"27 March 2012" Archive

Search, Seizure and Survey Simplified

Search and Seizure are the burning topics in current Tax scenario. It seems that North Block is completing its direct as well as indirect tax targets through this amour of ‘SEARCH and SEIZURE’. As the corporate’s as well as practitioners need to be very handy with the procedure, I have drafted the language of this article in very ea...

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Posted Under: Income Tax |

Assessee can ask for application of correct rate of Depreciation during Assessment

Income Tax Officer, Vs Sri Balaji Sago and Starch Products (ITAT Delhi)

In the present case also, the assessee has made a claim for depreciation on WDV method but the rate chosen was not a correct one. The assessee asked for adopting the correct rate which is in fact, was only a prayer to rectify a mistake apparent on record. The assessee was not claiming any fresh claim before the assessing authority....

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Extended period of limitation can been invoked on suppression of facts by assessee

National Aviation Co. of India Ltd. Vs Commissioner of Service Tax, Mumbai (CESTAT Mumbai)

On verification of the records, we find that the details submitted by the applicants on 14.05.2007, does not cover the amount of tickets sold prior to 01.05.2006 for the journey carried out on or after 01.05.2006. We find that this is a suppression of fact on the part of the applicants prima facie therefore, the extended period of limitat...

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No interest disallowance For advances given to group and subsidiary companies out of commercial expediency

Modi Entertainment Ltd. Vs DCIT (ITAT Delhi)

Advances were given to the said group companies as part of the corporate / business strategy of the assessee to expand the business operations. Assessee’s further submission is that lower authorities further failed to appreciate that since the loans and advances were advanced by the assessee to group companies engaged in the similar bus...

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Highlights of Karnataka Budget for FY 2012-13

The salient features of the Karnataka State Budget for financial year 2012-13 presented in the Legislative Assembly with respect to Commercial Taxes matters are been discussed in below article. The amendments indicated in the Article are effective from 01.04.2012 or such specific dates that it may be made effective from. ...

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Posted Under: Income Tax | ,

Training expense of employee cannot be treated as capital expenditure

Assistant Commissioner of Income Tax Vs M/s Henkel Teroson India Ltd (ITAT Delhi)

Assessee has not obtained any benefit of enduring nature. The royalty is payable on the basis of volume of sales year to year. In the event of termination of agreement has to discontinue uses of material provided return everything in this respect. Hence it cannot be said that any benefit of enduring nature accrued to the assessee. ...

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Premium Rates for Motor Third Party Insurance Liability only cover – 2012-13

Order No. IRDA/NL/NTFN/MOTP/076/03/2012 27/03/2012

The Authority refers to its notification no. IRDA/NL/NTFN/MOTP/066/04/2011 dated 15th April 2011 on the captioned subject. As per the said notification the Authority had to review the premium rates for motor third party liability only cover and adjust them annually using the formula:...

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Govt may modify GAAR if required

Amidst fears that FIIs may be taxed for short-term capital gains in stock markets, the government today said it will examine and modify the General Anti Avoidance Rules (GAAR) if required. ...

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Posted Under: Income Tax |

SBI hikes fixed deposit rates by upto 1%

Country's largest lender SBI today raised fixed deposit rates on select maturities by up to 1 per cent, amid tight liquidity situation. Fixed deposits with maturity period of 7 to 90 days will earn eight per cent interest against existing seven per cent. The SBI said in a statement that the new rates would be effective from on Wednesday....

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Posted Under: Income Tax | ,

Rs 2.73 lakh crore of outstanding income tax dues locked up in tax disputes

As on September 30, 2011, a net amount of Rs 3,50,000 crore approximately is outstanding as income tax dues, out of which Rs 2,73,000 crore approximately is locked up in tax dispute at various levels," Minister of State for Finance S S Palanimanickam said in a written reply to the Rajya Sabha. ...

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Posted Under: Income Tax |

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