"19 October 2011" Archive

Due date for filing Service Tax Return may be extended to 26.12.2011

News from unconfirmed sources said that  CBEC is to issue in day or two a notification extending the due  date for filing of ST-3 return  from 25.10.2011 to 26.12.2011 to enable assessees to comply with new system of online filing....

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Posted Under: Service Tax | ,

Understanding TDS Provisions with Latest Case Laws – Part – II

Trade Discount : In the case of S.D. Pharmacy Pvt. Ltd. ITA Nos. 948/Coch/2008, A.Y. 2005-06, dt. 5-5- 2009. It was held that trade discount are not in the nature of commission and hence no TDS is required to be deducted u/s 194H of the act. This was again confirmed in the case of Add CIT v Pearl Bottling (P) Limited. ...

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Provisions of section 194C will not apply in a case where the invoices clearly show that sales tax and excise duty were collected on the supply of materials by the vendors

The Assistant Commissioner of Income Tax Vs M/s. Tube Investments of India Ltd. (ITAT Chennai)

ACIT Vs M/s Tube Investments of India Ltd. (ITAT Chennai) - A perusal of the terms and conditions as also the invoices as found in the paper book clearly shows that sales tax and excise duty had been collected on the supply of materials by the vendors to the assessee. In these circumstances, in view of the finding of the Hon'ble Supreme C...

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When the assessee-society acts as an intermediate between the company and the members of the society, and the fact that there is no relationship between the assessee and its members as contractor and contractee, section 194C does not get attracted and no disallowance could be made u/s 40(a)(ia)

ITO Vs. The Ankleshwar Taluka ONGC (ITAT Ahmedabad)

ITO, Bharuch Vs The Ankleshwar Taluka ONGC (ITAT Ahmedabad)- It is pertinent to note that in the assessment order, the AO disallowed the entire payment made to the farmers amounting to Rs.2,57,62,253/- by invoking the provisions of section 40(a)(i) of he IT Act. Apart from this, the AO disallowed Rs. 51,47,250/- under Section 40A(3) of th...

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Tips To Spend and Invest In Festive Season

Come Diwali days and in India, we are once again in the festive season and celebration mood and mode but with a caveat. This time the festive season comes in the backdrop of continuous economic gloom, higher interest rates (bigger EMI’s) and unabated inflation not only in India but world over. However, that should not deter the festive...

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Posted Under: Service Tax |

Whether the penalty can be levied u/s 271D / 271E for the amount received and repaid in cash in the hands of the assessee company though as per the statement of the lender the amount was given to and repaid by the directors in their individual capacity

Growth Avenues Ltd. Vs Joint Commissioner of Income Tax (ITAT Ahmedabad)

Growth Avenues Ltd Vs Joint Commissioner of Income Tax - Penalty u/s 271D can be levied against a person who takes or accepts any loan or deposit in contravention of the provisions of Section 269SS. Sine in this case there is no such violation on the part of assessee company the penalty cannot be levied against it. If at all there is any ...

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When the assessee has received Form 15I from the payee and no deduction is made on that basis, no disallowance can be made u/s 194C only for the reason that the forms were not submitted in time before the jurisdictional CIT

ITO Vs Rajesh Kr Garg (ITAT Kolkata)

ITO Vs Rajesh Kr Garg (ITAT Kolkata) In the present case the claim of the asse see is that at the time of paying the interest to the 34 persons mentioned in the assessment order, he had before him the appropriate declarations in the prescribed form from the payees stating that no tax was payable by them in respect of their total income an...

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Notification No. 770/2011 – Income Tax Dated 19/10/2011

Notification No. 770/2011 - Income Tax 19/10/2011

Notification No. 770/2011 - Income Tax In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior Citizens Savings Scheme Rules, 2004, namely...

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Finance Minister’s Address at EEC – 2011

The following achievements are noteworthy: a) Huge network of amended DTAA (81) and TIEA with tax havens (4) has been created. b) Specific requests in 333 cases (220 by Foreign Tax Division of CBDT and 113 by FIU) have been made by Indian authorities for obtaining information from foreign jurisdictions. c) Over 9900 pieces of Information ...

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Posted Under: Service Tax |

Whether for the purpose of determining the applicability of section 47, the condition for wholly-owned subsidiary is to be seen on the last date of financial year and explanation 6 to section 43(1) is not applicable?

DCIT Vs M/s NTPC- SAIL Power Supply Co. Ltd. (ITAT Delhi)

DCIT, New Delhi Vs M/s NTPC- SAIL Power Supply Co Ltd - Whether after insertion of proviso to section 36(1)(iii), the interest paid on capital borrowed for acquisition of an asset for extension of existing business or profession for any period beginning from the date on which the capital was borrowed for acquisition of the asset till the ...

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