"22 December 2012" Archive

All about Point of Taxation in Service Tax

 CA Sanjeev Singhal The Point of Taxation The rules were made applicable from 1.7.2011. The introduction of these rules has shifted the liability to pay tax from cash basis to accrual basis . Input credit can be availed on the basis of invoice when such invoice has been received. Basic Concept A] Associated Enterprises : […]...

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Cash Reserve Ratio (CRR) What, When and Why

In the present days if you go for any news channels or news papers, then you come to hear about CRR. RBI had not changed the rates of CRR, in spite of tightening on the liquidity front due to advance tax outgo. The banks’ borrowing from the RBI has gone up to Rs 1,46,300 crore, […]...

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Client coordination fees cannot be termed as royalty

Deputy Director of Income-tax (IT) Vs Euro RSCG Worldwide Inc. (ITAT Mumbai)

This is a Revenue appeal against the orders of the CIT (A)-10 Mumbai dated 30.07.2010. The Revenue has raised two grounds which are as under:...

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Loss from trading in Shares to Dr. Reddy held as speculative in view of Explanation to S. 73

Dr. Reddy's Laboratories Ltd. Vs Additional Commissioner of Income-tax (ITAT Hyderabad)

The transaction of purchase and sale of shares would be held as speculative business only if the company was hit by the Explanation to section 73. The implication of the Explanation is that if a company incurs a speculation loss in a manner deemed in the explanation such loss shall not be set off except against profit and gains, if any, o...

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Text of Provisions related to Cost Accountant in Companies Bill,2011

Incorporation of company - 7. (1) There shall be filed with the Registrar within whose jurisdiction the registered office of a company is proposed to be situated, the following documents and information for registration, namely:— (a) the memorandum and articles of the company duly signed by all the subscribers to the memorandum in such ...

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Posted Under: Service Tax |

54EC limit of Rs. 50L applies to financial year not to transaction

Shri Vivek Jairazbhoy Vs Dy. Commissioner of Income Tax (ITAT Bangalore)

In This case ITAT Delhi held that Limit U/s 54EC of rs. 50 lakh Applies to Financial year not to the transaction. Court Further held that Cheque has to be issued within 6 months. Encashment of Cheque & Allotment of Bonds beyond 6 months is irrelevant. ...

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Tax Payment allowable on payment basis irrespective of year of accrual

Commissioner of Income Tax Vs Maruti Suzuki India Ltd. (Delhi High Court)

For the purpose of claiming benefit of deduction of the sum paid against the liability of tax, duty, cess, fee, etc., the year of payment is relevant and is only to be taken into account. The year in which the assessee incurred the liability to pay such tax, duty, etc., has no relevance and cannot be linked with the matter of giving benef...

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Salient Features of Banking Laws (Amendment) Bill 2012

The Banking Laws (Amendment) Bill 2011 was introduced in order to amend the Banking Regulation Act, 1949, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980. The said Bill has been passed by both the Houses of Parliament during its just concluded Winter Session....

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Posted Under: Service Tax |

Expenditure to set-up a new line of business is capital expenditure

Gujarat Mineral Dev. Corpn. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Ahmedabad)

Per Bench - Out of this bunch of ten appeals, there are various appeals of the assessee and the revenue for different assessment years against separate orders of Ld. CIT(A) VIII, Ahmedabad. All these appeals were heard together and are being disposed off by way of this common order for the sake of convenience....

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