"May, 2012" Archive - Page 2

No reopening of Cases Prior to 01.04.2012 & Circular to avoid multilevel TDS on software u/s 194J -FM

On the issue of retrospective amendment, Union Finance Minister, Shri Pranab Mukherjee has said that he had given a commitment in the Parliament with regard to retrospective amendments that CBDT will issue a policy circular to clarify that in cases where assessment proceedings have become final before first day of April, 2012; such cases ...

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Posted Under: Income Tax |

Fm asks tax officials to avoid moving HC in case question of law not involved in disputes

Normally my advise would be that if there be no point of law, if its a matter of fact, then I think with the two appeals at the commissioner's level the department need not rush to the High Court if there be no point of law concerned, Mukherjee said which addressing I-T officials here. ...

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Posted Under: Income Tax |

CIT(A) must give sufficient time to A.O. for preparation of Remand Report

A.C.I.T. Vs. M/s.Bengal Waterproof Ltd. (ITAT Kolkata)

After hearing the rival submissions and on careful perusal of materials available on record, keeping in view of the fact that sufficient opportunity of being heard to AO has not been given by ld. CIT(A) for preparation of Remand Report and further keeping in view of the fact that all the materials placed before ld. CIT(A)has not been sent...

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Once foreign travelling accepted for business purpose then part of amount cannot be disallowed on account of personal use unless it is established

M/s Blue Steel Engineers Vs. DCIT (ITAT Mumbai)

It is not disputed that the directors of the company have undergone foreign travelling for the purpose of export and looking for the business avenues abroad. The details submitted by the assessee though only provides the date of travelling, details of country visited and amount of fare, visa charges and other miscellaneous expenses incurr...

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Appointiment of IRS Officers As Assistant Commissioners of Income-tax

Notification No. 10/2012-Income Tax (31/05/2012)

Notification No. 10/2012-Income Tax The president is pleased to appoint the following IRS(IT) officers in the grade of ACIT(Junir Scale) in the pay scale of Rs. 15,600 to Rs. 39,100 with effect from the dates stated against their names. Notification No. 10 of 2012 appointing IRS Officers As Assistant CITs ...

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Regarding File applications for 9 SEZ port codes

Policy Circular No. 66 (RE-2010)/2009 (31/05/2012)

DGFT Policy Circular No. 66 (RE-2010) /2009--Dated 31ST May, 2012- Sub:- File applications for 9 SEZ port codes - reg. Director General (Systems) have accorded SEZ port codes to the following 9 SEZs which have been uploaded on DGFT’s website:-...

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Online Reporting of Overseas Direct Investment in Form ODI

RBI/2011-2012/585 A.P. (DIR Series) Circular No.131 (31/05/2012)

It has now been decided to communicate the UIN in respect of cases under the Automatic Route to the ADs/Indian Party through an auto generated e-mail to the email-id made available by the AD/Indian Party. Accordingly, with effect from June 01, 2012 (Friday), the auto generated e-mail, giving the details of UIN allotted to the JV / WOS und...

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Disallowance u/s 36(1)(iii)(proviso) applicable to extension of existing business and not to setting up altogether different or new business

Sheetal Drape (India) Ltd. Vs Additional Commissioner of Income-tax-4(3) (ITAT Mumbai)

The ld. counsel for the assessee contended that the ld. CIT(A) was not justified in sustaining the disallowance of interest for the reason that the assessee was already doing its business from a rented premises. The new office premises and godown were stated to have been added in the current year to carry on the same business. It has thus...

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Unused urban land held by assessee for industrial purposes not assessable to Wealth Tax for a period of two years from the date of acquisition

Mars Hotels & Resorts (P.) Ltd. Vs Deputy Commissioner of Wealth Tax (ITAT Mumbai)

Notification has permitted the development of the land only for hotel; therefore, after the said notification, the land in question cannot be developed other than hotel and there is no dispute on this point that the land was finally developed by constructing the hotel by the assessee. Even, the MCGB vide its letter dated 10.6.1994 has ack...

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Where assessee is payee and not payer, no question of its defaulting in TDS deduction u/s 194J arises

Piramal Healthcare Ltd. Vs Assistant Commissioner of Income-tax (TDS)(ITAT Mumbai)

It is necessary that the assessee or the person concerned liable to deduct and pay the TDS must be responsible for paying to a resident any sum, by way of fees for professional services, fees for technical services, royalty or any sum referred to in clause (va) of sec. 28. Whereas just contrary to the said conditions, in the instant case...

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