"22 November 2012" Archive

How to View Form 26AS of Famous Personalities?

We all know that the Govt. has launched a new website of Income Tax E-filing. Have you seen Form 26AS of well-known persons like Ambanis, Tatas, Deols etc? Earlier it was not possible for all to see this, but now on new I T E-filing website it is possible for all CAs. ...

Posted Under: Income Tax | ,

MVAT Audit Due (Form 704) date extended to 15th January, 2013

Commissioner of Sales Tax in Maharashtra has informed to defer the submission of VAT Audit Report in Form 704 under the MVAT Act, 2002 to 15th of January, 2013 from the scheduled due date of 30th November, 2012. A Notification to this effect is expected on coming Monday, the 12th November, 2012....

Posted Under: Income Tax |

Penalty After Surrender Via Revised ROI u/s. 271(1)(c) – High Court Explains Law

Commissioner of Income Tax Delhi-VI Vs Usha International Ltd. (Delhi High court)

The question of concealment of income and whether the revised return was filed voluntarily or not is a question of fact to be examined and decided upon the facts and circumstances of the each case and, therefore, it was not permissible to the Tribunal to merely rely on earlier orders where this issue was considered and penalties were canc...

Difference in applicability of Cost Compliance Report & Cost Audit Report

With issue of various circulars, cost audit orders and notifications with regard to Cost Accounting, the MCA has set the stage for collection of the authentic information (duly approved by Bard of Directors and verified by a Cost Accountant) with regard to various industries for use by various Ministries....

Posted Under: Income Tax | ,

Arrears of salary not covered by section 43B of Income Tax Act

Commissioner of Income-tax Vs Hindustan Times (Delhi High Court)

Arrears of salary and other benefits payable to employees, is not covered by Section 43-B at all. Such liabilities are not contributions to provident fund, superannuation or any other fund or plan which the employer is obliged to extend to its employees to fulfill its statutory or contractual obligations. The character of the amounts in t...

Mobilization Charges from prospecting of oil and natural gas is to be taxed u/s. 44BB

EMGS Project Office Vs Deputy Director of Income-tax, International Taxation (ITAT Delhi)

A reading of Sedco Forex International Inc. (supra), makes it clear that revenues on account of mobilization are to be brought to tax in India. Sedco Forex International Inc. (supra) has been rendered by the Hon'ble Uttarakhand High Court, which happens to be the jurisdictional High Court in the present case. Sedco Forex International In...

Input credit of service tax can be taken only if the output is a service liable to service tax

Venus Investments Vs Commissioner of Central Excise, Vadodara (CESTAT Ahmedabad)

No Cenvat credit on construction service if assessee is engaged in renting of immovable property - Commercial or industrial construction service or works contract service is an input service for the output service namely immovable property. Immovable property is neither subjected to central excise duty nor to service tax and input credit ...

In case of set off of business loss vis-à-vis depreciation, first preference shall be given to business loss

Suresh Industries (P.) Ltd. Vs Assistant Commissioner of Income-tax (ITAT Mumbai)

A simple reading of this section suggests that in case of set off of business loss vis-a-vis depreciation, the first preference shall be given to the business loss as per the provisions of Sec. 72(1) of the Act for the simple reason that the business loss can be carried forward only upto 8 assessment years whereas the depreciation can be ...

Improvement of leasehold premises eligible for deduction

Commissioner of Income-tax Vs EDS Electronic Data Systems (India) (P.) Ltd. (Delhi High Court)

The Tribunal made a limited remand to the lower authorities to determine the exact nature and quantum of brick work which would entitle the assessee to the deduction claimed under section 37 which is limited to Rs. 2.75 crores. ...

Value of Purchased study material supplied to students not includible in the value of commercial coaching services

Chate Coaching Classes (P.) Ltd. Vs Commissioner of Central Excise, Aurangabad (CESTAT Mumbai)

The department has issued clarification vide circular No.59/8/2003-ST dated 20.6.2003 and as per the said clarification, it was clarified that in case of commercial training and coaching institutes, the exclusion shall apply only to the sale value of standard textbooks, which are priced. Any study material or written text provided by such...

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