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Archive: 29 June 2011

Posts in 29 June 2011

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6717 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

ICAI President's Message – July 2011

June 29, 2011 7808 Views 0 comment Print

CPT Online Registrations: The students can register themselves 24*7 to CPT course using this online form which is also having the facility to pay course fee online using credit/debit cards/net banking of various banks. This will bring our students closer to the doorsteps of the ICAI, and other such forms will also be available online in due course. I request all of you to encourage students to use this online facility.

S. 194C(2) No TDS on freight paid to lorry owners who merely placed the vehicles at assessee disposal & never involved themselves in work to be carried out by assessee for FCI

June 29, 2011 12312 Views 0 comment Print

ITO Vs. Vijay Bharat Roadlines Pvt. Ltd. (ITAT Delhi) -Whether the assessee was not liable to deduct tax at source as per the provisions of section 194C(2) of the Act , for the payment of freight charges amounting to 1,32,58,651/- made to the lorry owners and consequently, the provisions of section 40(a)(ia) of the Act were not applicable to such payments. Held, Yes the payments in question were made to lorry/truck owners who merely placed the vehicles at the disposal of the assessee and never involved themselves in the work to be carried out by the assessee for FCI.

Expenses incurred on recruitment and training of employees can not be held capital merely because assessee may earn benefits of enduring nature

June 29, 2011 10965 Views 0 comment Print

DCIT Vs M/s Sapient Corporation Pvt Ltd. (ITAT Delhi) – It is by now well-settled that if the expenditure incurred by the taxpayer is of revenue nature, the same is entirely deductible even if there accrues an advantage of enduring nature in favour of the taxpayer as a result of the said expenditure. This is because going by the very nature of the expenditure being revenue, it operates in the revenue field leaving the capital field untouched.

When the issue of siphoning off of funds is settled by the CIT(A), review proceedings u/s 263 cannot be initiated

June 29, 2011 1596 Views 0 comment Print

Rambagh Palace Hotels Pvt Ltd Vs ITO (ITAT Delhi) – In this case ld CIT(A) had adjudicated upon on all the issues. Therefore, the assessment order has merged in the order of CIT(A). Hence, ld. CIT was debarred to assume jurisdiction u/s 263 of the Act. The assessment cannot be treated as erroneous in so far as prejudicial to the interest of revenue merely on the basis of a complaint and that too for the purpose of making roving enquiries.

FBT is payable even in the absence of any taxable income

June 29, 2011 645 Views 0 comment Print

DCIT Vs M/s Mcleod Russel India Ltd (ITAT Kolkata) – Whether FBT is payable even in the absence of any taxable income – Whether provision of section 115-O & 115WA are pari-materia and hence FBT is leviable only to the extent of those expenses which are directly relatable to the Income taxable under the Income Tax Act – Whether when only 40% income of a tea company is chargeable to tax, even FBT liability arises on only 40% of expenses. – Revenue’s appeal allowed.

When assessee submits the relevant details in respect of share application money such as PAN Number, confirmation and the bank particulars it can be said that the assessee has discharged its burden

June 29, 2011 1322 Views 0 comment Print

ITO Vs M/s Kailashpati Overseas Pvt Ltd (ITAT Delhi) – Whether when assessee submits the relevant details in respect of share application money such as PAN Number, confirmation and the bank particulars it can be said that the assessee has discharged its burden and no addition can be made on the basis of investigation averments, and it is incumbent on the AO to prove that averments of investigation wing applies in the case of the assessee-Held-Yes.

S. 263 CIT not permitted to substitute his views with AOs view about computation of income

June 29, 2011 1513 Views 0 comment Print

J L Morison (India) Ltd Vs ACIT (Kolkata ITAT) – It is now settled law that if, while making the assessment, the AO examines the accounts and other details, makes enquiries, applies his mind to the facts and circumstances of the case and determines the income, the ld. C.I.T., while exercising his power under sec. 263 of the Act, is not permitted to substitute his own view about the computation of income in place of the income assessed by the A.O., unless the order of the A.O. is patently unsustainable in law.

s. 80IB(10) not require to begin construction work after obtaining approval from local authorities

June 29, 2011 1160 Views 0 comment Print

DCIT Vs. Akshay Eminence Developers Pvt. Ltd. (ITAT Bangalore) – The provisions of s. 80IB(10) of the Act have not subscribed that the assessee was required to begin the construction work after obtaining the approval from the local authorities and that before getting such approval if the assessee begins the construction work, such construction was not recognized. What really matter here is the date of approval of the plan, but, not the date on which it was communicated?

Tender for CPC (TDS) for processing of TDS statements

June 29, 2011 5067 Views 0 comment Print

Income Tax Department invites response to the RFP floated for selection of MSP for setting up, operating and maintenance of CPC (TDS) for processing of TDS statements. Overview of scope of work for Managed Service Provider (MSP). The following outlines the broad areas of scope of work for MSP and the later sections highlight the detailed scope of work in each of the following areas – i. Detailed IT Strategy for the CPC (TDS) Project

SEBI – Shareholding of promoter/promoter group to be in dematerialized mode

June 29, 2011 585 Views 0 comment Print

In order to moderate sharp and destabilizing price movements in shares of companies, to encourage better price discovery and to increase transparency in securities market SEBI had issued a circular on “trading rules and shareholding in dematerialized mode” vide Cir. No. SEBI/Cir/ISD/1/2010, dated September 2, 2010. The said circular inter alia mandated securities of companies to be traded in normal segment, if and only if, the company has achieved at least 50% non-promoter shareholding in dematerialized form and maintained the same on a continuous basis.

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