"19 April 2012" Archive

Assessee can choose between treaty rate & 115A

M/s. IBM World Trade Corporation Vs. Dy. Director of Income Tax, International Taxation (ITAT Bangalore)

Section 115A; vs DTAA rate; Assessee can choose between treaty rate and 115A for different agreements before and after 1.6.2005. Assessee has not invoked or applied the provisions of the Treaty selectively. The assessee has computed the tax on royalty income arising from two different contracts falling under two different limbs of section...

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Section 50B Slump Sale Need Not be a Sale

SREI Infrastructure Finance Ltd. Vs The Income Tax Settlement Commission & Ors. (Delhi High Court)

The term ‘slump sale’ has been defined to mean a transfer of a business undertaking or a business for a lumpsum consideration with all its assets and liabilities, without values being assigned to individual assets/liabilities. The said term has no other significance and we should not read into and understand that the word ‘sale’, ...

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3rd Member opinion binding on Account member

Tulip Hotels Pvt. Ltd. Vs. DCIT (ITAT Mumbai)

On a difference of opinion among the two Members of the Tribunal, the ld.Third Member was called upon to answer two questions on which there was difference of opinion among the two members who framed the questions and the ld.Third Member in a well considered order, answered the reference by giving sound and valid reasons agreeing with the...

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S.50C not applies to transfer of booking rights

Income Tax Officer Vs. Shri Yasin Moosa Godil (ITAT Ahmedabad)

For application of Sec.50C that the transfer must be of a capital asset, being land or building or both. If the capital asset under transfer cannot be described as land or building or both then section 50C will cease to apply. From the facts of the case narrated above, it is seen that the assessee has transferred booking rights and receiv...

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Notification No. 24/2012-Central Excise (N. T.) ; Dated : 19.04.2012

Notification No. 24/2012-Central Excise (N.T.) (19/04/2012)

Provided that the CENVAT credit, if any, taken by the buyer of the said final product, of the excise duty paid by the said assessee on the said final product made and cleared up to the 15th March, 2012 shall not be required to be reversed. ...

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No Profession Tax on salary upto Rs.5000 pm in West Bengal

Circular No. 1 (P.Tax) /2012 (19/04/2012)

In term of notification No- 458L dt. 31/03/2012, am amendment has been brought in in the Schedule amended to the West Bengal State Tax on Professions, Trade, Callings and Employments Act,1979 allowing further exemption from payment of profession tax to the category of salary & wages earners whose monthly salaries or wages fall between Rs....

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ITAT may dismiss appeal for want of prosecution

M/s. Blue Star Infotech Ltd. Vs. ACIT (ITAT Mumbai)

These appeals were originally posted for hearing on 09.11.2011 (vide AD card) and at the request of the assessee it was adjourned from time to time and finally posted for hearing on 04.04.2012 on which date none appeared on behalf of the assessee. Though the assessee has raised several grounds no material, whatsoever, was filed to contrad...

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Companies in Aviation Sector Allowed to Avail of ECBS for Working Capital Requirements

The rapid growth of the Aviation sector in India has generated demand for additional finance for working capital and capacity expansion. High operating costs, particularly on account of high fuel costs, have put additional stress on the Airline Industry. ...

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Posted Under: Income Tax |

Bank Rate adjusted to 9.00 per cent wef April 17, 2012

RBI/2011-12/515 DBOD.No.Ret.BC.96 /12.01.001/2011-12 (19/04/2012)

As announced in the Monetary Policy Statement 2012-13, the Bank Rate stands adjusted by 50 basis points from 9.50 per cent to 9.00 per cent with effect from April 17, 2012. 2. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as indicated in Annex....

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All about Public Provident Fund Scheme (PPF)

Every individual desirous of subscribing to Fund under the Scheme for the first time either on his own behalf or on behalf of a minor of whom he is the guardian or on behalf of a Hindu Undivided Family of which he is a member or on behalf of an Association of persons or a Body of individuals as referred to in sub rule 2(b) of Rule 3 above...

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Posted Under: Income Tax | ,