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Archive: 14 December 2012

Posts in 14 December 2012

Winding up proceeding can be admitted on failure to return advance against property on cancellation of agreement

December 14, 2012 432 Views 0 comment Print

In the instant case, the agreement was entered into between the parties on 1-7-2012 and by the mail dated 4-7-2012, the petitioner evinced her desire not to go ahead with the transaction. Indeed, the petitioner unilaterally offered the deduction in terms of the agreement though it would have been understandable for the petitioner even to require a reconsideration of the matter since the termination followed within the days of the execution of the agreement.

Notification of Dahanu Port for unloading of imported coal by M/s. Reliance Infrastructure Ltd.

December 14, 2012 355 Views 0 comment Print

S. O. _____ E).- In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 62/94-Customs (N. T.) dated the 21st November, 1994, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number S. O. 829 (E), dated the 21st November, 1994, namely:-

HC Explains 3 Criteria to judge if an entry is accommodation entry or not?

December 14, 2012 7474 Views 0 comment Print

The Revenue preferred an appeal to the Tribunal in ITA 398/Del/2006. As seen from paragraphs 6 & 7 of the impugned order of the Tribunal, the Revenue disputed before the Tribunal the contention of the assessee that it had furnished the confirmation letters from the share applicants along with their income tax details, statement of bank accounts etc. The assessee, as seen from paragraph 5 of the impugned order had contended that the share subscribers were assessed to tax and since their identity stood established, no addition can be made in the hands of the assessee, having regard to the judgment of the Supreme Court cited above.

CAG Empanelment for FY 2013-14 to Start from 01.01.2013

December 14, 2012 5078 Views 0 comment Print

The format of application will be available on our website: www.cag.gov.in from 1st January 2013 to 15th February 2013. Chartered Accountant firms can apply/update the data showing the status of their firm as on 1st January 2013 and generate online acknowledgement letter for the year.

Check Your Bank Cheques

December 14, 2012 3261 Views 0 comment Print

The banking practice shall soon change for all of us when the new cheque regime comes into force w.e.f. January 1, 2013. India shall be migrating to new cheque truncation system, popularly called CTS with the objective of making inter-bank transactions and money related transactions faster, cheaper and safer.

Coaching institute cannot be treated &registered as a charitable institution

December 14, 2012 4852 Views 0 comment Print

From the above judgment of the Apex Court it would be abundantly clear that there should be a systematic instruction to the students by way of normal schooling. Mere coaching classes may provide some kind of knowledge to the students. But that kind of acquisition of knowledge through coaching classes cannot fall within the meaning of “education” as provided in section 2(15) of the Act. As the Apex Court observed, one may acquire knowledge in the course of travelling; during the course of reading newspaper; etc. But that kind of knowledge cannot fall within the term “education” as provided in section 2(15) of the Act. There should be a normal schooling by way of regular and systematic instruction.

In the absence of benefit to company advance from company taxable as deemed dividend

December 14, 2012 402 Views 0 comment Print

It is the case of the assessee that since it has mortgaged its property with the bank to enable the company to avail finance facilities from the bank, the advance by the company is not a gratuitous loan or advance, but in return for an advantage which the company has already availed on account of mortgaging of properties done by the assessees.

DVAT – Set top boxes provided by cable operator on lease liable to VAT

December 14, 2012 3660 Views 0 comment Print

The set top boxes are being supplied to the cable users by the cable operators on lease basis against refundable securities. It is reported that these operators are not paying VAT on these transactions terming the same as entrustment, thereby denying the state of its legitimate right to impose VAT on these transactions.

S. 194H No TDS on discount given by IATA agent on Purchase of Ticket by retail customers, group passengers & small time agents

December 14, 2012 5089 Views 0 comment Print

There is no dispute with regard to the fact that the assessee herein is a IATA agent and it is authorised to sell air tickets at a price range that are usually fixed by the airline companies. It is also a fact that the competition between different airline companies has increased due to presence of a number of airline companies and the same has resulted in fixation of ticket rates at different levels at different points of time. Accordingly, it appears that the IATA agents are given option to fix the ticket rates within the maximum and minimum range that are fixed by the airline companies.

Members Regional Convention on International Taxation-2012

December 14, 2012 1078 Views 0 comment Print

Vasai Branch of WIRC of ICAI is hosting  Members Regional Convention on International Taxation-2012 to share knowledge of Basic Principles of international taxation to the Related Controversial Issues in International Taxation including Cross Border Transactions. The date of the event is  Friday 21st & Saturday 22nd December, 2012 at  Green Court Club (G.C.C.), Mira- Bhayandar, […]

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