"05 March 2012" Archive

Service tax payable on Gross Amount of Commission

Em Pee Motors Ltd. Vs commissioner of Central Excise (CESTAT Delhi)

The appellant/assessee provided services of Authorized Service Station and Business Auxiliary Services. They had acted as agent for promoting vehicle loans for which the Bank paid them commission. Out of the commission paid by the Bank, they were in fact paying some amount to the loan seekers as an incentive for taking the loan through th...

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Income Tax – Relief before Budget

The economic growth is now expected to be marginally over 7 percent, though capital formation and investments have slowed down, global economic and financial conditions are under pressure, inflation has declined but still a cause of worry and fiscal deficit continues to be of concern. In this backdrop, it is no body’s guess as to what t...

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Posted Under: Service Tax |

Salary Income – Who Is Exempted from Filing Tax Return?

Individual whose total income for the relevant assessment year does not exceed Rs 5 lakh and consists of only income chargeable to income-tax under...salaries... (and) income from other sources, by way of interest from a saving account in a bank, not exceeding Rs 10,000” have been exempted from filing the returns from assessment year 20...

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Posted Under: Service Tax |

Assessee can claim CENVAT of duty paid by job worker on goods sent back

Filtrum Tools & Components (P.) Ltd. Vs Commissioner of Central Excise, Pune (CESTAT Mumbai)

Question involved in the appeal is whether the duty paid by the job worker on goods, received back by the appellant can be availed as Cenvat credit by the appellant. I find that the issue involved in the appeal is clearly covered by the decision of Hon'ble Bombay High court in the case of Nestle India Ltd. (supra). Once the duty has been ...

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Order passed ex-parte may be refereed back to CIT(A) for fresh consideration if Assessee under the bonafide belief that he duly informed to the Income Tax Department about change in address

Mrs. Nancy V. Silva V/s Deputy Commissioner of Income Tax 9(3) (ITAT Mumbai)

Perusing the material available on record including the affidavit filed by the assessee to show that the assessee was under the bonafide belief that the change of address was informed /known to the Department; we are of the view that the assessee was prevented by reasonable cause, therefore, in the interests of justice, we consider it fai...

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Addition for Gift recd not warranted if Assessee proves identity, credit-worthiness and genuineness of donor

Asst. Commissioner of Income Tax- 2(1) Vs. Pradeep K. Vakharia (ITAT Mumbai)

The issue for consideration before is whether the gift received by the assessee is genuine or not? As per the AO, gift of such a substantial amount was not justified to a nonrelative/ no blood relation and the creditworthiness of the donor is not adequate. The CIT(A) held that, in fact, the Assessing Officer has in his remand report clear...

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ITAT may accept additional evidence if same goes to the root of the matter and refer the matter back to A.O.

Sharp Construction Co. V/s Income Tax Officer (ITAT Mumbai)

At the time of hearing, the ld.counsel for the assessee submits that the assessee has filed certain additional evidences i.e. vouchers relating to expenses, balances sheet for the period from 31.3.1999 to 31.3.2005 and bank statement of the assessee showing receipt of Rs.15,00,000/- from M/s Landline Builder Pvt.Ltd. vide sale agreement d...

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Notification No. 15/2012 – Customs (ADD) dated the 5th March, 2012

Notification No. 15/2012-Customs (ADD) 05/03/2012

Notification No. 15/2012 - Customs (ADD) By virtue of the present notification, i. 15/2012-Customs (ADD) dated 05-03-2012, the validity date of the earlier notification no.15/2007-Customs dated 20 February, 2007, levying anti-dumping duty on imports of all Fully Drawn or Fully Oriented Yarn/Spin Draw Yarn / Flat Yarn of Polyester, origina...

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Grant of ‘Certificate of Registration’ for carrying on the business of Credit Information – Credit Information Bureau (India) Limited

Circular DBOD No. CID. BC.84/20.16.042/2011-12 05/03/2012

Circular DBOD No. CID. BC.84/20.16.042/2011-12, dated 5-3-2012 We advise that, on March 5, 2012, we have issued ‘Certificate of Registration’ to Credit Information Bureau (India) Limited (CIBIL) to carry on the business of credit information. The address of the company is as follows: The Managing Director, Credit Information B...

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Vacancies for Empanelment of Senior / Junior Standing Counsel to represent the Income Tax Department

The Chief Commissioner of Income Tax, Jaipur invites applications from the Advocates for Empanelment of Senior / Junior Standing Counsel to represent the Income Tax Department before the honorable Rajasthan High Court....

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Posted Under: Service Tax |

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