"July, 2012" Archive

India Signs Revised DTAA with Indonesia

Income Tax press release (31/07/2012)

The Government of the Republic of India signed a revised Double Taxation Avoidance Agreement (DTAA) with the Government of the Republic of Indonesia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 27th July, 2012 at Hyderabad House, New Delhi. Shri. S. M. Krishna, Minister f...

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Re-Export of Goods Imported Under Concessional Rate – Enjoy Double Benefit & Do Not Pay Duty

A manufacturer can import capital goods under the provisions of IGCR. However, a situation may come where a manufacturer is required to re-export the imported capital goods may be “as such” or after using for some period. In such a case, a manufacturer needs to obtain permission from the Assistant / Deputy Commissioner of Central Exci...

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Posted Under: Income Tax |

Service tax on staff benefits and employment related transactions – Suggestions invited by TRU

TRU has issued a Draft Circular F. No 354/127/2012-TRU dated July 27, 2012 clarifying certain issues in relation to leviability of service tax on staff benefits and employee related transactions and trade, industry & field formations are requested to go through the draft Circular and offer their comments, views and suggestions....

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Posted Under: Income Tax |

Income Tax Return Filing Due Date Extended to 31st August 2012

Order under Section 119 (31/07/2012)

In view of difficulties faced by taxpayers in filing Income tax Returns CBDT has extended last date for filing of Return for Companies and persons not subject to tax Audit for the A.Y. 2012-13 to 31st August 2012 from existing 31st July 2012. ...

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Interest income taxable on accrual basis, though the same has become irrecoverable

United Nilagiri Tea Estates Co. Vs Deputy Commissioner of Income-tax, Company Circle-1(1) (Madras High Court)

It is no doubt true that the Tribunal as well as the Assessing Officer had recorded the fact that the assessee was following the mercantile system of accounting. Hence, the accrual theory of interest income was to be assessed in the year in which it had accrued and had become due. As already pointed out by the Apex Court, in the mercantil...

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Judges do not make law, they only discover or find correct law

Deputy Commissioner of Income Tax Vs M/s. North Brook Jute Co. Ltd. (ITAT Kolkata)

As is the settled legal position, in the light of Hon’ble Supreme Court’s decision in the case of ACIT vs. Saurashtra Kutch Exchange Ltd. (305 ITR 227) , a judicial decision acts retrospectively. As Their Lordships observed in this case, judges do not make the law, they only discover or find the correct law and, therefore, a rectific...

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Sending order at correct address by registered post is deemed to be duly served unless assessee proves otherwise

Greenview Land & Building Con. Ltd. Vs CCE, Chandigarh-II (CESTAT Delhi)

Thus according to judgment of Hon'ble High Court of Punjab & Haryana in Mohan Bottling Co (P.) Ltd.'s case (supra), it can safely be said that sending the order at correct address by registered post is a sufficient compliance of section 37-C of Central Excise Act, 1944 and it is for the assessee to rebut the presumption of service by coge...

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Tribunal cannot reject cross-objections without entering into factual matrix

Ashian Needles Pvt Ltd Vs CIT(Delhi High Court)

We are of the opinion that the Tribunal could not have rejected the cross-objections without entering into the factual matrix and being satisfied itself that the appellant had not in fact filed cross-objections at the time when it could have originally when the appeals had been filed before the ITAT. ...

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ICAI President’s Message – August 2012

CA Final Results Declared: Results of the Chartered Accountants Final Examination held in May 2012 have been declared with 16.38% candidates as passed in Both Group category, whereas 25.32% and 29.62% candidates have been declared as passed in Group I and Group II categories respectively. I would congratulate all the successful candidates...

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Posted Under: Income Tax |

CBI arrest ITO & Advocate in a Bribery Case

The Central Bureau of Investigation has arrested an Income Tax Officer posted at Yamunanagar (Haryana) and an Advocate of Ladwa, Distt. Kurukshetra (Haryana) in a bribery case. ...

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Posted Under: Income Tax |
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