"07 October 2012" Archive

DVAT & Service Tax Updates – September, 2012

Assessees have to provide data only for the period 1-4-2012 to 30-6-2012 in the first half yearly return which is due on 25-10-2012. (The data for the period from 1-7-2012 to 30-9-2012 should not be filed. Modifications will be made in the ACES so that any data filed for this period is rejected. Till such time as the modifications are mad...

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Posted Under: Service Tax |

Tuition fees in advance is an asset under Wealth Tax Act

Commissioner of Wealth Tax, Chennai Vs N. Thanu (Madras High Court)

A reading of the decision of the Supreme Court in the case of CWT v. Vysyaraju Badreenarayana Morthy Raju [1985] 152 ITR 454 shows that the computation of the net wealth of an assessee calls for a determination of his assets and debts as on the valuation date. Whether the system of accounting, whether mercantile or cash or hybrid, is not ...

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Institute providing academic services & applying income towards same is entitled to registration u/s. 12AA

Institute of Chartered Shipbrokers Vs Director of Income-tax (Exemptions), Chennai (ITAT Chennai)

The programme of professional education imparted by the assessee Institute in India is not in the nature of coaching or tuition. The Institute at London is an Institute established by a Royal Charter and recognized world-wide as the nodal agency of design, improving and controlling the profession of ship-broking. Ship-broking is recognise...

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CIT can refuse Registration U/s 12AA if Activities of Trust are not Charitable

Hardayal Charitable and Educational Trust Vs Commissioner of Income-tax-II, Agra (ITAT Agra)

Assessee spent considerable amount on advertisement of the institution which never existed and further, prospectus of the assessee trust has devoted substantially on carrying out the business activities of group concern showing logo of milk product. These factors were sufficient to hold that the ld. CIT rightly rejected both the applicati...

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Additions u/s. 68 justified if details of Share Applicants furnished by Assessee is not correct

Commissioner of Income-tax Vs Frostair (P.) Ltd. (Delhi High Court)

In the present case, this Court notices that the Assessing Officer went into great lengths to verify the genuineness of these transactions. He issued summons to the share applicants- only 9 could be served; none actually responded through their authorized or principal officer. Even during remand, 16 of the 18 share applicants could not be...

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Assessee not entitled to claim depreciation on an asset which has been written off from books

Allergan India (P.) Ltd. Vs Deputy Commissioner of Income-tax (ITAT Bangalore)

Where the assessee has written off the value of assets in the books of assessee as obsolete, can it still be include the value of said machinery in the block of assets and claim depreciation thereon. In the decision of the Hon'ble Delhi High Court in the case of M/s Bharat Aluminium Co., Ltd., the Court held that in order to be entitled t...

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HC refer applicability of Monetary Appeal Filing Limit Instruction to Larger bench

Commissioner of Income-tax, Central-II Vs Shambhubhai Mahadev Ahir (Gujarat High Court)

Whether the view taken by this Court in case of Sureshchandra Durgaprasad Khatod (HUF) (supra) that the instructions of 2011 of the Board providing for revised monetary limits for filing the appeals to the Tribunals, High Courts and Supreme Court, would apply to all pending cases irrespective of the date of filing of such appeals is corre...

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Procedure of Annual Processing Fee under Punjab Value Added Tax Act, 2005

Rule 40A has been added to the Punjab Vat Rules, 2005 as per which Every taxable person shall pay annual processing fee of Rs. Eight Hundred only during the month of October alongwith the filing of quarterly return. This processing fee is in lieu of operation, maintenance and upgradation of such facilities and services as electronic issua...

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Posted Under: Service Tax |

Guarantors fail to claim their rights under Contract Act although Courts have recognised these rights

Narendra Sharma, Consultant (Legal) Introduction – Recently, after going through my Articles on the website {namely (1) Director’s Personal Guarantee-A Void Agreement and (2) Personal Guarantee-A Void Agreement), one visitor informed me that, on the contrary, commenting on his case regarding enforcement of his personal guarantee b...

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Posted Under: Service Tax |

Voluntary guidelines for companies for providing general information on their websites

Voluntary Guidelines for Companies for providing general information on their websites about the company to promote good corporate governance and to enhance investors’ awareness...

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Posted Under: Service Tax |

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