per cent simple interest per annum on the ground that by accepting the interest free deposit, a benefit had accrued to the assessee which w...

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Remuneration allowable even if Partnership not specifies remuneration payable to each individual working partner

CIT Vs. Anil Hardware Store (Himachal Pradesh High Court)

In a case where the partnership deed does not specify the remuneration payable to each individual working partner but lays down the manner of fixing the remuneration, would the assessee- firm be entitled to deduction in respect of remuneration paid to partners?...

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Does the Central Board of Direct Taxes (CBDT) have the power under section 119(2)(b) to condone the delay in filing return of income?

Lodhi Property Company Ltd. Vs. Under Secretary (Delhi High Court)

The assessee filed his return of income which contains a claim for carry forward of losses a day after the due date. The delay of one day in filing the return of income was due to the fact that the assessee had not reached the Central Revenue Building on time because he was sent from one room to the other and by the time he reached the ro...

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ICAI Special Counters on 25th/26th August,2010 for the receipt of filled-in Examination Form- 24th August,2010

To facilitate the candidates of November-2010 C.A. Examinations for submitting the filled in CA Examiantion forms , four special counters will be operational in the adjoining premises of the Institute of Chartered Accountants of India viz, Institute of Engineers,Indraprastha Marg on 25th & 26th August,2010. The candidates are requested to...

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Posted Under: Excise Duty |

Gmail Now increases “Undo Send” Duration to up to 30 Seconds

Do you remember those “Oops” moments when you send email to someone and soon it occurs that you have missed something? This is where the “Undo Send” feature of Gmail comes in. It has saved me several times by undoing the sent emails....

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Posted Under: Excise Duty |

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