"01 August 2012" Archive

Assessee need not reside abroad permanently to be treated as non resident

Suresh Nanda Vs Assistant Commissioner of Income-tax, Central Circle-13 (ITAT Delhi)

Test of residence will be determined on the basis of number of days of stay in India and not by the interpretation adopted by the lower authorities in this case. It has not been disputed by the revenue that the number of days of the stay of assessee in India are less than 182 days. In these facts and circumstances the assessee's arguments...

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In Scrutiny Assessment A.O cannot totally ignore information given in revised belated return

Commissioner of Income Tax Vs M/s.NEPC India Limited (Madras High Court)

The assessee-company initially filed u/s 139(1), a return supported by regular accounts, and showing substantial book profit and offering MAT. However thereafter its accounts came to be inspected by the Registrar of Companies who gave certain directions to modify its Annual Accounts. On the basis of those directions the assessee revised ...

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Stay petition before CIT Appeal & recovery of disputed income-tax demand during pendency thereof

It is a well-known fact that the Assessing Officers (AOs) in many cases make high-pitched assessments and raise huge uncalled for demands against the assessee, as a result thereof. It is also a well-known fact that after raising such uncalled for and unjustified high demands, the Revenue authorities take recourse to coercive measures for ...

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Posted Under: Income Tax |

MCA extends due date to file Form No. 5 INV to 31st August 2012

General Circular No. 20/2012 (01/08/2012)

(a) Any Company, which has filed multiple Form 5 INV while uploading the information for the year 2010-11 on or before the date of issue of this circular, should again file Form 5 INV (single) and upload the details of investors in excel template. This process should be completed by 31' August, 2012. (b) All Companies, which have not yet ...

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Service Tax – Recent Changes

Reverse charge mechanism- Usually service provider is liable to pay service tax for the services provided except for the few services covered under reverse charge, under which service receiver is liable to pay service tax. This mechanism has not been altogether a new mechanism. This mechanism was prevalent in the earlier service tax law a...

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Posted Under: Income Tax |

e-filing of Return not compulsory for Agents of non-residents & Private discretionary trusts

(i) it will not be mandatory for agents of non-residents, within the meaning of section 160(1) (i) of the Income –tax Act, if his or its total income exceeds ten lakh rupees, to electronically furnish the return of income of non-residents for assessment year 2012-13; (ii) it will not be mandatory for ‘private discretionary trusts’, ...

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Posted Under: Income Tax | ,

Claim for deduction, omitted in the return can be made before appellate authorities

Very often the tax payer realises that he omitted to claim certain deductions, only long after he had filed the return. The circumstances would be such that the tax payer would not be even eligible to file a valid revised return. ...

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Posted Under: Income Tax |

S. 68 Once Assessee discharge initial burden of proving creditworthiness of parties onus shift on revenue to prove otherwise

Vishnu Jaiswal Vs Commissioner of Income-tax (Appeals) (ITAT Lucknow)

The provisions of section 68 should be read in conjunction with section 106 of the Evidence Act. In the peculiar facts and circumstances of the case, the assessee has discharged the initial burden of proving identity, genuineness of transactions and also creditworthiness of the three creditors by producing their respective bank accounts. ...

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Govt Permits investments from Pakistan

Present Position - As per paragraph 3.1.1 of 'Circular 1 of 2012 - Consolidated FDI Policy', effective from 10-4-2012, investment from a citizen of Pakistan or an entity incorporated in Pakistan is not permitted. 2.0 Revised Position - The Government of India has reviewed the policy, as contained in paragraph 3.1.1 of the circular ibid ...

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Posted Under: Income Tax |

Rate of exchange of conversion of each of the foreign currency wef 02.08.2012

Notification No. 67/2012-Customs (N.T.) (01/08/2012)

Notification No.67/2012-Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 2nd August, 2012 be the rate mention...

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