"21 July 2012" Archive

Last Date to File Form 23B without Penalty Extended by 2 Weeks

Kindly note that the last date for filing the Form 23B without fee has been extended for two weeks. Fee shall be charged on any eForm 23B filed on or after 5th August, 2012. You are therefore advised to file the pending eForms within the time limit to avoid any last minute rush....

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Posted Under: Company Law |

Exemption to Salaried Employees from Filing of I-T Returns for A.Y. 2012-13

PRESS RELEASE [NO. 402/92/2006-MC (15 OF 2012)] (20/07/2012)

Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the following conditions are fulfilled:- • Employee has earned only salary income and income from ...

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Depreciation allowable on non-compete fee paid for acquisition of non-compete rights

ACIT Vs GE Plastics India Ltd. (ITAT Ahmedabad)

In the Tribunal decision rendered in the case of Srivatsan Surveyors (P.) Ltd. v. ITO [2009] 32 SOT 268 (Chennai) the issue was decided against the assessee on the basis that the depreciation on restrictive covenant is 'a right in persona' and not a 'right in rem' and, hence, depreciation on it is not allowable as per the provisions of se...

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FAQs on Income Tax Returns Filing for A.Y. 2012-13

Q.1. If there is mismatch between the actual tax deducted and the amount shown in form 26AS, how to get it rectified and claim the balance? It is advised to claim the actual tax deducted in the return. Such mismatch will be handled in accordance with Instruction No. 4/2012, in the following manner: (a) Where difference between claim and a...

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CA Final/CPT Toppers & Pass percentage of May/June 2012 exam

ICAI today announced the following results - Chartered Accountants Final Examination held in May, 2012. Common Proficiency Test (Paper Pencil Mode) held on June 17, 2012....

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Posted Under: Company Law |

Interest U/s. 244A payble on entire amount of I-T refund

DCIT Vs Bosch Ltd. (ITAT Bangalore)

In the assessee is entitled to receive interest on refund which is out of any tax. As a matter of fact, the refund arises only on tax portion. There is misconception in the interpretation of the Assessing Officer that interest can be paid only on the tax portion in the refund and not on the entire amount of refund. Moreover, section 244A ...

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I-T Dept. to Set up Return receipt counters / Tax Kiosks at Delhi & Mumbai

This year no return receipt counters are set up at Pragati Maidan, instead Returns will be received at Civic Centre, opposite Ramlila Ground, New Delhi, on 26th, 27th, 30th July, 2012 (10:00 A.M. to 5:00 P.M.) & on 31st July, 2012 (10:00 A.M. to 8:00 P.M.)....

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Posted Under: Company Law |

Interest payable on late TDS payment for delay due to Cheque clearing / Govt holiday

G.M., Mprrda, PIU Vs Income-tax Officer (TDS) (ITAT Agra)

The time taken for clearing of cheques and Government holidays and reasonable cause etc. are not the reasons, which could be considered while levying the interest against the assessee...

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Payment for lease creating ownership rights is capital expenditure

Krishak Bharati Cooperative Ltd. Vs DCIT (Delhi High Court)

In the present case, what is apparent is that the lessee (assessee) paid a substantial amount (Rs. 2.53 crores) in 1989 at the time of entering into the transaction. It was a precondition for securing possession; the amount was one-time consideration in terms of the lease condition. In addition, the lessee has to pay 2.5% of the said amou...

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Service Tax on Renting- Retrospective amendment are within power of Parliament

Purshottam Das Malpani Vs Union of India (Rajasthan High Court)

In view of various decision of Supreme Court it cannot be accepted that Union of India has no authority or power to levy service tax on renting of immovable property. The imposition of service tax on renting of immovable property was within the legislative competence of the Parliament and it does not fall within the legislative competence...

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Service Tax on Revenue sharing arrangements prior & post 1st July, 2012?

The appellant was a franchisee of BCCI-IPL and received payment from BCCI-IPL as its share in receipts towards media rights and other income collected centrally by BCCI-IPL. The key issue in the appeal was whether the amount received by the appellant from BCCI-IPL liable to service tax as business support services provided to BCCI-IPL....

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Posted Under: Company Law |

Empanelment of CAs to Act as Exam Observer for November / December Examination

20th July, 2012 The Institute intends to draw a Panel from amongst its Members for acting as Observer at the examination centres in various cities during the Chartered Accountants Examinations to be held from 1st – 18th November, 2012 and the Common Proficiency Test to be held on 16th December, 2012 (Sunday)....

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Posted Under: Company Law |

ICAI Members to pay Annual Membership & COP Fees by 30.09.2012

Members are requested to remit the current year’s fee for continuance of membership - Associate/Fellow/Certificate of Practice as the case may be by 30th September 2012 as per following applicable schedule of fees....

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Posted Under: Company Law |

Service tax payable on residential flats constructed under joint development agreement

LCS City Makers (P.) Ltd. Vs Commissioner of Service Tax, Chennai (CESTAT Chennai)

The assessee contested that the impugned activity was a joint business involving no service from one party to other. Therefore in view of CBEC circular 108/2/009 dated 29-1-2009 no service tax arises in such context. The main contention was there that was a joint venture between the landowners and the assessee where profit of the joint v...

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Service Provided by Yoga teacher, Poojari, Cook, Compounder, Nurse have no direct nexus with manufacture

JSW Steel Ltd. Vs Commissioner of Central Excise, Thane (CESTAT Mumbai)

Applicants have availed the taxable services and the persons which were supplied like Yoga teacher, Poojari, Cook, Compounder, Nurse, helper etc. have no direct nexus with manufacture of final product. Therefore, prima facie, we find that the applicant has not made out a case for total waiver of pre-deposit of duty. Hence, the applicant i...

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Service tax Exemption to SEZ not available if services not consumed within the SEZ

DHL Lemuir Logistics (P.) Ltd. Vs Commissioner of Central Excise, Mumbai (CESTAT Mumbai)

If the intention of the legislature was to align the exemption with section 26 of the SEZ Act or Rule 31 of the SEZ Rules, then notification No. 4/2004-ST would have been amended to reflect the same. No such amendment has been carried out in the said notification. In these circumstances, we are of the view that if the services are not con...

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No penalty for late payment of service tax on assessee for period during which it had not provided any service

Commissioner of Central Excise, Rajkot Vs Vishal Construction (CESTAT Ahmedabad)

As regards the penalty set aside by first appellate authority under section 76 of Finance Act, 1994, for the quarter ending 30.09.2006, I find from the Form ST-3 return produced by ld. Counsel for the assessee, that the said form specifically indicate the taxable service rendered from April 2006 to September 2006 is Nil. Such return has b...

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Service tax – If Department fails to clarify taxability on assessee’s request , Penalty cannot be levied

Commissioner of Customs & Central Excise, Indore Vs Hotel President Planet (CESTAT Delhi)

Any order for imposing penalty specially the heavy once qas provided under Section 76 and 77, of the Act should show the reason justifying the imposition of penalty and thus following the principles of justice done. It is a fact on record that the Appellants had asked for clarification regarding availability of benefit of exemption Notifi...

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If dept change its view on taxability then Extended period of limitation not invocable

Gujarat State Seeds Certification Agency Vs Commissioner of Central Excise, Ahmedabad (CESTAT Ahmedabad)

It is undisputed that the appellant is a State Government entity and has been providing services of testing and certifying the quality of the seeds in the State. We find that the appellant was informed on 01.08.2006 by the office of the Commissioner of Service Tax that their activities would not fall under the category of services rendere...

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