"03 July 2012" Archive

Distributions of Non-cash Assets to Owners [IFRIC 17 under IFRS]

The International Financial Reporting Interpretations Committee (IFRIC) issued IFRIC 17 Distributions of Non-cash Assets to Owners. IFRIC 17 is to be applied prospectively for annual periods beginning on or after 1 July 2009. This Interpretation provides guidance on the appropriate accounting treatment when an entity distributes assets ot...

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Posted Under: Finance |

Rajiv Gandhi equity scheme -Lock in period may be reduced to 1 year

Former Finance Minister Pranab Mukherjee, in the Budget for 2012-13, had announced introduction of the Rajiv Gandhi equity scheme under which 50% tax deduction would be provided to retail investors with annual income less than Rs 10 lakh. Under the proposed scheme, the investors would be allowed to invest up to Rs 50,000 in a year with a ...

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Posted Under: Finance | ,

Service Tax on All Services A Reality Now

The consumption of services in India has become costlier w.e.f. 1.7.2012. The services which were hitherto not taxable at all are into tax net now. Those which were taxed earlier have a larger scope or are taxed with lesser exemptions. The valuation norms have been made tougher so that Service Tax is levied on gross value of service which...

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Posted Under: Finance |

TDS Rates / Chart for A.Y. 2013-14 / F.Y. 2012-13

TDS Rates / Chart Under Income Tax Act, 1961 for Financial Year 2012-12/ Assessment Year 2013-14 on Salary (Section 192) , Interest on Specified & Other Securities (Section 193), Deemed Dividend & Other Dividend , Interest other than interest on security, Winning from Lotteries, Winning for horse race, Payment to Contractor & Sub-Contrac...

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Posted Under: Finance | ,

Tax can not be claimed from both service provider & recipient

Commissioner of Central Excise, Kanpur Vs Om Tea Company (CESTAT Delhi)

Bench held that When the transporter is same and recipient is respondent and there is no contradiction that tax was collected from the transporter, double taxation on the same transaction is inconceivable under the present provisions of Finance Act, 1994. ...

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Sec. 115JB – Interest capitalised cannot be added to book profit

JCIT(OSD), Vs Shreyans Industries Ltd. (ITAT Chandigarh)

The Assessing Officer is not competent to make addition to the book profit for amount of interest, as the net profit had already been computed as per provisions of the Companies Act. The said amount does not fall under section 115JB(2) and Explanation 1 thereunder. Therefore, the appeal of the revenue on the said issue was liable to be di...

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Assessee not entitled to deduction u/s. 54EC while computing book profit u/s. 115JB

Bakhtawar Construction Co. P. Ltd. Vs Income Tax Officer - 2(1)(1) (ITAT Mumbai)

Assessee contended that it is entitled to the benefit of exemption under section 54EC of the Act even while computing book profit chargeable to tax under section 115JB of the Act. The Bench, while passing the order, followed the decision of the Hon'ble Kerala High Court to hold that the assessee is not entitled to deduction under section...

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Admitting additional evidence without calling for remand report violates Rule 46A

ACIT Vs Late Avtar Singh Bahl (ITAT Delhi)

We find that certain fresh documents have been produced before CIT(A) and CIT(A) without calling for remand report or confronting such material to the Assessing Officer has passed the impugned order in a very precise manner to delete the impugned addition which is not justified. So, action of the CIT(A) is not only violative of Rule 46A o...

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While dealing with application u/s. 80G(5) CIT cannot act as assessing authority

Shri Chandrabhan Athare Patil Gram Navodaya Trust Vs Commissioner of Income-tax - I, Pune (ITAT Pune)

The Hon'ble Gujarat High Court in the case of N.N. Desai Charitable Trust (supra) while deliberating upon the scope of enquiry for the purpose of granting of recognition u/s.80G of the Act opined that it does not envisage the commissioner to act as an assessing authority because the actual assessment of institution would not ultimately ef...

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Govt imposes Anti-dumping duty on import of Soda ash

Notification No. 34/2012-Customs (ADD) (03/07/2012)

Notification No. 34 /2012-Customs (ADD) Whereas, in the matter of import of Soda Ash (hereinafter referred to as the subject goods), falling under sub-heading 283620 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the customs Tariff Act), originating in, or exported from, People’s Republic ...

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Loss created from sale / Purchase of shares through sister concerns not allowable

Premier Synthetic Industries Vs Income-tax Officer (Madras High Court)

Premier Mills Limited merely used the assessee firm as a special vehicle for the purpose of achieving, what it would not be possible for it to achieve in a legal way. It was found that as Premier Mills Limited could not purchase its own shares and in order to circumvent Section 77 of the Companies Act, it decided to repurchase the shares ...

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Full value of consideration cannot be replaced by FMV if it exceeds stamp duty value

Eldeco Infrastructure & Properties Ltd. Vs Commissioner of Income-tax, Delhi-IV (ITAT Delhi)

Having regard to the nature of the asset, if the AO is of the opinion, that valuation of the capital asset is required, but such reference can be made only to ascertain the fair market value, therefore, the applicability of section 55A(b)(ii) is also limited one. We have read section 50C alongwith these connected sections and then arrived...

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Change in shareholding with sole object of gaining control of company is oppression

Rajendra Prasad Rungta Vs Amber Commercial (P.) Ltd. (Company Law Board Delhi)

The petitioners allegations that their group has been converted from a majority to a minority in shareholding and respondents representation in management has substantially been increased are found to be correct. In view of the continuous effects of such oppressive acts, to undo the effects and to regulate the affairs of the R-1-company i...

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Sec. 11B – Time Limit to claim refund not applies to duty paid under protest

Shri Natraj Ceramic & Chemical Industries Ltd. Vs Commissioner of Central Excise, Rajkot (CESTAT Ahmedabad)

Apparently the Superintendent took objection for the debit of interest in the cenvat credit and thereafter the appellants made the cash payment. Under these circumstances it has to be held that the payments made by the appellant were under protest only and therefore the time limit under Section 11B would not be applicable. ...

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Rail Transportation of Passengers & Goods Exempt from Service Tax for 3 Months

The Ministry of Finance has issued Notification No. 43/2012-St, dated 2-7-2012 which states that the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the two kinds of services provided by Indian Railways namely Service of transportation of passengers (with or without accompanied ...

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Posted Under: Finance |

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