"30 September 2012" Archive

‘Reasonable steps’ in Cenvat Credit Rules – Signals of coming back ..!!

Off late many assessees faced the wrath of the Department by way of Show Cause Notices, spot recoveries and personal penalties owing to the alleged failure to take reasonable care while taking Cenvat credit. If the default of duty or tax payment is necessitated either due to genuine reasons or conscious evasion, the assessees at the recei...

Read More

Estimation of income in case of civil contract work at 6% of gross receipt is just where 80% of amount was towards purchase of material

Girish Chandra Nayak Vs Income-tax Officer (ITAT Cuttack)

In this view of the matter, the estimation at 8% confirmed by the learned CIT(A) by deleting these additions and disallowances made u/ss.68 and 69 we hold 7% profit as reasonable to be taxable income on the gross receipts disclosed by the assessee in its financial statements. ...

Read More

Service tax on transport of passengers by Air – Draft circular

F. No.354 /146/2012 - TRU (27/09/2012)

Issue (a) : Whether service tax of 4.944% (60% abatement) will apply to related charges such as reconfirmation fee, upgrade fee, date change, additional collection, etc., levied by airlines to passengers?...

Read More