"16 March 2012" Archive - Page 11

Service Tax refund can be refused on the ground of unjust enrichment

Sap Labs India Pvt. Ltd. Vs Commissioner of C. Ex (CESTAT Bangalore)

The appellant/assessee herein filed a refund application with the authorities on the ground that the service tax paid by them should not have been paid. The adjudicating authority after following the Principles of natural justice, rejected the refund claim on various grounds, including the ground of unjust enrichment....

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RBI Policy March 2012- No Change in repo, reverse repo rates & CRR

On the basis of the current macroeconomic assessment, it has been decided to: keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.75 per cent of their net demand and time liabilities; and keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.5 per cent. Consequently, the reverse repo r...

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Posted Under: Service Tax |

Addition u/s 68 can be made for non production of lenders

Smt. Suman Gupta Vs Income-tax Officer, Ward 1, Aligarh (ITAT Agra)

It is not in dispute that there were cash deposits of the equivalent amounts in the bank accounts of the creditors just before advancing loan to the assessee or on the date of issuing cheques to the assessee. In the case of the creditor, 'RS', his bank statement is filed in which Rs. 2,50,000 has been deposited, but neither it is mentione...

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ICAI requests members to share CPC and TDS related issues being faced.

there may be other reasons related to CPC or TDS due to which hardships are being faced by the members. In this regard, may we request you to provide the details of the hardships being faced by you or your clients with regard to CPC and also TDS, giving specific particulars including name and PAN of the assessee....

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Posted Under: Service Tax |

Budget 2012- Tax Exemption Limit may be raised slightly

Although the Committee had suggested raising the tax exemption limit to Rs 3 lakh, it is unlikely that Mukherjee will agree to it in view of the need to contain fiscal deficit. With limited space for give aways, the Budget is likely to balance populism with some tough measures to check tax evasion and generation of black money. ...

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Posted Under: Service Tax |

Applications for stay should not be disposed of in a routine manner unmindful of the consequences

Lanco Infra Tech Ltd. Versus CESTAT (Andhra Pradesh High Court)

The appellant/assessee availed the benefit under the Works Contracts Composition Scheme in respect of contracts entered into prior to 1-6-2007. The respondent/department issued show cause notice proposing service tax, interest and penalty on the ground that the petitioner was not eligible to avail the benefit under the Composition Scheme...

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