"19 May 2012" Archive

Courts should not interfere in policy matters of State unless policy violates mandate of Constitution

Shanmuga Patro Vs Ministry of Finance (Delhi High Court)

Division Benches of this Court in Bhagwat Dayal Sharma Vs. UOI ILR (1974) Del 847 and Peoples Union for Democratic Rights Vs. Ministry of Home Affairs ILR (1987) Del 235 have held that where the power to do or not to do a thing is optional and discretionary and there is no statutory obligation, direction to the Executive to do a particula...

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Interest U/s. 234A to 234C Not Payable If Assessment Order Silent

Commissioner of Income-Tax-II, Kanpur Vs. M/s Deep Awadh Hotels (P.) Ltd., Kanpur (Allahabad High Court)

Even if any provision of law is mandatory and provides for charging of tax or interest, the view taken in CIT vs. Ranchi Club Ltd 247 ITR 209 (SC) is that such charge by the assessing officer should be specific and clear and assessee must be made to know that the assessing officer has applied its mind and has ordered charging of interest...

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DEPB Income Eligible for Deduction U/s. 80HHC irrespective of Turnover

Deputy Commissioner of Income Tax Vs M/s. Hindustan Unilever Ltd. (ITAT Mumbai)

In the instant appeal, there are total three grounds. Ground No. 3 is general in nature. Ground Nos. 1 and 2 raises the same issue. Both impugn the directions issued by Ld. CIT (A) to the AO to re-compute the deduction u/s 80HHC in accordance with the decision of Hon’ble Special Bench of ITAT Mumbai in the case of Topman Exports 318 ITR...

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List of CA/CMA Selected For Empanelment In Service Tax Commissionerate, New Delhi

List Of CAs/CMAs Who Have Been Selected For Empanelment In Service Tax Commissionerate, New Delhi For Special Audit Under Section 14AA Of Central Excise Act, 1944...

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Posted Under: Finance |

Sub Contractor not responsible for TDS u/s 194C(2)

Prashant H. Shah Vs Assistant Commissioner of Income-tax (ITAT Ahmedabad)

In terms of the provisions of section 194C(2) as clarified by the Board vide its Circular No. 715, dated 8-8-1995, conditions to be satisfied are (i) that the assessee should be a contractor, (ii) that the assessee should enter into a contract with a sub-contractor, (iii) that the sub-contractor should carry out any part of the work under...

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Key Income Tax amendments in Finance Bill 2012

• Benefit of reduced tax rate of 10 percent on long term capital gain arising from sale of unlisted securities has been extended to all non-residents in parity with Foreign Institutional Investors. • Benefit of capital gains tax exemption has been extended to sale of unlisted securities in an initial public offering. However, a securi...

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Posted Under: Finance | ,

Key Indirect Tax amendments in Finance Bill 2012

Customs -• The rigour of the prosecution provisions originally proposed to be introduced under the Customs Act has been diluted in the following manner: - Only serious offences under the customs law involving prohibited goods or duty evasion exceeding INR 5 million has been retained as ‘cognizable offences’ as opposed to a broader c...

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Posted Under: Finance | ,

Section 54EC – Reckoning of Period From Date of Sale or Receipt of Payment?

Shri Mahesh NemichandraGaneshwade Vs Income Tax Officer, Pune (ITAT Pune)

Requirement of section 54EC to the effect that investment in specified assets is to be made within a period of six months from the date of transfer, was put to some clarification by the CBDT in Circular No 791 (supra). The question arose before the CBDT regarding exemption of a long term capital asset which had arisen on conversion of a c...

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Excel Tips – Moving to the Last (or First) Cell in a Range

Using keyboard shortcuts To move to the last (or first) cell in a range: • Vertically from top to bottom, press Ctrl+Down Arrow. • Vertically from bottom to top, press Ctrl+Up Arrow. • Horizontally from left to right, press Ctrl+Right Arrow. • Horizontally from right to left, press Ctrl+Left Arrow....

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Posted Under: Finance |

An Overview of e-TDS & e-TCS

TCS means collection of tax at source by the seller (collector) from the buyer (collectee/payee) of the goods (specified u/s 206C of Income-tax Act, 1961, like timber obtained under forest lease, scrap, any other forest produce not being timber or tendu leaves etc.,). For e.g. if purchase value of goods is Rs.10,000/-, the buyer will pay ...

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Posted Under: Finance |

Despite Last Chance appeal should be adjourned if there is sufficient cause

M/s Mehru Electrical & Engg.(P) limited Vs The Commissioner of Income Tax, Alwar & Ors.. (Rajasthan High Court)

Ordinarily, it is not incumbent on the part of the Tribunal to adjourn the case again when a last opportunity had already been granted to the Counsel for assessee, however, there may be number of circumstances where adjournment becomes necessary, in the interest of justice. ...

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Partnership deed need not quantify partner’s remuneration

Commissioner of Income Tax Vs M/s. The Asian Marketing (Rajasthan High Court at Jaipur)

The only dispute by the Revenue is that the amount of remuneration has not been quantified in the partnership deed. It is mentioned in clause 8 of the partnership deed that remuneration will be payable as per norms fixed by the relevant provisions of the Income-tax Act. Thus the quantification of the remuneration is apparent from the clau...

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After Filling Appeal appellant can request withdraw of same if Tax Effect not significant

M/s. Estate Enterprise Vs. ITO (ITAT Mumbai)

The captioned appeal is fixed for hearing before the Hon’ble ‘G’ Bench today. The appellant has received partial relief. As the tax effect of the remaining issue is not significant, the appellant does not wish to pursue the appeal. In the circumstances, kindly allow the appellant to withdraw the appeal....

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Objective of Sec. 80-O is mainly supply of technical know-how or technical services to developing countries

The Dy. CIT Vs M/s. Petroleum India International, (ITAT Mumbai)

One thing is clear that the DR has not challenged the allowability of deduction u/s. 80-O, he has shown serious reservations on the basis of allowability, i.e. whether the deduction should be allowed on net amount or on gross amount. ...

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Itemized sale of assets with intention to transfer entire undertaking is slump sale

Mahindra Engineering & Chemical Products Ltd. Vs. Income-tax Officer (ITAT Mumbai)

Though the Appellant had treated it as itemised-sale of assets. The Appellant had sold business of Sealants and Adhesives as a whole to PIL.Therefore, the provisions of Sec.50B have been rightly invoked by both the lower authorities. ...

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