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Archive: 15 December 2012

Posts in 15 December 2012

TDS not applicable on service rendered by Tenants’ Association to members even if the same is for remuneration

December 15, 2012 1761 Views 0 comment Print

On the facts of the present case, we have noted that there is no finding by any of the authorities below that services are rendered to non-members. There is a reference to the services rendered to the outsiders in the orders of the authorities below, but it is in the context of analysis of judicial precedents, and, therefore, nothing turns on that. As long as services are rendered to the members, even for a remuneration, the same will be covered by the principles of mutuality. As far the allegation that members have deducted at source from payments to the assessee and for this reason, the receipt is to be taken as taxable receipt, it is only elementary that conduct on the part of the person making payment cannot determine character of receipt in the hand of recipient.

Mere Non-compliance with ICAI guidelines would not invite TP adjustment

December 15, 2012 916 Views 0 comment Print

Where neither the TPO nor the DRP have found any fault with audited segmental accounts, the Departmental Representative cannot Canvass rejection of the same before the ITAT on the ground that the same one not prepared or audited as per ICAI guidelines.

‘Service’ – What it Means under the service Tax Provisions

December 15, 2012 14788 Views 0 comment Print

SERVICE ? ‘Service’ has been defined in clause (44) of the new section 65B and means – any activity for consideration carried out by a person for another and includes a declared service does not include – any activity that constitutes only a transfer in title of (i) goods or (ii) immovable property by way […]

SEZ profit not to be included in computation of Book Profit

December 15, 2012 4798 Views 0 comment Print

On perusal of orders of authorities below, we agree that facts and issue involved in Ground No.2 of appeal for assessment year 2009-10 are identical to ground No.2 & 3 of appeal for assessment year 2008-09, which we have discussed in paras 7 to 9 hereinabove. For the reasons mentioned in para 9 hereinabove, we allow Ground No.2 of appeal taken by the assessee for assessment year 2009-10.

Ceiling u/s. 44C applies to Expenses not directly attributable to Indian Branch

December 15, 2012 1704 Views 0 comment Print

We are not convinced with the submission made by the learned AR in this regard for the reason that as per the mandate of Article 7, the deduction is to be allowed in conformity with the provisions of the Income-tax Act, 1961. Once section 44C is there, there can be no escape unless it is proved that the expenses incurred are not covered within the mandate of section 44C of the Act.

Paying Tax on concealed income not enough to avoid penalty

December 15, 2012 3057 Views 0 comment Print

Merely by depositing the due tax on the amount received on termination of employment the bona fides of the assessee in not declaring the receipt as income in its return of income is not established.

CA expected to be diligent & careful in his professional work – HC

December 15, 2012 4381 Views 0 comment Print

A Chartered Accountant has an obligation, not only statutory but also moral and social, to be absolutely and completely diligent and cautious and careful while preparing, signing and certifying Annual Accounts and/or Audit report. Several Government and private organizations and individuals rely on the report/certificate by Chartered Accountant and once a particular factual aspect or entries, etc.

Whether commission paid to directors were allowable expenditure u/s. 36(1)(ii)?

December 15, 2012 3466 Views 0 comment Print

When the similar issue arose in AY 2005-06, the ITAT again following its own order for AY 2004-05, upheld the order of the learned CIT(A) deleting the disallowance of commission paid to directors. Admittedly, the facts of the year under consideration are identical. Therefore, respectfully following the above decision of ITA T in assessee ’s own case, we uphold the order of learned CIT(A) and dismiss the Revenue’s appeal.

I-T department conducts search and seizure actions based on credible information

December 15, 2012 949 Views 0 comment Print

Income Tax Department conducts search and seizure actions based on credible information relating to ‘persons’, which include individuals, Hindu undivided families (HUFs), firms, companies, association of persons (AoPs), body of individuals (BoIs), local authorities and any artificial juridical person, who satisfy any of the conditions specified in Section 132 (1) of the Income Tax Act, 1961.

How Govt. update Tax Officials’ knowledge of Law?

December 15, 2012 949 Views 0 comment Print

The assessing officers undergo in-depth training on direct tax at the induction stage at National Academy of Direct Taxes, Nagpur (NADT) and the seven subordinate Direct Taxes Regional Training Institutes (DTRTIs) located across the country and on indirect tax at National Academy for Customs, Excise and Narcotics, Faridabad and its nine Regional Training Institutes located at Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bangalore, Vadodara, Patna and Kanpur. They also undergo various refresher courses conducted by NADT and DTRTIs from time to time.

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