The Service Tax department proposes to order for conduct of special audit of Service Tax Assessees by the Chartered Accountant and Cost Accountants under Section 14AA of the Central Excise Act, 1944, as made applicable to Service Tax under Section 83 of the Finance Act, 1944. For this purpose, it is proposed to make a panel of CA/ICWAI who may be assigned the task of audit.
Recently the Hon’ble Judges of the Hon’ble Punjab & Haryana High Court has clinched the issue by passing a landmark judgment reported in 40 PHT, page 145 regarding denial of input tax credit by the Assessing Authority on the ground that the dealer from whom the assessee has purchased goods have not deposited full tax in the Government Treasury. No liability can be fastened on the purchasing registered dealer on account of non-payment of tax by the selling registered dealer in the Government Treasury unless fraudulent or collusion or connivance with the registered selling dealer or its predecessors is established.
It is clarified that the subsidiaries of stock exchanges, acting as stock brokers, may rely upon the ‘in-person’ verification done by their sub-brokers (who are also registered with SEBI as stock brokers of the parent stock exchange) for their respective clients. However, the ultimate responsibility for ‘in-person’ verification would remain with the subsidiaries and they shall obtain the necessary IPV documents for their records.
Issue – The question is whether the liability of the revenue to pay interest under Section 11BB of the Act commences from the date of expiry of three months from the date of receipt of application for refund or on the expiry of the said period from the date on which the order of refund is made?
Stepping up measures to recover over Rs 1,00,000 crore of unpaid taxes, the Income Tax (I-T) Department has set up a special cell to track taxpayers who are “untraceable” or have reported inadequate assets to pay back tax demands. The department has also decided to search and approach every possible database or agency, ranging from […]
MD. Sukur Ali Vs State of Assam (Supreme Court) – In Maneka Gandhi vs. Union of India AIR 1978 SC 597, it has been held by a Constitution Bench of this Court that the procedure for depriving a person of his life or liberty should be fair, reasonable and just. We are of the opinion that it is not fair or just that a criminal case should be decided against an accused in the absence of a counsel. It is only a lawyer who is conversant with law who can properly defend an accused in a criminal case. Hence, in our opinion, if a criminal case (whether a trial or appeal/revision) is decided against an accused in the absence of a counsel, there will be violation of Article 21 of the Constitution.
New Delhi, Oct 24 : Special CBI Judge O P Saini today expressed his displeasure against the high-profile accused in 2G spectrum scam case for making a hue and cry over his decision to record in advance that they were not pleading guilty and face the trial. “What was wrong if I recorded your guilt […]
All LLPs registered upto 30-September-2010 have to mandatorily close the financial year as on 31-03-2011 and file Form-11 by 30-May-2011 and Form-8 by 30- October-2011. LLPs registered from 01-10-2010 to 31-03-2011 have option either to close financial year as on 31-03-2011 or 31-03-2012 and to file Form-8 & 11 accordingly.
ORDER NO, 174 OF 2011 The following transfers/postings in the grade of Chief Commissioner of Income Tax are hereby ordered with immediate effect and until further orders:
The combined reading of the Rule 7 and the clarificatory Circular dated 23-8-2007 clearly shows that there are only two restrictions regarding the distribution of the credit. The first restriction is that the credit should not exceed the amount of Service Tax paid. The second restriction is that the credit should not be attributable to services used in manufacture of exempted goods or providing of exempted services. There are no other restrictions under the rules. The restrictions sought to be applied by the Department in this case in limiting the distribution of the Service Tax credit made in respect of the Malur Unit on the ground that the services were used in respect of the Cuttack Unit finds no mention in the relevant rules.
