"21 November 2012" Archive

Seeks to impose customs duty on skimmed milk powder by amending notn No. 12/12- Cus, dt: 17.3.2012

Notification No. 59/2012-Customs (21/11/2012)

Notification No. 59/2012-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the M...

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Assessee not required to inform ITO as to what legal inference should be drawn from facts disclosed by him

Calyon Bank Vs Deputy Director of Income-tax (International Taxation) (ITAT Mumbai)

The duty imposed by the Act upon the tax payer is to make a full and true disclosure of all material facts necessary for the assessee ; he is not required to inform the Income-tax Officer as to what legal inference should be drawn from the facts disclosed by him nor to advise him on questions of law. Whether on the facts found or disclose...

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Pay your Service Tax Dues before 27th of November

Renting of Immovable Property is one such tax under the net of Service Tax law. The levy was under controversy since years and eventually turned off as deemed levy and adding more pain levied from retrospective date. However for rehabilitation of service tax law in this regard the Section 80(2) was introduced in budget 2012-13....

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Loss on sale of partly convertible debentures is short-term capital loss

JCT Ltd. Vs Commissioner of Income-tax, West Bengal (Calcutta High Court)

This issue in fact fell for decision before this Court in the case of CIT v. Karam Chand Thapar and Bros. Ltd. [IT Appeal No. 130 of 1998, dated 17-12-1998] wherein this Court by its judgment and order has upheld the decision of the Tribunal that the claim of loss of the assessee in the matter of sale of Part B of the PCD in the self-same...

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Asessee can claim Deduction of Interest on Housing Loan Both u/s. 24(b) & 48

ACIT Vs C. Ramabrahmam (ITAT Chennai)

Deduction under section 24(b) and computation of capital gains under section 48 of the Act are altogether covered by different heads of income i.e., income from 'house property' and 'capital gains'. Further, a perusal of both the provisions makes it unambiguous that none of them excludes operative of the other. ...

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Ajmal Kasab hanged at Pune’s Yerawada Jail

Death Sentence of Mohammed Ajmal Mohammed Amir Kasab Executed The petition for clemency filed by condemned prisoner Mohammed Ajmal Mohammed Amir Kasab was rejected by the President on 5th November, 2012. The sentence was executed today at 7.30 a.m. at Yeravada Central Prison, Yeravada, Pune....

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Posted Under: Custom Duty |

CESTAT Delhi to pronounce today on whether money transfer a taxable service

Western Union Money Transfer through its main agents Paul Merchants Ltd. and Transcorp had been fighting a protracted battle in North & South Indian CESTAT. Most of the interim decisions of Bangalore CESTAT have been in favour of the sub-agents, holding that the services are not taxable, as these are not rendered in India. ...

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Posted Under: Custom Duty |

Old Service tax Accounting Code Restored for 120 Services

Circular No.165/16/2012 -ST (20/11/2012)

Circular No. 165/16/2012 -ST Service specific Accounting Codes restored; 120 services labeled with codes unlike to one code for negative list. - Negative List based comprehensive approach to taxation of services came into effect from the first day of July, 2012. Accounting code for the purpose of payment of service tax under the Negativ...

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Monitoring of Unhedged Foreign Currency Exposure

RBI/2012-13/302 DBOD.BP.BC.No.61/21.04.103/2012-13 (21/11/2012)

Unhedged forex exposure of corporates is a source of risk to them as well as to the financing banks and the financial system. Large unhedged forex exposures have resulted in accounts becoming NPAs in some cases. Banks were, therefore, advised in February 2012 that they should rigorously evaluate the risks arising out of unhedged foreign c...

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Amendment in Para 8.3.1(i) of the Handbook of Procedures Vol.I, 2009-14 – claim of TED by recipient of goods

Public Notice No.31 (RE 2012)/ 2009-14, (21/11/2012)

PUBLIC NOTICE No. 31 (RE 2012)/ 2009-14 Either the recipient of the goods or the supplier of the goods can claim TED refund with appropriate disclaimer. ...

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