FM Says Direct Taxes are Major Resource for Undertaking Development Work; Releases Coins in Denomination of Rs. 150 and Rs. 5 to Commemorate Completion of 150 Years of Income Tax.Union Finance Minister Shri Pranab Mukherjee said that direct taxes are now the major resource provider to the Central Government for undertaking developmental work.
The compendium ‘Innovations: The Pursuit of Excellence in Customs, Central Excise & Service Tax’ consolidates localised practices to facilitate their replication and adoption in various offices across the country for enhance efficiency and effectiveness of the tax administration, the government said in a statement.
A day after raids were conducted at the premises of eight tobacco manufacturing companies here, the Commercial Tax Department has pegged tax evasion by them to the tune of Rs 150 crore besides an unaudited turnover of Rs 900 crore.
In absence of any notice issued under section 143(2) after receipt of fresh return submitted by the assessee in response to notice under Section 148, the entire procedure adopted for escaped assessment, shall not be valid When the Statute provides for a particular procedure, the authority has to follow the same and cannot be permitted to act in contravention of the same.
Since export turnover has been defined by Parliament and there is a specific exclusion of freight and insurance, the expression “export turnover” cannot have a different meaning when it forms a constituent part of the total turnover for the purposes of the application of the formula prescribed by section 10A(4).
under the DTAA agreement, the receipt of bare boat rentals i.e. rent for use of or payment for use of equipment is not brought to tax as royalty consequent to the amendment. Thus though under domestic law, the charging section treats the receipts as royalty, under the treaty, royalty cannot be brought to tax in view of the amendments.(Para 18)
The powers under section 254 (2) can only be exercised when it is found that there is a mistake in the order of the Tribunal and the mistake is such that no two views are possible on the same. The powers under section 254(2) cannot be exercised for reviewing a considered and conscious decision on the grounds which are inherently subjective and capable of debate and discussion on adoption of one view or the other.
Where total debt debited in the account of the client is inclusive of brokerage then brokerage being part of the total debt having been taken into account in computing the income, would satisfy the provisions of sec. 36(2) and therefore, when assessee writes off such debt then he would be entitled for deduction u/s. 36(1)(vii).
If books of account are found to be correct and complete in all respect and no defect is pointed out therein and cost of construction of building is recorded therein, then the addition on account of difference in cost of construction cannot be made even if a report is obtained within the meaning of section 142A from the DVO.
Merely because the liabilities are outstanding for last many years, it cannot be inferred that the said liabilities have ceased to exist. It is also a fact that the assessee has not written off the outstanding liabilities in the books of account and the outstanding liabilities are still in existence would prove that the assessee acknowledged his liabilities as per the books of account. Section 41(1) of the IT Act is attracted when there is cessation or remission of a trading liability.
