"06 July 2012" Archive

Allowing Leave encashment expense only on payment basis unconstitutional

CIT Vs Hindustan Latex Ltd. (Kerala High Court)

Calcutta High Court in Exide Industries case (supra) held that leave encashment is neither a statutory liability nor a contingent liability and it is a provision to be made for the entitlement of an employee achieved in a particular financial year. Testing clause (f) with the objects sought to be achieved by the introduction of Section 43...

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If a particular sum is not income, requirement of making TDS non-existent

Meil-Sew-Maytas-Bhel(JV) Vs ITO (ITAT Hyderabad)

Section 201(1) uses the expression 'any person, who is required to deduct any sum in accordance with the provisions of the Act…..'. Assessee's stand was that there was no such requirement. As per the provisions of section 194C, an amount has to be deducted out of the sum in pursuance to a contract, at the time of payment/credit towards ...

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S. 2(47)(v) Possession need not necessarily be sole & exclusive

Assistant Commissioner of Income-tax Vs A. Ram Reddy (ITAT Hyderabad)

Owners have entered into an agreement for development of the property and certain rights were assigned to the developer who in turn had made the substantial payment and consequently entered into the property and thereafter if the transferee has taken any steps in relation to construction of the flats, then it is to be considered as transf...

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Absence of a provision, can’t be ground for declaring statute as arbitrary

Larsen and Toubro Ltd. Vs UOI (Delhi High Court)

Larsen and Toubro Ltd. v. UOI There is no provision like section 4(7) of the Andhra Pradesh VAT Act in Delhi VAT Act. The entire case of the petitioner was that there should have been a provision like this in Delhi VAT Act as well, otherwise it is leading to various difficulties. Even if one presume that the provision like section 4(7) in...

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CCI imposes penalty of more than Eight Crores on Multi System Operators Group

Kansan News (P.) Ltd. Vs Fast Way Transmission (P.) Ltd. (Competition Commission of India)

The Competition Commission of India has found Fast Way Group abusing its dominance in the cable TV service in the territory of Punjab and Chandigarh in violation of the provisions of the Competition Act, 2002. The order was passed pursuant to investigation carried out by the Director General upon information filed by M/s Kansan News Priva...

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Posted Under: Income Tax |

TP – A.O. cannot reject method adopted in earlier years if facts are identical

Agility Logistics (P.) Ltd. Vs Deputy Commissioner of Income-tax-8(1), Mumbai (ITAT Mumbai)

Agility Logistics (P.) Ltd. v. DCIT As the facts in issue for the year under appeal are identical with facts of the AY 2004 -05 & 2005 -06, respectfully following the decisions of the tribunal mentioned here in above in the appellants own case for the AY 2004 -05 & 2005 -06, we allow the appeal filed by the assessee and hold that the addi...

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Transfer of file u/s.158BD without recording of satisfaction makes s.158BC assessment invalid

CIT Vs DR. T.M. Kuriachan (Kerala High Court)

Section 158BD is only an enabling provision to assess any other assessee other than the searched assessee if in the course of search of another assessee evidence of undisclosed income is received in respect of the assessee who is not searched. However, the assessment pursuant to the enabling provision i.e. under section 158BD also is an a...

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TDS not deductible on reimbursement of brokerage

D C I T Vs. M /s. Tata Asset Management Ltd (ITAT Mumbai)

With regard to the first issue the AO was under the wrong impression in treating the reimbursement of ‘scheme expenses’ as provision for expenses whereas the fact remains that the expenses were crystallized and it was paid immediately after the end of the financial year and similar expenses were allowed as eligible for deduction in th...

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Search warrant issued in the name of group concerns with names of assessees separately stated therein is valid

Commissioner of Income-tax, Cochin Vs Khyber Foods (Kerala High Court)

CIT v. Khyber Foods The only question raised is whether the Tribunal was justified in holding that the assessments were invalid for the reason that search warrant issued in Form 45 was invalid. The contention of Senior counsel for the Revenue is that assessee never had a case on the validity of assessments except at the Tribunal stage whe...

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S. 54G Amounts should be utilized for acquisition of assets for business purpose

Dy. Commissioner of Income Tax Vs Enpro Finance Ltd (ITAT Mumbai)

DCIT v. Enpro Finance Ltd Clause-b of sub section (1) of section 54G does not use its specific phrase ‘for the purpose of its business of under taking’ except that the business should be in non-urban area. Therefore, it can be interpreted that assessee should carry on any business in non urban area. If the amounts are utilized for ac...

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ICAI Election 2012 – Option for Polling Booths in Delhi/New Delhi, Mumbai and Kolkata Cities

The next elections to the Council and the Regional Councils of the Institute of Chartered Accountants of India are scheduled to be held on 7th and 8th December, 2012 in cities having more than 2500 members and on 8th December, 2012 at all other places in terms of the provisions of Rule 21 of the Chartered Accountants (Election to the Coun...

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Posted Under: Income Tax |

Export of additional 4,476 MTs of raw sugar to USA under Tariff Rate Quota

Public Notice No. 9 (RE-2012)/2009-2014 (06/07/2012)

Public Notice No. 9 (RE-2012)/2009-2014 Additional quantity of 4,476 MTs of raw sugar is permitted to be exported to USA under TRQ by M/s. Indian Sugar Exim Corporation Ltd. Earlier 8,300 MTs of raw sugar was allocated for export to USA under TRQ....

