"26 July 2012" Archive

Get PAN by submitting Verification Certificate signed by MP, MLA, MC, Gazetted officer

Verification Certificate under provisions of Rules 114(4) of IT Rules, 1962 of PAN (Individual / HUF) - A format has been prescribed for verification certificate under provisions of Rules 114(4) of IT Rules, 1962. An individual / HUF PAN Applicant who files certificate of MP / MLA / MC / Gazetted officer as proof of his / her identity or ...

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Posted Under: Income Tax | ,

MCA advises Delhi Companies to Pay stamp Duty on increase in Authorised Share Capital

A Notification vide No. G.S.R. 716(E). dated 23.09.2011 was issued, in view of the order of the Hon’ble High Court of Delhi dtd. 21.04.2011 in the matter of M/s. S.E. Investment Limited Vs Union Of India and Others {W.P. (c) 2393/2010 and CM Appl. 4794/2011}, the Hon’ble Court had inter alia held that there is no provision in Delhi St...

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Posted Under: Income Tax |

Amount received by beneficiaries of trust on dissolution cannot be termed as without consideration

Ashok C. Pratap Vs Additional Commissioner of Income-tax (ITAT Mumbai)

The fact that the assessee has received the amount in the capacity of beneficiaries has also not been controverted, therefore, the amount received by the trust is in pursuance of dissolution of trust. The amount received in pursuance of dissolution of trust cannot be termed to be an amount received by the beneficiaries "without considerat...

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Interest u/s. 234C cannot be imposed in case of refund of advance tax

DCIT Vs Mysore Paper Mills Ltd. (ITAT Bangalore)

It is undisputable fact that though the Assessing Officer had concluded the assessment way back in 1999, the assessment reaches its finality in all respects only when the appellate forum decided the issues on such an assessment. Consequent on the final findings recorded by the appellate authorities, there was no liability to pay tax under...

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Payment by newspaper company to news agencies is covered u/s.194J

ACIT Vs Ushodaya Enterprises (P.) Ltd. (ITAT Hyderabad)

The CIT(A) however agreed with alternate plea of the assessee that if the assessee proves to the satisfaction of the Assessing Officer that the payments made by the assessee are included by the payees in their returns of income, and taxes have been paid by them thereon, the Assessing Officer may modify the demand raised u/s 201(1)....

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S. 272B – No Penalty for non production of Data at the time of survey for genuine reasons

ITO Vs Adinath Cooperative Bank Ltd. (Gujarat High Court)

The Tribunal while examining this issue went purely by the facts of the case and held that the difficulties in non-production of the documents as was required under the statute was on account of shifting of branch of the bank shortly before the date of the survey and afterwards within a period of two weeks they were furnished before the A...

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No addition U/s. 41(1) If assessee proves identity of creditors

CIT Vs Millenium Automations & Systems Ltd. (Delhi High Court)

The Assessing Officer had asked the respondent-assessee, as to why Rs. 1,63,37,365/- should not be taxed under Section 41(1) of the Act on account of cessation of liability payable to sundry creditors. The assessee on the same date Was asked to furnish details with regard to the change in address and to furnish the proof of payment made t...

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When income from sale of shares can be said to be income from business

Manish P. Gandhi Vs ACIT (ITAT Mumbai)

Courts have laid down principles for deciding the question as to when income from sale of shares can be said to be income from business. The following are some of the important decisions in this regard: (a) Whether a transaction of sale and purchase of shares were trading transactions or whether they were in the nature of investments is m...

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S. 194C – Job work Charges paid for processing & weaving, is liable to TDS

Deora Trading Co. Vs ITO (ITAT Mumbai)

The assessee has made huge payments on account of weaving and processing charges to various parties including one S. Such an outsourcing of work amounts to work done in pursuance of a contract, even though it may not be written. There has to be some terms and conditions for processing and weaving of the cloths for doing it in a certain ma...

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Reimbursement of salary & expenses under secondment agreement not liable for TDS u/s.195

Abbey Business Services (India) (P.) Ltd. Vs Deputy Commissioner of Income-tax (ITAT Bangalore)

In the above ruling, fees paid to a resident of Canada as consideration for analysis of samples and ores conducted from technical lab was held as fees for technical services u/s.9(1)(vii) and Article 12 of the India-Canada Treaty. No arguments were made on the aspect of 'make available' requirement present in the definition of 'fees for t...

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Disallowance of discount by estimating the same hypothetically not permissible

Sri Arun Kumar Paul Vs ITO, Ward 51(3), Kolkata (ITAT Kolkata)

A perusal of the assessment order clearly shows that the Assessing Officer questioned the assessee why there is a difference in the rate of discount. Assessee replied to the questions raised by the Assessing Officer. However, the Assessing Officer has proceeded to compute the discount by hypothetical calculation to arrive at discount rate...

