"17 December 2012" Archive

NOC from the concerned regulator/Institute for LLP Name approval/incorporation

General Circular No. 40/2012 17/12/2012

However, in case of change of name of an existing LLP, NOC from the concerned regulator shall be obtained at the time of making application for name approval because change of name of LLP is made by filing Form 5 through STP mode....

All about Place of Provision of Service Rules 2012

The new charging section, section 66B, enables taxation of only such services as are provided in taxable territory. Thus services that are provided in a non-taxable territory are not chargeable to service tax. ...

SEBI : Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement

CIR/MRD/DP/35/2012 17/12/2012

The Stock Exchanges are advised to report to SEBI, the action taken in this regard in the Monthly/Quarterly Development Report....

HC held seed certification work of a State Agency a business activity and denied registration

Andhra Pradesh State Seed Certification Agency Vs Chief Commissioner of Income Tax-III, Hyderabad (Andhra Pradesh High Court)

HC held that CIT had rightly rejected the application of the petitioner for approval under Section 10 (23C) (iv) of the Act on the ground that the petitioner has not rendered its services directly to the farmers but is rendering its services directly to its clients/agents who are engaged in trading of the certified seeds with profit moti...

S. 66B – Taxability of services or charge of service tax

TAXABILITY OF SERVICE The taxability of services or the charge of service tax has been specified in section 66B of the Act. To be a taxable a service should be – provided or agreed to be provided by a person to another in the taxable territory and should not be specified in the negative list. […]...

Loss set off U/s. 70 & 71 not permissible against income disclosed during survey

M/s Liberty Plywood (P.) Ltd. Vs A.C.I.T. (ITAT Chandigarh)

Hon'ble Punjab & Haryana High Court in case of Kim Pharma (P.) Ltd. (supra) held that surrendered income during the survey has to be assessed separately as deemed income and set off of losses u/s 70 & 71 was not possible against such income....

‘Sint Maarten, Netherlands’, notified as specified area for DTAA

Notification No. 54/2012-Income Tax 17/12/2012

Notification No. 54/2012-Income Tax In exercise of the powers conferred by Explanation 2 to section 90 of the Income- tax Act, 1961 (43 of 1961), the Central Government hereby notifies Sint Maarten, a part of Kingdom of Netherlands, the area outside India as the 'specified territory' for the purposes of the said section....

Brief on Negative List of Services

NEGATIVE LIST OF SERVICES Service tax will be leviable on all services provided in the taxable territory by a person to another for a consideration other than the services specified in the negative list. There are seventeen heads of services (A to Q) that have been specified in the negative list:- A. Services by Government […]...

Speed Post is not a valid mode of service u/s. 37C of Excise Act

Balarami Reddy & Co. Vs Commissioner of Central Excise, Hyderabad (CESTAT Bangalore)

Having found a good case for the appellant on the question whether the order-in-original was issued and dispatched in accordance with the relevant provision of law, we have to remand this case to the learned Commissioner (Appeals) with a request to consider the assessee's appeal filed against the order-in-original to have been filed withi...

Commissioner cannot assume jurisdiction u/s. 263 without recording the reasons

J. Thomas & Co. (P.) Ltd. Vs Joint Commissioner of Income-tax (OSD) (ITAT Kolkata)

We find that there is no reason whatsoever set out in the show cause notice as to why the Commissioner was of the view that the assessment order is erroneous and prejudicial to the interest of the revenue. Unless the Commissioner specifically sets out such reasons in the show cause notice, and hears the assessee on the same, it is not ope...

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