"17 April 2012" Archive - Page 2

No penalty in absence of finding that return filed is incorrect or erroneous or false

Dimples Cine Advertising Pvt. Ltd. Vs ACIT Range 9(1), Mumbai (ITAT Mumbai)

Where no information given in the return is found to be incorrect or inaccurate, the assessee cannot be held guilty of furnishing inaccurate particulars. In order to expose the assessee to penalty, unless the case is strictly covered by the provision, the penalty provision cannot be invoked. By no stretch of imagination can making an inco...

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Cenvat credit of input service falls in the same category of taxable service as that of output service up to 13.05.2003

Idea Mobile Communications Ltd Vs Commissiober of C. Ex., Meerut (CESTAT Delhi)

Before the date when CENVAT Credit Rules, 2004 had come into effect i.e.10.09.2004, CENVAT credit was available under Cenvat Credit Rules, 2002 Service Tax Credit Rules, 2002 . Service Tax Credit Rules, 2002 allowed to take cenvat credit of input service falls in the same category of taxable service as that of output service up to 13.05.2...

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Just Imparting training to Officers of a organizations does not amount to rendering Management Consultancy service

Indian Institute of Forest Management Vs Commr. of C. Ex., Bhopal (CESTAT Delhi)

In this case, the focus of the appellant’s activity in organizing short term courses on the subject relating to the Forestry, Water Resources Management, Environment, for the officers of Indian Forest Service and other organizations i.e. improving the skills and knowledge level of the persons of various organizations attending the cours...

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Unique Customer Identification Code for Bank Customers in India

Availability of a unique customer identification code (UCIC) will help banks to identify a customer, track the facilities availed, monitor financial transactions in various accounts, improve risk profiling, take a holistic view of customer profile and smoothen banking operations for the customer. While some of the Indian banks have alread...

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Posted Under: Income Tax |

Usance interest paid under letter of credit liable for TDS

M/s. Sunoco Industries Pvt. Ltd., [Presently M/s. Gandhar Oil Refinery (India) Ltd.], Vs Dy.Commr. of Income-tax (ITAT Mumbai)

Briefly stated facts of the case are that the assessee paid a sum of Rs.9,54,684/- to a foreign bank without deduction of tax at source. In the audit report, it was mentioned that it was a usance interest paid under the letter of credit and hence not liable for any deduction of tax at source. In support of its case, the assessee relied on...

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RBI Monetary Policy Statement 2012-13 – Interest rates to Come Down

This Annual Policy for 2012-13 is set in a challenging macroeconomic environment. At the global level, concerns about a crisis have abated somewhat since the Third Quarter Review (TQR) in January 2012. The US economy continues to show signs of modest recovery. Large scale liquidity infusions by the European Central Bank (ECB) have signifi...

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Posted Under: Income Tax |

Highlights of RBI Monetary Policy 2012-13

First, banks are being advised to offer a ‘basic savings bank deposit account’ with certain minimum common facilities and without the requirement of a minimum balance to all their customers. Second, banks will be mandated not to levy foreclosure charges or pre-payment penalties on home loans extended on a floating interest rat...

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Posted Under: Income Tax |

Despite Offering Income In S. 148 ROI, S. 271(1)(c) Penalty Leviable

CIT Vs M/s Sangameshwara Associates (Karnataka High Court)

The Return of Income filed pursuant to a notice notice U/s. 148 is not ‘voluntary’ & it can be readily inferred that the assessee had not furnished full particulars of his true income and so reopening became necessary. The explanation that the income was offered to buy peace is not acceptable because it is a clear case of admission ...

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RBI reduces repo rate under LAF to 8.0 per cent

RBI/2011-12/505 MPD.BC.354 /07.01.279/2011-12 17/04/2012

Repo Rate- It has been decided to reduce the repo rate under the liquidity adjustment facility (LAF) by 50 basis points from 8.5 per cent to 8.0 per cent with immediate effect....

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Vodafone issues notice to Indian government over violation of Investment Protection Treaty

Vodafone has issued notice to the Indian government under Bilateral Investment Protection Treaty over tax issue between India and the Netherlands. The Dutch subsidiary Vodafone International Holdings BV today served a notice of dispute on the Indian government regarding proposals in the Finance Bill 2012 which it claimed, violated the int...

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Posted Under: Income Tax |

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