Sponsored
    Follow Us:

Archive: 25 September 2012

Posts in 25 September 2012

Addition to Income on the basis of mere presumption, not sustainable

September 25, 2012 4073 Views 0 comment Print

In this view of the situation and after hearing both the parties, respectfully following the aforementioned order we decline to interference in the disallowance uphold by Ld. CIT(A) as the facts are not stated to be different. Accordingly this ground of the assessee for all the years is dismissed.

If income does not result at all, there cannot be a tax

September 25, 2012 1915 Views 0 comment Print

The submissions made on behalf of the assessee on this issue did not find favour with the learned CIT(Appeals). As regards the emphasis laid by the assessee on the order of Company Law Board, he held that the consent terms in the case of the assessee were agreed by the family as a part of the family settlement and the Company Law Board had simply observed in its order that the parties were prepared to abide by the said settlement. According to the learned CIT(Appeals), the purchase of shares was a result of mutual settlement amongst the family members and the expenditure incurred for this purpose was of personal nature.

Delhi HC stays Service tax on Legal Services under RCM

September 25, 2012 7325 Views 0 comment Print

Service tax on Legal Services provided by advocate (whether individual or firm) to any business entity has been imposed vide the Finance Act, 2012 under reverse charge mechanism wherein service recipient is liable to deposit service tax on fees paid to advocates.

Revenue to submit report of cases dismissed by judicial authorities for want of clearance

September 25, 2012 844 Views 0 comment Print

1. List of all the cases which were dismissed by Courts/Tribunal for want of clearance from COD and where revival applications before the respective Courts/ Tribunal have been filed by the Department subsequent to the decision of Apex Court in the case of Electronics Corporation of India Ltd., dated 17-12-2011 and details of the cases thereof including the name of the assessee, AYs involved, quantum of the tax disputed;

Establishment of Liaison Offices (LO) /Branch Offices (BO) / Project Offices (PO) in India by Foreign Entities – Reporting

September 25, 2012 2085 Views 0 comment Print

It has now been decided that in addition to the reporting prescribed in terms of aforesaid circulars, all the new entities setting up LO/BO/PO shall also: submit a report containing information as per Annex within five working days of the LO/BO/PO becoming functional to the DGP of the state concerned in which LO/BO/PO has established its office; if there are more than one office of such a foreign entity, in such cases to each of the DGP concerned of the state where it has established office in India;

R&D expenditure which is approved by DSIR only would be eligible for weighted deduction

September 25, 2012 6628 Views 0 comment Print

As per the provisions of sec 35(2AB) of Act as applicable to the relevant Assessment year, the expenditure incurred by the assessee in any approved in-house research facility, to the extent of approved by the prescribed authority, is entitled to weighted deduction of 150% of such approved expenditure. Therefore, the expenditure as approved by the DSIR in the certificate given by them in Form 3CL alone is to be granted weighted deduction.

Sponsored
Sponsored
Search Post by Date
November 2024
M T W T F S S
 123
45678910
11121314151617
18192021222324
252627282930