"28 August 2011" Archive

Service Tax on Assistance Provided For Processing Visa Applications

In respect of the issue as to whether service tax liability would arise on the assistance provided by visa facilitators, to individuals directly, for processing of visa applications, the CBEC has clarified vide CIRCULAR NO 137/6/2011-ST, Dated: April 20, 2011 that:...

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Posted Under: Service Tax |

Return of Income to Be Filed Electronically Under The Digital Signature

The Income Tax (Sixth Amendment) Rules, 2011 are notified with effect from 1 July 2011 to provide that, a firm required to furnish the return of income in Form ITR-5, or an individual or Hindu Undivided Family (HUF) required to furnish the return of income in Form ITR-4 and to whom provisions of section 44AB of the Act are applicable, sha...

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Posted Under: Service Tax |

Exemption From Furnishing Return of Income In Respect of Certain Class Of Persons

An individual, whose total income for the relevant assessment year (AY) does not exceed Rs. 5,00,000 and consists of only income chargeable under Salary Income from other sources, by way of interest from a savings account in a bank, not exceeding Rs. 10,000...

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Whether royalty paid for use of brand names and trade marks is to be treated as capital expenditure?

CIT Vs V. R.V. Breweries & Bottling Industries Ltd. (Delhi High Court)

CIT Vs V. R.V. Breweries & Bottling Industries Ltd. (Delhi High Court)- The observation made in paragraph 58 at page 414 of the aforementioned judgement, on which reliance has been placed by the learned counsel for revenue seeks only to emphasise that the assessee in that case, had only acquired access to technology which was not related ...

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Assessee liable to pay interest under s 234B and 234C on the tax payable on book profits computed under s 115J, notwithstanding the fact that it was a deemed profit

Bee Pee Jay Finance Ltd. Vs Commissioner of Income Tax, Central- II & Anr. (Calcutta High Court)

Bee Pee Jay Finance Ltd. Vs CIT and Anr (Calcutta High Court)- By virtue of Section 11 5JA a legal fiction has been created by which if total income is found to be less than 30% of the book profit, the total income should be deemed to be 30% of the profit and in such a case, if charge ability of interest under Sections 234B and 234C are h...

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Computer peripherals entitled to depreciation at 60% and advertisement, ad film and website expenses are revenue in nature

CIT Vs Bonanza Portfolio Ltd. (Delhi High Court)

The expenditure was incurred by the assessee on ad films in respect of an ongoing business and there was no enduring benefit on the same. Hence, it was asses-sable as revenue expenditure, An expenditure incurred on advertisements and websites for sales promotion is revenue in nature. Computer peripherals are entitled to depreciation at 60...

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The expression ‘may also be taxed’ used in Article 7 permits only the State of Source to tax such income and the State of Residence is precluded from taxing such income

DCIT Vs M/S. Essar Oil Limited (ITAT Mumbai)

DCIT Vs. M/S. Essar Oil Limited (ITAT Mumbai)- Whether the profits of Oman PE and the loss of Qatar PE of the taxpayer are to be excluded for tax purposes in India, as per Article 7 of respective DTAAs?...

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CIT(A) cannot dismiss the assessee’s appeal without adjudicating upon the question as to whether the law to s 248, as amended with effect from 1 June 2007, was applicable or not

Jet Air Pvt. Ltd. Vs. Commissioner of Income Tax (A)- XXXIII (ITAT Mumbai)

Jet Air (P) Ltd. Vs CIT (ITAT Mumbai)- The matter was remitted to the CIT(A) for disposal afresh since the CIT(A) had dismissed the assessee’s appeal without adjudicating upon the question as to whether the law to s 248, as amended with effect from 1 June 2007, was applicable or not merely on the ground that it had never approached the ...

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Merely because assessee does not produce copy of agreement to AO but does so before CIT(A), ITAT cannot delete relief granted by CIT(A)

Status Home and Enclaves (P) Ltd. Vs CIT (Calcutta High Court)

Status Home and Enclaves (P) Ltd. Vs CIT (Calcutta High Court)- Whether the Tribunal was justified in law in withdrawing the relief granted by the Commissioner of Income Tax (Appeals) merely because the Development Agreement was not produced before the Assessing Officer when the said agreement was duly submitted before the considered by t...

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Striving For Freedom in Independent India

While India celebrated it 64th independence day early this month, independent India still struggles for freedom in more than many ways. It is indeed time for one and all to introspect in retrospect and prospect as to what we have achieved and what we ought to be, as an individual , as society and as a nation, particularly in backdrop of ...

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Posted Under: Service Tax |

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