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Tribunal has held that although the documents are not in the name of the assessee’s factory but same are in the name of the head office of the assessee and there is no dispute about the input service received by the assessee. Therefore, substantive benefit cannot be denied on procedural grounds.
Service providers and professionals are aware that Service Tax is payable @ 12.36 percent on the value to taxable services which implies gross amount charged by the service provider for such service provided or agreed to be provided. However, where the consideration is not in money form, wholly or partly, value means money consideration plus money equivalent of consideration in kind. Also, consideration includes any amount that is payable for the taxable services provided.
The details of existing PSIA’s at Sl.No.12, 13, 16, 17 and 18 in Appendix-5 of Handbook of Procedures (Vol-I) as notified in Public Notice No.20 dated 1.10.2012 are amended / corrected to read as under.
The assessee, a chamber of commerce and industry, in the course of pursuing its objects rendered several services, such as, certification, committee room services, secretarial services and facilities, energy audit, etc. to its members and non-members for a fee. It was registered under section 12A. From the assessment year 1996-97 up to the assessment year 2005-06, it was granted exemption under section 11.
Lok Sabha today passed the Companies Bill , with the government saying the aim is to protect interest of employees and small investors while encouraging firms to undertake social welfare voluntarily instead of imposing that through inspector raj. Replying to a debate before the bill was passed by a voice vote, Corporate Affairs Minister Sachin Pilot said through this new legislation, the government intends to make India an attractive and safe investment destination.
The Reserve Bank of India has decided to keep all the key rates unchanged in its mid-quarter policy review today. The repo rate has been kept unchanged at 8 per cent and the cash reserve ratio has also been kept unchanged at 4.25 per cent. Consequently, the reverse repo rate will remain unchanged at 7 per cent, and the marginal standing facility (MSF) and the Bank Rate at 9 per cent.
In the instant case, while referring to the proviso in the newly inserted provisions of section 201(3) introduced by the Finance (No. 2) Act, 2009 with effect from 1-4-2010, the Assessing Officer concluded that he was competent to pass such orders for the aforesaid financial years at any time on or before 31-3-2011 while the Commissioner (Appeals), following the decisions of the jurisdictional High Court in CIT v. NHK Japan Broadcasting Corpn. [2008] 305 ITR 137and CIT v. Hutchison Essar Telecom Ltd. [2010] 323 ITR 230 (Delhi) held that the order dated 27-4-2010 passed by the Assessing Officer was barred by limitation.
Circular No. 7(1)2012/RCs Review Meeting/345 dated 30th November, 2012 on Guidelines for Quasi-judicial proceedings under Section 7A of the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952.
Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language (XBRL) mode for the financial year commencing on or after 01.04.2011- Corrigendum to General Circular No: 39/2012.
As regards the method to be adopted for comparability analysis, the contention of the revenue that CUP is the most appropriate method in the facts and circumstances of the case especially when internal comparables are available for the comparability analysis, has to be accepted. Therefore, there is no infirmity in the action of the Assessing Officer/TPO in adopting CUP method for comparability analysis instead of TNMM applied by the assessee.
