"August, 2012" Archive

Ministry of Finance Notifies Advance Price Agreement (APA) Scheme

Income Tax Press release (31/08/2012)

The Ministry of Finance has notified an “Advance Pricing Agreement Scheme” (Rules 10F to 10T of Income Tax Rules, 1962) vide notification No. 36/2012 dated 30-8-2012. The Finance Act, 2012 had inserted sections 92CC and 92CD in the Income Tax Act 1961 introducing the provisions of Advance Pricing Agreement (APA). The APA Scheme shall ...

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Taxation of Income Received for services contract spread over various years

Dr. Aman Khera Vs Deputy Commissioner of Income-tax (ITAT Delhi)

Admittedly, the assessee has not served for the period of five years. The assessee has not rendered enough services to warrant emoluments of Rs. 1,21,83,494. It is assessee's submission that during the year under consideration he has not created a debt or a right to receive the payment equivalent to Rs. 1,21,83,494. Hence, it cannot be sa...

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Taxation of Gift given by cessation of Trading Liability

Rajesh Kumar Vs Assistant Commissioner of Income-tax (ITAT Cochine)

While the gift is given by a person to another person who is personally related to him, the remission of trading liability takes place in business relationships. Normally, the remission of trading liability takes place only due to adverse business situation faced by a business concern. ...

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Advance against property cannot be taxed as capital gain if possession not given

Jaico Automobile Engineering Co. (P.) Ltd. Vs Assistant Commissioner of Income-tax, Circle 11(5), Bangalore (ITAT Bangalore)

In the instant case, it was noticed that the agreement clearly stated that the owner would continue to be in possession of the scheduled property till such time the developer completes the construction of the said complex and delivers their areas infra. In the instant case, nothing was brought on record to substantiate that the possession...

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Computation of Excise Duty where the goods are sold at a price below the cost of production

Commissioner of Central Excise, Mumbai Vs M/s. Fiat India (P) Ltd. & ANR. (Supreme Court of India)

Excise duty to be computed on the basis of manufacturing cost plus profit where the goods are sold at a price below the cost of production : It was held that commercial cost of manufacturing the cars was not reflected in the assessable value declared by the assessee....

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Govt exempts Additional services from service tax

At present there are 17 items in the negative list (Section 66 D of the Finance Act, 1994) and 39 items in the mega exemption notification 25/2012-ST dated 20.6.2012. Government has recently exempted more services from the purview of service tax. ...

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Posted Under: Income Tax | ,

SEBI launches Toll-free Helpline Service for Investors

SEBI has extended its toll free helpline service (1800 22 7575 / 1800 266 7575) to Saturday and Sunday from the existing Monday to Friday. The service on Saturday and Sunday would be available initially to investors from all over India in English, Hindi, Marathi and Gujarati from 9:30 a.m. to 5:30 p.m....

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Posted Under: Income Tax |

Form AS Viewed for 5.69 Crore Times this Year

No. of times Form 26AS viewed 5.69 cr . No. Of distinct PANs for which Form 26AS viewed 1.38 cr . Statistics as on 23/08/2012...

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Posted Under: Income Tax |

Assessment cannot be reopened u/s 147 in absence of tangible material

Inductotherm (India) Pvt. Ltd (Formerly Inductotherm India) Vs M. Gopalan, DY.Commissioner Income Tax Or His Successor(Gujarat High Court at Ahmedabad)

In the present case, we notice that in two out of four reasons recorded by the Assessing Officer for reopening the assessment, he stated that he need to verify the claims. In the second ground, he had recorded that admissibility of the bad debts written off required to be verified. In the fourth ground also, he had recorded that admissibi...

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Notification No. 79/2012-CUSTOMS (N. T.) – Tariff of Gold Silver, Crude Palm Oil etc

Notification No. 79/2012-Customs (N.T.) (31/08/2012)

Notification No. 79/2012-CUSTOMS (N. T.) Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, ...

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