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Archive: 01 November 2012

Posts in 01 November 2012

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 1566 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

International Tax – TDS On Overseas Commission

November 1, 2012 8035 Views 1 comment Print

After withdrawal of circular No. 786 of 2000, vide CBDT circular 7/2009 there is a lot of confusion in mind of exporters relating to deduction tax at source on commission paid to non-resident agents who operates outside India. Further recent ruling by Authority of Advance Rulings (AAR) against the Applicant in case of SKF Boilers and Driers Pvt Ltd [AAR No 983 -984 of 2010] holding that Export commission paid to a non-resident agent is income deemed to accrue or arise in India and liable for deduction of tax has worsened the problem.

Amount paid on surrender of tenancy rights eligible for depreciation u/s. 32

November 1, 2012 1981 Views 0 comment Print

Apex Court in the decision reported in CIT v. D.P. Sandu Bros. Chembur (P.) Ltd. [2005] 273 ITR 1 that the surrender of tenancy rights amounted to transfer and hence, being a capital receipt, on the facts thus placed before this Court that the amount paid on account of surrender of tenancy rights being given by the assessee to the builder, there is no exchange of one property for the other. Higher depreciation on plastic mould to be allowed only if asset used in a business constituting a separate unit

Press Release, dated 1-11-2012

November 1, 2012 426 Views 0 comment Print

India and UK signed a Protocol amending the Convention between the Government of the Republic of India and the Government of the United Kingdom of Great Britain and Northern Ireland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect of Taxes on Income and Capital Gains (DTAC)

Valuation Officer report cannot form the foundation for rejection of books of account

November 1, 2012 2519 Views 0 comment Print

On a conjoint reading of the provisions of section 69 and section 142A of the Act, it appears that for the purpose of resorting to the provisions of section 142A of the Act, the Assessing Officer would first be required to record a satisfaction that the assessee has made investments which are not recorded in the books of account.

If section 40(a)(i) disallowance been made, no liability arise u/s. 201

November 1, 2012 8217 Views 0 comment Print

There is no dispute with reference to the fact that assessee made provision for expenses to an extent of Rs. 10,01,98,459/- on about 23 items in the books of account. There is also no dispute to the fact that entire provision so made was disallowed in the computation under the head ‘tax deductible but not deducted on provisions as on 31st March, 2007’ in the computation of income. Therefore, the entire provision so made was disallowed under section 40(a) (i) / (ia) while filing the return of income by the itself.

An overview of Sustainability & Integrated Reporting

November 1, 2012 677 Views 0 comment Print

The focus on reporting formats these days have shifted from Financial Reporting to Non Financial Reporting. Sustainability Reporting and Integrated Reporting are synonymously used with Non Financial Reporting. What better information does it offer over financial statements?

Transfer of Flat After issue of notice u/s. 6(1) of SAFEMA is null & void

November 1, 2012 1245 Views 0 comment Print

It is true that the appellants had obtained encumbrances certificates from the Sub-Registrar prior to purchase which show that there were no encumbrances to the subject flat. It is also true that the appellants had obtained loan from Vijaya Bank, Brigade Road Branch, Bangalore for purchase of the said flat.

Only Joint Commissioner or Additional Commissioner can sanction issue of Reassessment Notice

November 1, 2012 3004 Views 0 comment Print

Admittedly, the return was processed u/s 143(1), as per the assessment order, on 15.05.2002 and the notice u/s 148 was issued on 28.03.2008. Therefore, as per section 151, the Assessing Officer was required to obtain the sanction of Joint Commissioner of Income tax as four years had lapsed from the end of relevant assessment year.

I-card mandatory for sleeper-class Rail passengers from Dec 1

November 1, 2012 1677 Views 0 comment Print

It will be mandatory for sleeper-class train passengers to carry identity proof from December 1, this year, Railways announced today, in a bid to facilitate travel by bonafide people and reduce the scope for misuse of tickets by touts.

No penalty for delay in Late Filing of TDS return supported by reasonable cause

November 1, 2012 7928 Views 0 comment Print

In the case under consideration, we notice that the requirement of filing form 24Q was new one for the assessee and as being the first year of filing such return, there is no dispute about the fact that the tax has been deducted by the assessee. As held by the I.T.A.T., Mumbai Bench in the case of Royal Metal Printers (P.) Ltd. (supra), that for such technical or venial breach supported by reasonable cause, penalty under section 272A(2) is not leviable.

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