"May, 2012" Archive - Page 10

S.68 If assessee fails to prove identity & credit worthiness of creditor than AO can treat the loan as income

Kaypan Exports Pvt. Ltd. Vs. Income tax Officer (ITAT Mumbai)

The dispute is regarding addition of Rs.14,60,052/- made by AO on account of unsecured loans from Shri Balwantbhai Grewal. There is no dispute that the said amount had been shown as loan in books of account of the assessee. Assessee could not produce any evidence to prove the identity and creditworthiness of Shri Balwantbhai Grewal who li...

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Agent not liable for tax on income earned on behalf of principal but only for charges received for his service

City & Industrial Development Corporation of Maharashtra Ltd. Vs. ACIT (ITAT Mumbai)

Assessee is an agent of Government of Maharashtra and also considering the fact that Hon’ble High Court granted stay to the assessee for the recovery of the demand when the appeal was pending before ld CIT(A), we hold that the assessee has a prima facie case for grant of stay for recovery of the dues pending disposal of appeal before th...

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International Worker definition narrowed – outbound assignees contributing to India PF excluded

Notification No. IWU/7(17)2009/2816 (25/05/2012)

Special Provisions in respect of International Workers included in the Employees' Provident Funds Scheme, 1952 as well as Employees' Pension Scheme, 1995 have been given effect from 15t October, 2008. Subsequently, certain amendments have also been carried out vide notification dated 11th September, 2010 and the same were circulated vide ...

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I-T department working on strategy to prevent corruption

The Income Tax Department is working on a comprehensive strategy to deal with corruption within the organisation. The work relating to identification of potential areas of corruption related to the organisational activities and development of an action plan for its mitigation has commenced, the Central Board of Direct Taxes (CBDT) said. ...

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Posted Under: Income Tax |

Who is a First Stage Dealer & Concept of Transit Sale

First Stage Dealer means a dealer, who purchases the goods directly from (i) the manufacturer under the cover of an invoice issued in terms of the provisions of Central Excise Rules, 2002 or from the depot of the said manufacturer, or from premises of the consignment agent of the said manufacturer or from any other premises from where the...

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Posted Under: Income Tax |

Stamp Papers valid even after six month of Purchase

Thiruvengada Pillai Vs Navaneethammal and Anr. (Supreme Court of India)

The Indian Stamp Act, 1899, nowhere prescribes any expiry date for use of a stamp paper. Section 54 merely provides that a person possessing a stamp paper for which he has no immediate use (which is not spoiled or rendered unfit or useless), can seek refund of the value thereof by surrendering such stamp paper to the Collector provided it...

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IRDA Guidelines on approval/renewal of agents training institutes

Circular No. IRDA/AGTS/CIR/GLD/120/05/2012 (25/05/2012)

The Authority has issued standard instructions and guidelines applicable for approval/renewal of agents training institutes vide Ref: IRDA/AGTS/CIR/GLD/269/12/2011, dated 7th December, 2011....

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Amendments in DTAA between India & Japan

Notification No. 19/2012-Income Tax (24/05/2012)

Notification No. 19/2012-Income Tax Whereas the Convention between the Government of the Republic of India and the Government of Japan for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on income has come into force on the 29th day of December, 1989 after the exchange of Instruments of Ratifica...

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ITAT Asks CBDT to take notice of Mistakes in Central processing of Returns

Ambala Central Cooperative Bank Ltd. Vs Income-tax Officer (ITAT Chandigarh)

However, we would like to take this opportunity to bring to the notice of CBDT that after the procedure of Central processing of returns, many issues have come before various forums where unnecessary demands have been raised due to non-grant of TDS, wrong computation of income, adjustment of the previous year demand which have already bee...

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Whether assessee could book its expenses on accrual basis & receipts on actual receipt basis

The Commissioner of Income Tax Vs M/s Phool Singh Yadav & Co.,Gurgaon. (Punjab and Hariyana High Court)

The assessee has followed mercantile system of accountancy in regard to the expenditure incurred during that year and results were declared on actual receipt and this method is constantly followed by the assessee since last so many years, therefore, addition of the amount received in the next year in the month of April should not have bee...

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