"21 June 2012" Archive

Notification No. 53/2012-Customs- (N.T.) dated: 21st June, 2012

Notification No. 53/2012-Customs (N.T.) (21/06/2012)

Notification No. 53/ 2012-Customs- (N.T.) In exercise of the powers conferred by sub-section (34) of section 2 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, being satisfied that it is necessary in the public interest so to do, hereby directs that each of the notifications of the Government of India in ...

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Due date for filing Form 49C extended till 30-9-2012

Order [F. No. 225/124/2012/ITA.II] (20/06/2012)

Section 285 of Income-tax Act and Rule 114DA of Income-tax Rules read with Circular No. 5 of 2012, dated 6-2-2012, prescribes that a specified categories of assessees having a (Liaison Office in India shall electronically file Form 49C, within 60 days from the end of financial year. The due date for filing Form 49C for the financial year ...

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ITAT has no power to condone delay in filing rectification petition u/s. 254(2)

Agni Briquette (P.) Ltd. Vs Assistant Commissioner of Income-tax, Circle-2 (ITAT Ahmedabad)

Statute has either mentioned that the date on which the order sought to be appealed should be the date of communication, or the date when the order is served or the date of service of the notice of demand. However, the Statute has not given any such indication while drafting the language of section 254(2) of the I.T.Act rather it has plai...

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Implementation of Paradigm shift in Taxation of Services – New Notifications

Yesterday, the TRU has issued number of Notifications to give effect of implementation of Paradigm shift in taxation of Services –Budget 2012 by way of either rescinding or amending old Notifications including some of recently issued Notifications during the time of Budget 2012 i.e. 17th March, 2012, which were supposed to come into for...

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20% TDS deduction is contrary to S.139A & discriminatory

Section 206AA of the Income Tax Act, which provides for furnishing a permanent account number, is contrary to Section 139A and discriminatory and therefore, read down from the statute for those persons, whose income is less than the taxable limit [A. Kowsalya & Others v. Union of India & Others (W.P 12780-12782/2010)] ...

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Posted Under: Custom Duty |

Involvement in a scam cannot be ground for sustaining penalty imposed u/s. 271E

Commissioner of Income-tax, Central-IV Vs Triumph International Finance (I) Ltd. (Bombay High Court)

The expression 'reasonable cause' used in Section 273B is not defined under the Act. Unlike the expression 'sufficient cause' used in Section 249(3), 253(5) and 260A(2A) of the Act, the legislature has used the expression 'reasonable cause' in Section 273B of the Act. A cause which is reasonable may not be a sufficient cause. Thus, the ex...

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Depreciation on Assets not used for the purpose of business – Allowability

DCIT Vs Boskalis Dredging India P. Ltd. (ITAT Mumbai)

Boskalis Dredging India P.Ltd, is a company incorporated in India on 5th January,1996. It is engaged in the business of undertaking inter alia capital and maintenance dredging projects and providing technical related services in dredging. However, during the relevant year, the income was earned from hire of personnel, hire of equipment an...

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Whether quota sale receipt covered U/s. Sections 28(iiia) to 28(iiie) or S. 28(iv)

The Commissioner of Income Tax Vs Nagesh Knitwears P. Ltd. (Delhi High Court)

In the said assessment year, the assessee had earned premium of Rs.12,26,140/- on sale of export quota. The Assessing Officer held that this premium is covered by Section 28 (iiia/b/c) and accordingly computed deduction under Section 80HHC but without giving benefit of provisos under sub Section (3) to Section 80HHC. He observed that the ...

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Non-compete Fee is a tool to hide payment of goodwill to sister concern

Pentamedia Graphics Ltd. Vs Deputy Commissioner of Income-tax (ITAT Chennai)

The assessee has made an attempt to suppress the true colour of the payment towards the goodwill by stating that payments were made towards non compete fee, IPR on brand/brand value, etc. In fact the assessee as well as its sister concern M/s. Pentafour Technologies Limited do have a common CEO and the companies are working under a common...

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Assessee can’t beg immunity for third person from Settlement Commission

Gupta Perfumers (P.) Ltd. Vs Income-tax Settlement Commission (Delhi High Court)

The impugned order passed by the Settlement Commission deserves to be upheld as the assessee, it is apparent, is caught in its own web, which it stoutly and strongly deny. Even now in the writ petition they have urged and argued that their conduct and actions were bona fide and solely guided by the noble and honourable desire to come clea...

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