"17 October 2012" Archive

Promotion of Assistant Commissioners to DCIT – Order No. 193 of 2012

Order No. 193 of 2012 (17/10/2012)

Vide Order No. 193 of 2012 dated 17.10.2012, the CBDT has ordered that several IRS officers in the grade of ACITs be promoted to the grade of DCITs...

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Notification No. F. 7/9/2008-NS.II (Vol. II)-Income Tax Dated 17/10/2012

Notification No. F. 7/9/2008-NS.II (Vol. II)-Income Tax (17/10/2012)

Notification No. F. 7/9/2008-NS.II (Vol. II)-Income Tax In pursuance of clause (b) of paragraph 2 of the Public Provident Fund Scheme, 1968 published under the Government of India, Ministry of Finance, Department of Economic Affair's notification number G.S.R. 1136, dated the 15th June, 1968, the Central Government hereby authorises the f...

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Additional Commissioner competent to make reference to TPO u/s. 92CA

Bhatia International Ltd. Vs Additional Commissioner of Income-tax, Indore (Madhya Pradesh High Court)

The statutory provision of section 92CA does provide for an approval by the Commissioner and the original record produced before this Court establishes that there was an approval by the Commissioner in the matter of reference to the Transfer Pricing Officer. In the instant case, the impugned order has been passed by (Additional Commission...

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Splitting of cash payment to circumvent law attracts Section 40A(3)

Vaishali Builders & Colonizers Vs Additional Commissioner of Income-tax, (ITAT Jodhpur)

It is very clear that the assessee consciously split up the payments in whole of the year, which is impracticable, illogical as noted above and it was done just to circumvent the provisions of law. There was no justification for the assessee to split up the transactions of crores of rupees in small payments of Rs. 15,000/- to Rs. 20,000/-...

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No TDS on transportation of gas if it is carried out in furtherance of contract for sale of gas- CBDT

Circular No. 9/2012-Income Tax (17/10/2012)

Circular No. 9/2012 Representations have been received from various sections of the Industry on the difficulties faced in the matter of Tax Deduction at Source on Gas Transportation Charges paid by the purchasers of Natural gas to the sellers of gas....

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Integration of risk & finance information in a financial organization

The recent global financial crises, intense regulatory requirements, extensive competitive pressures, voluminous data, have created a challenging environment for financial institutions to operate, make effective decisions, manage risk, thereby affecting financial reporting and regulatory compliance. ...

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Posted Under: Income Tax |

Donation towards corpus can’t be added to Income if Assessee furnishes full details

Income-tax Office Vs Sardar Vallabhbhai Education Society (ITAT Ahmedabad)

The question as to whether the amount constituted the corpus fund of the assessee-trust, in view of the fact that the Commissioner (Appeals) after considering declaration from all the 60 donors of the corpus fund certifying that they have donated towards corpus fund of the assessee-society and the revenue has not raised any ground of appe...

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Cenvat credit otherwise permissible can’t be denied merely on technical grounds

Hindustan Coca Cola Beverages (P.) Ltd. Vs Commissioner of Central Excise, Meerut-II (CESTAT Delhi)

No doubt, mere submission of document shall not ipso facto grant relief to claimant. But once the facts and circumstances of the case bring out the identity of the receipient of service, denial of cenvat credit may cause absurdity and when claim is otherwise permissible. Added to this, the claimant appellant should not make multiple claim...

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Steel plates & strips used for fabrication of storage tanks being part of Boiler is entitled to CENVAT Credit

Commissioner of Central Excise, Belgaum Commisionerate Vs Hindalco Industries Ltd. (Karnataka High Court)

Assessing authority has himself extended the benefit to storage tank storing water as a component to main machinery namely, boiler, he ought to have extended the benefit to the storage tanks which are also part of the factory premises, in which the by products are stored and thereafter sold as a finished product. ...

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Interest on bad & doubtful debts kept in reserve account eligible for deduction u/s. 43D

American Express Bank Ltd. Vs Additional Commissioner of Income-tax (ITAT Mumbai)

Mere crediting of the interest to a reserve cannot be said to be an incidence by which the said interest could be charged to tax. Whatever has been recovered by the assessee has been shown as income. Therefore, the assessee is entitled to claim of such interest under the provisions of section 43D and the claim of the assessee cannot be re...

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