"08 December 2012" Archive

Reimbursement of Expenses not subject to Service Tax

Intercontinental Consultants and Technocrats Pvt. Ltd. Vs. Union of India & ANR (2012-TIOL-966-HC-DEL-ST)

Whether reimbursement of expenses includible in gross consideration for the chargeability of Service Tax? Whether Rule 5(1) of Service Tax (Determination of Value) Rules is ultra vires Sections 66 and 67 of Finance Act, 1994?...

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Service Tax Refund cannot be denied on technical grounds

Trident Ltd. Vs Commissioner of Central Excise, Chandigarh-II (CESTAT Delhi)

It appears that the deficiency is that the bills raised by the CHA do not show the shipping bill numbers and date and the full requirements of the above conditions are not met. The reason given in the impugned order is that copies of shipping bills are not produced. No such condition is prescribed against S. No. 11....

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Undisclosed income which is subject matter of block assessment cannot be made basis for reopening of assessment

Prakash Jewellers Vs Assistant Commissioner of Income-tax (Gujarat High court)

Admittedly as is apparent on a plain reading of the reasons recorded, the stock of gold ornaments valued at Rs. 29,77,726/- was subject matter of block assessment under section 158BC of the Act. The Assessing Officer after considering the material on record in fact made an addition of Rs. 29,77,726/- as undisclosed income of the petitione...

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Mere reconstitution of partnership firm not amount to splitting up of business already in existence

Commissioner of Income-tax Vs Arts Beauty Exports (Delhi High court)

There is no dispute that after the partnership was reconstitued, the reconstituted firm had started a new business with an amendment to the partnership deed enabling the firm to carry on the manufacture and export of handicrafts items. Prior to the reconstitution the firm was authorized to merely carry on trading and exports of handicraft...

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Trust Registration cannot be denied for Non Filing of Return for Several Years

Commissioner of Income-tax-1 Vs Shri Advait Ashram Society (Allahabad High Court)

Non-filing of the returns for the last several years cannot be a ground for declining to grant registration as the Commissioner is only enjoined to see as to whether the Trust is genuine and whether the object for which it has been formed is for charitable purpose or not....

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Taxability of income arising from sale of asset held under Gold Deposit Scheme

Shiv Kumar Agarwal Vs Deputy Commissioner of Income-tax (ITAT Agra)

It is not in dispute that on the date of maturity, i.e., 22.11.2006, the certificates of gold were redeemed, therefore, 22.11.2006 should be considered as the date of acquisition of the gold for the purpose of computation of capital gains. The authorities below were, therefore, not justified in rejecting the claim of assessee for short te...

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How to be an Effective CEO?

A C-Level job is all about managing complexity, a defining trait of a leader. A Chief Executive Officer is involved in strategic decision making, responding to unanticipated events and directing the interaction of different functions in the organization. A leader defines an organization. A skillful Chief Executive Officer is always prepar...

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Expenditure on civil and electrical works incurred in leasehold premises is not enduring benefit

Emdee Apparels Vs Assistant Commissioner of Income-tax (ITAT Bangalore)

It has been held that when any expenditure is incurred by an assessee on leasehold premises, even though it may give an enduring benefit, it would not amount to capital expenditure as no capital asset is being created in favour of the assessee. In some of the cases, the expenditure is on civil and electrical works also. ...

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S.10A Foreign remittances to be credited within 6 months in a/c of assessee

Capital Foods Exports (P.) Ltd. Vs Assistant Commissioner of Income-tax (ITAT Mumbai)

Unless the foreign remittances are credited in the account of assessee or at least credited in the account of the bank, it can not be said that the export proceeds have been received in or brought into India. The assessee has placed on record a certificate from State Bank of India which only states that the proceeds of the foreign remitta...

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Consideration deemed to be received on the date of encashment of cheque and not on date of receipt

Sarvashaktiman Traders (P.) Ltd. Vs Commissioner of Central Excise, Kanpur (CESTAT Delhi)

In the present case, though the cheque was received on 4.1.2007, the same was actually deposited in the bank on 5.2.2007 and must have been encashed on a date after that. As such, it is to be considered as if the consideration for the services was received by the appellant in the month of February itself, thus requiring them to deposit th...

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