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Archive: 02 February 2012

Posts in 02 February 2012

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

May 15, 2024 7170 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.

Reviving Signals

February 2, 2012 594 Views 0 comment Print

Reserve Bank of Indiashall come out with its credit policy review next week in the back drop of two important landmarks – growth in industrial output and decline in inflation, more so in food commodities. This is indeed a reversal from a long trend of unabated inflation.

Failure to Furnish Return by Assessee who has taken ST registration cannot be said non deliberate

February 2, 2012 393 Views 0 comment Print

It was contended by the appellants that they were not aware that they had to pay service tax. Though it was a fact that they have taken service tax registration, they never disclosed the nature of services rendered nor they furnished ST-3 returns, which was mandatory for a person providing taxable services. The question naturally arises that if they were not aware that they had to pay service tax, why should they take a service tax registration. We are of the opinion that non-furnishing of information or non-filing of returns resulted in non-payment of service tax and this action on the part of appellants tantamount to deliberate non-compliance with the provisions. In other words, this is only implying suppression of facts with an intent to evade payment of service tax. Therefore, the extended period, under Section 73(1) is rightly invoked by the Revenue.

Private Citizen has a Right to ask for sanction to Prosecute a Public Servant – SC

February 2, 2012 3215 Views 0 comment Print

Whether a complaint can be filed by a citizen for prosecuting a public servant for an offence under the Prevention of Corruption Act, 1988 (for short, ‘the 1988 Act’) and whether the authority competent to sanction prosecution of a public servant for offences under the 1988 Act is required to take an appropriate decision within the time specified in clause I(15) of the directions contained in paragraph 58 of the judgment of this Court in Vineet Narain v. Union of India (1998) 1 SCC 226 and the guidelines issued by the Central Government, Department of Personnel and Training and the Central Vigilance Commission (CVC) are the question which require consideration in this appeal.

IRDA – Constitution of Health Insurance Forum

February 2, 2012 1943 Views 1 comment Print

The health insurance segment of the insurance industry has been growing significantly. The IRDA has underpinned the growth of this market by registration of standalone health insurance companies, by nurturing the development of Third Party Administrators (TPAs) to enable a cashless system of claim settlement. It has also constituted Working Groups with major representatives such as FICCI and CII for suggesting measures to further improve the efficiency of the health insurance system in India. In the background of these developments,

Section 54F exemption available on Residential house constructed on agricultural land

February 2, 2012 30136 Views 4 comments Print

The Commissioner (Appeals) considered the fact that there is no bar to purchase agricultural land on which house was to be constructed. The fact is that subject to the provisions of sub-section (4) of section 54F, where, in the case of an assessee being an individual or a HUF, the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereinafter in this section referred to as the original asset), and the assessee has within a period of one year before or two years after the date on which the transfer took place purchased, or has within a period of three years after that date constructed,

Interrogation by Income tax officials till late night is torture & violation of human rights

February 2, 2012 7303 Views 0 comment Print

CCIT Vs. Rajendra Singh (Patna High Court)- Even assuming that there were temporary breaks in course of interrogation which continued for 42 hours, it is not in dispute that even on the second night of search and survey on 10.9.2010, the interrogations continued till 3 A.M. and the respondent no.3 and his family members were made to remain awake when it was time for sleep.

IRDA – Exposure Draft on Insurance Cover for Persons Living with HIV/AIDS

February 2, 2012 829 Views 0 comment Print

Circular No. 70/IRDA/HLT/Coverage of HIV/2011-12, -The Authority has received representations from various stakeholders including public bodies and Government Authorities, to provide insurance cover to people living with HIV and to people in general including doctors and nurses etc. who are vulnerable to HIV/AIDS, in Health Insurance policies.

Fixation of Standard Input-Output Norms (SION) for the export product “Articles made of Thermo Plastic Elastomer (TPE)”

February 2, 2012 942 Views 0 comment Print

PUBLIC NOTICE NO. 95 /(RE-2010)/2009-2014 A new SION for the export product Articles made of Thermo Plastic Elastomer (TPE)”is being notified.

Assessee cannot be held to be a trader in shares with respect to delivery basis transaction

February 2, 2012 3463 Views 0 comment Print

ACIT Vs. Mrs. Rajpal Sethi (ITAT Mumbai) – AO in the case of assessee while making the assessment for the assessment year 2004-05 has accepted the short term capital gain and the long term capital gain on sale of shares vide order dated 22.12.2006 passed u/s 143(3) of the Act, therefore, we are of the view that the assessee’s case is squarely covered in favour of the assessee by the decision of the Tribunal in the case of Shri Satpal Singh Sethi (supra). This being so and in the absence of any distinguishing features or contrary material brought on record by the Revenue, we respectfully following the consistent view of the Tribunal and the ratio of the decision of the Hon’ble Jurisdictional High Court in the aforementioned cases, hold that the ld. CIT(A) was fully justified in directing the AO to accept the appellant’s claim of short term capital gain and long term capital gain on share transactions, where the delivery has been taken or given and Security Transaction Tax has been paid.

Add. CIT Sentenced to Undergo Four Years Rigorous Imprisonment

February 2, 2012 1346 Views 0 comment Print

The Special Judge for CBI cases, Patiala House Courts, New Delhi has convicted Sh. H.A. Siddiqui, the then Addl. Commissioner of Income Tax Range-34, Vikas Bhawan, IP State, New Delhi in a bribery case of Rs.One Lakh and sentenced him to undergo four years Rigorous Imprisonment with total fine of Rs.Four Lakh.

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