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Archive: 06 December 2011

Posts in 06 December 2011

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

May 15, 2024 6447 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.

Whether the assessee, a partner of the firm, is entitled to deduction u/s 48(2) while computing the long term capital gain for which the firm has already claimed deduction u/s 48(2)?

December 6, 2011 2375 Views 0 comment Print

S M Sundaram Vs. CIT (Madras High Court)- Under section 48(1), the deduction in respect of the full value of the consideration received or accrued regarding the expenditure incurred wholly, etc. and cost of acquisition of asset and the cost of improvement are granted. This deduction has admittedly been granted from the capital gain in the hands of the partnership firm.

Section 2(22)(e) – ‘Trade Advances’ are Not ‘Loans and Advances’ – Delhi High Court

December 6, 2011 5591 Views 0 comment Print

CIT vs. Arvind Kumar Jain (Delhi High Court)- Trade advance which are in the nature of money transacted to give effect to a commercial transactions would not, in our view, fall within the ambit of the provisions of Section 2(22)(e) of the Act. This interpretation would allow the rule of purposive construction with noscitur a sociis, as was done by the Supreme Court in the case of LIC of India v. Retd. LIC Officers Assn. [2008] 3 SCC 321.

Section 153A – Assessee Entitled To Raise Fresh Claims – ITAT Mumbai

December 6, 2011 2780 Views 0 comment Print

DCIT vs. Eversmile Construction Co Pvt Ltd (ITAT Mumbai)- The Hon’ble Supreme Court in the case of National Thermal Power Company Ltd. Vs. CIT [(1998) 229 ITR 383 (SC)] has held that the Tribunal has the jurisdiction to examine a question of law which arises from the facts as found by the authorities below and having a bearing on tax liability of the assessee notwithstanding the fact that it was not raised before the learned CIT(A).

Govt to censor content on Facebook,Twitter, Google

December 6, 2011 486 Views 0 comment Print

Telecom Minister Kapil Sibal on Tuesday vowed to stop offensive and defamatory content on internet sites as a controversy raged over government’s move to monitor content in cyber space. Mr Sibbal Further tool the media that ‘ the government ‘does not want to interfere with the freedom of the press, he said if the social networking sites are not willing to cooperate with the government on stopping incendiary material “then it is the duty of the government to think of steps that we need. This government does not believe in censorship and does not believe either directly or indirectly interefering in the freedom of the press. We have demonstrated that time and again.

Transcore Vs UOI – A Judicial Monocracy to Anyhow Uphold Unwarranted Multiple Actions of the Banks/FIs

December 6, 2011 7856 Views 0 comment Print

The banks which are running on the orders of the Reserve Bank publish the defaulter list of the common people but they don’t have the list of the defaulters of the corporate families. According to the bankers, in the Bank Director’s meeting also this list is never mentioned, because of which till today the list have not come into existence. Some specialists blame the government for this. For the common man there are norms to return the money in a given time whereas there are no norms for the corporate families. There are laws of recovery but it is only implemented on the common man.” (emphasis supplied)

Dos and Dont's for Depositing TDS / TCS

December 6, 2011 6830 Views 0 comment Print

Dos Use challan type 281 for deposit of TDS/TCS amount. Deductor should quote correct TAN, full name, address and current A.Y. on each challan. Deductor should use separate challan for different nature of payments quoting correct nature of payment code and also for different type of deductee.

What is TAN and Procedure for getting TAN

December 6, 2011 3804 Views 0 comment Print

Procedure for getting TAN : It can be obtained by filing an application in form no. 49B to any of the TIN facilitation Centres (TIN-FC) namely NSDL. Addresses of the TIN-FC as well as the forms can be downloaded from the website or The fee for processing TAN application is Rs. 60/-. This can be paid by:

TDS defaults and Consequences (Penalties)

December 6, 2011 5125 Views 0 comment Print

Failure to deduct the whole or part of the Tax at source (non-deduction, short deduction or delay in deduction) 1. Failure to deposit whole or part of the TDS (non-deposit, short deposit or late deposit) 2. Failure to apply for TAN within the prescribed time limit or failure to quote TAN on allotment as required under section 203A.

Banks, hospitals and other commercial activities cannot be carried out from plots developed for residential purpose – SC

December 6, 2011 837 Views 0 comment Print

The Supreme Court today ruled that banks, hospitals and other commercial activities cannot be carried out from plots in Noida developed for residential purpose and ordered 21 banks and nursing homes in Sector 19 to immediately close their operations.

Govt hopes to achieve indirect tax collection target of over 4 lakh crore for 2011-12

December 6, 2011 474 Views 0 comment Print

The government on Monday said it is confident of achieving indirect tax collection target of over 4 lakh crore for the current fiscal despite the slowdown in industrial activities. Chairman Central Board of Excise and Customs (CBEC) S K Goel told reporters on the sidelines of a meet in New Delhi that 7.5 per cent GDP growth should take care of the target.

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