Join our webinars on GST Tribunals preparation. Learn to grow your IDT practice and prepare for GSTAT with expert guidance. Register now for ₹899 + GST!
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 for External Affairs signed the revised DTAA on behalf of India and Dr. R. M. Marty M. Natalegawa, Indonesian Foreign Minister signed on behalf of Indonesia.
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 Excise to re-export such capital goods. While giving re-export permission, it is observed that the Excise Department is asking such manufacturer not only to pay basic customs duty which was saved at the time of import along with interest but also to reverse Cenvat Credit availed on CVD and SAD paid.
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.
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.
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 mercantile system of accounting, even though the principle of accrual is followed, the real income theory, nevertheless, has its relevance to find out the assessability of an income.
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 rectification of mistake in an order can also be carried out in the light of Hon’ble Supreme Court’s judgment passed after the subject order is passed. The action of the CIT (Appeals) was thus correct and does not call for any interference.
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 cogent evidence that in fact order was never served upon him. The appellant in the present appeal in hand failed to discharge its burden of proof, we are able to notice this is a case of service on any authorized person, nor the case of closure of factory nor the case of rebuttal of presumption of by appellant.
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.
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 especially Abhishek Gupta from Kolkata, Divyang Bhandari from Chennai and Shruti Sodhani from Bangalore who got first, second and third rank respectively in the final examination. Results of the CPT (Common Proficiency Test) conducted on 17th June, 2012, have also been declared with a pass percentage of 37.56. Female candidates have taken lead from their male counterpart by a margin of 2%, i.e. 40.04 against 37.56%. It is quite satisfying to note that more and more female candidates are successfully joining our profession.
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.