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Banks to switch to ‘e-BRC’ system by 16.08.2012

Policy Circular No. 08(RE-2012)/2009-14 (06/07/2012)

Requests have been received from various stakeholders for extension of the date of mandatory issuance and transmission of electronic BRC’s on account of lack of readiness. Accordingly, it has been decided that existing system of physical BRC issuance from bank may be continued further for a period up to 16.08.2012 for smooth transitio...

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Filing of Balance Sheet & Profit & Loss Account in XBRL Mode for F.Y. commencing on or after 1.4.2011

General Circular No. 16/2012 (06/07/2012)

Vide Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2011 notified vide GSR No. 748E dated 5.10.2011, select class of companies are required to file their Balance Sheet and Profit & Loss Account and other documents as required u/s 220 of Companies Act , 1956 with the Registrar of Companies for t...

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Partial Reverse Charge Mechanism – Putting Service Tax in Forward Gear

The concept of reverse though important, has limited applicability in our day-to-day life. We are familiar with reversing a vehicle for limited purposes. A vehicle cannot be driven in reverse for moving forward. However, when it comes to levy of taxation it is not the case. Under the ST, till 30th June, 2012 the concept of levying tax on ...

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Posted Under: Income Tax | ,

S. 621 of the Companies Act, 1956 – Offences against Act to be cognizable, only on complaint by registrar, shareholder or Government

Notification No. GSR 539(E) (06/07/2012)

Section 621 of the Companies Act, 1956 - Offences against Act to be cognizable, only on complaint by registrar, shareholder or Government - Serious fraud investigation officers authorized for purposes of filing and conducting prosecution under the Act. Notification No. GSR 539(E), dated 6-7-2012 - In pursuance of sub-section (1) of sectio...

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Payment to company located in Israel for purchase of software is royalty

Samsung Electronics Co. Ltd. Vs Deputy Director of Income-tax (International Taxation), (ITAT Bangalore)

Samsung Electronics Co. Ltd. V. DDIT The main grievance of the assessee in this appeal relates to the action of the ld. CIT (Appeals) in confirming the view expressed by the Assessing Officer in holding that the payment of USD 21,270 payable to CEVA DSP Limited, Israel, for purchase of software was in the nature of royalty and the assess...

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ICAI postpones Implementation of e-Diary system

All Articled/ Audit Assistants are hereby informed that due to technical issues implementation of e-diary system for capturing the work done by students, review by the Principal, alert for due dates and monitoring at the Institute’s level is kept in abeyance....

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Posted Under: Income Tax |

ICAI announces CPT December 2012 Exams date

No.13-CA (EXAM)/CPT/ December/2012: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test (Paper- Pencil Mode) will be held on Sunday, 16th December, 2012 in two sessions as below, at the following c...

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Posted Under: Income Tax |

Release date of ITR 5 Online E-Filing Utility for A.Y. 2012-13

It is informed by Income Tax department that E-Filing Utility for ITR-5 is likely to be made available by 7th July 2012. Government has released format of ITR form 5 & 6 as applicable for Assessment year 2012-13 vide NOTIFICATION NO.25/2012 DATED 2-7-2012. ...

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Posted Under: Income Tax |

Suggestions on proposed amendments in the CESTAT Forms

EA 3, EA 4 and EA 5 forms have been notified for filing appeal in Central Excise disputes. Similarly, CA 3, CA 4 and CA 5 have been prescribed for Customs cases and ST 5, ST 6 and ST 7 for disputes in Service Tax matters. 2. It is proposed to amend the existing forms meant for filing appeals in the Tribunal The purpose of the proposed ame...

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Posted Under: Income Tax |

SBI launches eFile service for filing I-T returns

State Bank of India (SBI) today launched a new service that will facilitate filing Income Tax returns online. This service is currently available only to the bank's customers, at a discounted price, SBI said in a statement. For salaried individuals the fee starts as low as Rs 150, inclusive of taxes, which can be paid by the customer thro...

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Posted Under: Income Tax |

SC restrains RBI from allowing foreign law firms to operate in India

Bar Council of India Vs A.K. Balaji (Supreme Court of India)

Bar Council of India v. A.K. Balaji It is clarified that Reserve Bank of India shall not grant any permission to the foreign law firms to open liaison offices in India under section 29 of the Foreign Exchange Regulation Act, 1973....

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Gujarat Income Tax department detects Rs 111 crore of undisclosed income

Gujarat's Income Tax department has detected allegedly undisclosed income of Rs 111 crore during a I-T survey on a transport and logistics firm. On the basis of evidences gathered and inquiries conducted, the taxpayer group has surrendered Rs 111 crore as undisclosed income, an I-T official said, adding the survey was conducted at three p...

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Posted Under: Income Tax |

XBRL filing due date extended to 15th November, 2012

All companies will be allowed to file their financial statements in XBRL mode without any additional fee/penalty upto 15h November, 2012 or within 30 days from the date of their AGM, whichever is later. GENERAL CIRCULAR NO. 16/2012, DATED 6-7-2012...

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Posted Under: Income Tax |

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