"29 October 2012" Archive

FM Statement on Kelkar Committee Report, Fiscal Roadmap & Consolidation

Income tax press release (29/10/2012)

The Kelkar Committee has cautioned us that a business-as-usual scenario for the current year may lead to the fiscal deficit rising to 6.1 per cent of GDP. This would have grave consequences for the economy is, therefore, totally unacceptable. The Committee has recommended a number of reform measures in taxation, disinvestment and expendit...

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Cenvat Credit cannot be denied if invoice number was handwritten or rubber stamped

Pepsico India Holding Pvt. Ltd. Vs. Commissioner of Central Excise (CESTAT Mumbai)

Whether the Cenvat credit can be denied on the ground that the invoice number was handwritten or rubber stamped but not printed on invoice? The appellants are in appeal against the impugned orders wherein input credit taken by them on duty paid invoice was denied only on the basis that the invoice number was handwritten or rubber stamped...

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Penalty justified if deduction claimed is not permissible & there was no debatable or contentious issue

Commissioner of Income-tax Vs Anand Duplex Ltd. (Allahabad High court)

The assessee had wrongly taken the benefit of Section 80IA on the gross total income by reducing the loss of Unit-II from Unit-I and thereby declaring the return at Nil and carried forward the loss of Rs. 23,94,827/-, which was not permissible....

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Period taken to approach Settlement Commission & its rejection is to be excluded for block assessment

Super Cloth Vs Assistant Commissioner of Income-tax (Madras High Court)

Given the fact that the Settlement Commission order was made on 11.6.2002 and as on the date of insertion to Explanation 1(iv) with effect from 1.6.2002 the applications were pending before the Settlement Commission, we have no hesitation in rejecting the assessees' contention that the Explanation should not be given retrospective effect...

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Notification No. 45-Income Tax Dated 29/10/2012

Notification No. 45/2012-Income Tax (29/10/2012)

Notification No. 45/2012-Income Tax It is hereby notified for general information that the organization National Institute of Ocean Technology, Chennai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 [said Act], read with rules 5C and 5E of the Income-...

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Rs. 20,000/- penalty for non-filing of Quarterly Service Tax return??

ACES has started accepting Service Tax (ST-3) returns for the period April to June 2012 revising the earlier forms by removing few bugs. The extended time to file now is till 25th Nov for Apr to Jun 12 ST Returns. Returns for July to September 2012 is still undergoing some structural changes. ...

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Clearance of containers and imported goods – regarding

F.No.450/24/2012-Cus.IV (29/10/2012)

Instances have come to notice of the Board that clearance of some containers were allowed without filing of Bill of Entry and payment of Customs duty by using forged signatures of Customs officials on manual Out of Charge orders (gate passes) leading to substantial loss of revenue to the Government exchequer. These cases highlight the hig...

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Details of reshuffle in Union Council of Ministers

The President of India, as advised by the Prime Minister, appointed and administered the Oaths of Office and Secrecy to the following members of the Union Council of Ministers:-  CABINET MINISTERS  1. Shri K. Rahman Khan 2. Shri Dinsha J. Patel 3. Shri Ajay Maken 4. Shri M.M. Pallam Raju 5. Shri Ashwani Kumar 6. […]...

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Posted Under: Income Tax |

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