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S. 36(1)(vii) -Bad debt written off is liable to be allowed

D.C.I.T. Vs M/s. Sky B (Bangla) Pvt. Ltd (ITAT Kolkata)

A perusal of the order of the learned Commissioner of Income-tax (Appeals) clearly shows that the assessee had written off bad debt in the books. Further, it is noticed that the Learned Commissioner of Income-tax (Appeals) had followed the decision of the Hon’ble Bombay High Court in the case of Director of Income-tax (International Tax...

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Service tax liability can be shifted on service provider by agreement

Raghubir Saran Charitable Trust Vs Puma Sports India Pvt. Ltd. (Delhi High Court)

In the present case, the wording of Clause 7.1 of the lease reflects the intention of the parties that it is the Petitioner who would bear the incidence of all taxes. In light of the decisions in Numaligarh Refinery Ltd. v. Daelim Industrial Co. Ltd. and Rashtriya Ispat Nigam Ltd. v. M/s. Dewan Chand Ram Saran, the view of the learned Ar...

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ITR -7 For A.Y. 2012-13 / F.Y. 2011-12

Notification No. 29/2012-Income Tax (26/07/2012)

Notification No. 29/2012-Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (8th Amendment) Rules, 2012....

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Overview of Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) forms section 501(a) of the broader Hiring Incentives to Restore Employment Act, one of several pieces of legislation designed to boost the economic output of the U.S. following the global financial crisis. FATCA was signed into U.S. law in March 2010, and comes into effect in January 2013....

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Posted Under: Income Tax |

Taking Professional Care of the Nature – The Environmental Audit

Organisational response to the environment and the role of the acco- unting profession for the environ- mental protection are fairly recent developments. Environmental issues are business issues and have consid- erable implications for 'audit' in all its semblance leading to a separate spe- cialised area viz., 'environmental audi...

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Posted Under: Income Tax |

Amendments in HBP Vol.1 wef 5.6.2012

Public Notice No. 12 (RE-2012)/ 2009-14, (26/07/2012)

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby amends para 2.13.2.A, 3.6.1, 3.10.3, 3.11.7, 3.11.8, 4.19, 5.10 and 5.23 of the Handbook of Procedures Vol I (RE 2012)/ 2009-14. This will be deemed to have come into effect on 5.6.2012....

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DGFT opens additional branchs at Bengaluru & Hyderabad for issuing Certificate of Origin (Non Preferential)

Public Notice No. 11(RE 2012)/2009-2014 (26/07/2012)

PUBLIC NOTICE NO.11(RE 2012)/2009-2014 One additional branch each at Bengaluru and Hyderabad has been added for issuing Certificate of Origin (Non Preferential). ...

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Notification to give effect to Certain amendments/modifications in Foreign Trade Policy wef 05.06.2012

Notification No. 8 (RE-2012) /2009-2014 (26/07/2012)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992, as amended, read with paragraph 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby amends with immediate effect para 5.2A, 9.12, 5.3 and 5.11of Foreign Trade Policy, 2009-2014 (RE 2012). ...

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Exposure Draft on Micro Insurance (Modification) Regulations

Circular No. IRDA/Life/MI/2012 (26/07/2012)

Circular no. IRDA/Life/MI/2012, dated 26-07-2012 - On comprehensively examining the existing business model adopted under Micro Insurance vis-a-vis the extant regulations on Micro Insurance, the Authority proposes to review the IRDA (Micro Insurance) Regulations, 2005. Accordingly, an exposure draft on Micro Insurance (Modification) Regul...

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Custom Duty – Amending Courier Imports & Exports (Electronic Declaration & Processing) Regulations, 2010

Notification No. 65/2012-Customs (N.T.) (26/07/2012)

Notification No. 65/2012-Customs (N.T.) New Delhi, dated the 26th July, 2012 G.S.R.  (E). – In exercise of the powers conferred by section 157 of  the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following regulations further to amend the Courier Imports and Exports (Electronic Declarati...

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Companies to enter SRN of form 24AAA in form 21 & 23 wef 12.08.2012

Notification No. G.S.R. 588 (E) (26/07/2012)

Companies (Central Government's) General Rules and Forms (Fifth Amendment) Rules, 2012 - (Form 21 & 23) - In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Gover...

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Due date for filing Cost Audit & Compliance Report in XBRL mode extended to 31.12.2012

General Circular No. 18/2012 (26/07/2012)

It has now been decided by the Ministry that all cost auditors and the concerned companies will be allowed to file their Cost Audit Reports and Compliance Reports for the year 2011-12 [including the overdue reports relating to any previous year(s)] with the Central Government in the XBRL mode, without any penalty, upto 31st December, 2012...

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