"22 August 2012" Archive

ABCAUS Excel Inventory Template & Tracker

ABCAUS Excel Inventory Template and Tracker is MS Excel based solution for small to medium size trading firms. With its help Inventory can be recorded, tracked and valued. It has a very user-friendly interface and menu driven options with pop up help boxes to prevent an undesired input. It has a help box at the Gateway with a bundled sepa...

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Posted Under: Finance | ,

Interest from Bank by Housing Society Taxable – Principle of mutuality do not apply

Commissioner of Income-tax Vs Secunderabad Club Picket (Andhra Pradesh High Court)

It is not possible to accept the contention of the counsel for the assessee that interest earned even from third parties would be exempt from the charge of income-tax, in all types of transactions. The ratio therein is that, if an incorporated entity is engaged in trade, the profit from it, even if they are transactions with members, woul...

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Regional rural banks not eligible for deduction u/s. 80P from A.Y. 2007-08

M/s.Vidisha Bhopal Kshetriya Gramin Bank, Appellant Vs ACIT3(1), Vidisha Bhopal Respondent (ITAT Indore)

It is, therefore, reiterated that regional rural banks are not eligible for deduction under section 80P of the Income-tax Act, 1961, from the assessment year 2007-08 onwards. Furthermore, Circular No. 319, dated January 1 I, 1982, deeming any regional rural bank to be co-operative society stands withdrawn for application with effect from ...

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Points to be raised in a SARFAESI Appeal & getting relief?

It has almost settled and become like a regular practice for the borrowers to question the proceedings initiated by the Banks at the last stage under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act)...

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Posted Under: Finance |

Australia Transfer Pricing Legislation Approved

The Australian Senate has passed legislation on the application of transfer pricing rules, designed to ensure that multinational companies pay their 'fair share' of tax. The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No. 1) 2012 was put forward before the house of Representatives in June 2012....

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Posted Under: Finance |

Last date to pay CS Annual membership fees

The last extended date for payment for Annual Membership Fee for the year 2012-13 is 31st August, 2012. The members who are yet to pay the fee are requested to pay the fee on or before 31st August, 2012. Please note that the names of the members whose annual membership fee for 2012-13 is not received in the Institute by 31st August, 201...

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Posted Under: Finance |

Low Tax Effect Circular is retrospective & applies to pending appeal

The Commissioner of Income Tax, Vs. M/s.Virendra & Co. (Bombay high Court)

The appeal was filed in June, 2000. Our Court in the matter of CIT Vs. Vijay V.Kavekar in Income Tax Appeal No.78 of 2007 dated 29th July, 2011 held that the CBDT Circular No.2/2011 issued on 9th February 2011 directing the Revenue not to file appeals under Section 260A in cases where the tax effect is less than Rs.10/- lacs. The said ci...

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Minutes of All India Conference of Chief Commissioners and Directors General of Customs, Central Excise and Service Tax Held on July 17-18, 2013

Office Memorandum No. F.No.296/40/2013-CX.9 (22/08/2012)

An All India Conference of the Chief Commissioners and Directors General of Customs, Central Excise and Service Tax was held on 17-18 July, 2013 in New Delhi. The Conference was inaugurated by the Hon'ble Finance Minister Shri P. Chidambaram. Shri Jesudasu Seelam , the Hon'ble Minister of State for Finance (Revenue), Shri Namo Narain Meen...

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Application of mind to material facts & arguments should manifest itself in order

HHS India Pvt. Ltd. Vs Income-tax Officer (ITAT Delhi)

As is apparent from the aforesaid observations in the impugned order, the ld. CIT(A) dismissed the appeal without even analyzing the issues or recording his specific findings on the said issues raised in the grounds of appeal before him . A mere glance at the impugned order reveals that the order passed by the ld. CIT(A) is cryptic and gr...

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DVAT- Regarding Online submission of Tax Rate Wise Stock held on 31st March

Circular No. 14 of 2012-13 (22/08/2012)

Vide notification no.F.7/433/Policy-Ii/VAT/2012/472-483 dated 16.08.2012, the Department of Trade and Taxes has notified form Stock-1 and has made it mandatory for all dealers to submit online, Tax Rate Wise details of stock held on 3pt day of March every year in form Stock-1. This information is to be filed latest by the so" day of June ...

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