"27 December 2012" Archive

Nature of Hire charges for hoarding space – Is it for ‘use of premises for purpose of business’ or for publicity or advertisement or sales promotion

Bakelite Hylam Ltd. Vs Commissioner of Income-tax (Andhra Pradesh High Court)

This is a reference under section 256(1) of the Income-tax Act, 1961 (the Act). The following two questions have been referred to the opinion of this court at the instance of the assessee with reference to the assessment years 1985-86 and 1986-87....

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No Disallowance U/s. 14A if Assessee made investment from owned fund

Recently, the Mumbai Bench of the Tribunal in the case of Reliance Industries Ltd. Vs Addl. CIT [2012] 79 DTR (Trib) 315 (Mum), has rendered a very significant judgement relating to disallowance under section 14A of the Income-Tax Act, 1961 (the Act)....

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Posted Under: Income Tax |

Mere pendency of writ cannot be a ground for condoning delay of in filing appeal

Sunil Kumar Gupta Vs Commissioner of Central Excise & Customs (CESTAT Bangalore)

It is the oft-repeated submission of the counsel that the COD applications are liable to be allowed on the sole ground of pendency of their writ petition before the Hon'ble High Court. No judicial authority has been cited before us in support of the plea. We are of the view that the pendency of the writ petition filed by the appellants wh...

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Renaming of the Integrated Professional Competence Examination (IPCE)

In terms of Notification NO XCA(7)/145/2012 dated 1st August 2012, Integrated Professional Competence Examination(IPCE), stands renamed as Intermediate (IPC) Examination and would be known accordingly, with effect from May 2013 examination onwards. ...

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Posted Under: Income Tax |

Deduction u/s. 80-IA(4) available if assessee develops the infrastructure facility but do not operate or maintain the same

Assistant Commissioner of Income-tax (CC)-45 Vs Pratibha Industries Ltd. (ITAT Mumbai)

We find that, the AO accepts that the assessee is an infrastructure developer. But we look into the main objection of the AO that being a developer by itself is not enough to avail the deduction, but the assessee should have maintained, operated and handed it back to the government....

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Commissioner cannot revise order passed by TPO u/s. 92CA(3)

Essar Steel Ltd. Vs Additional Commissioner of Income Tax (ITAT Mumbai)

As seen from the provisions, the CIT has no jurisdiction over the TPO administratively and therefore, the CIT could not have revised the order under section 92C(3) passed by the TPO. ...

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Interest on deposits to be split up between its period of holding for taxation purposes

Infrastructure Development Finance Co. Ltd. Vs Joint Commissioner of Income Tax (Madras High Court)

Even though the parameter for considering the expenditure and income is not the same, yet the principle to be followed is that when the instrument concerned is certain as to its period of life and specifically points out to a particular interest amount to be paid on the maturity date, the question of assessing the entire interest in the f...

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Policy Circular No. 10 (RE-2012)/2009-14, Dated: 27.12.2012

Policy Circular No. 10 (RE-2012)/2009-14 (27/12/2012)

Para 5.11.2 of the Hand Book of Procedure Volume – 1 (HBP V-I) permits re-fixation of Annual Average Export Obligation, in case the export in any sector/product group decline by more than 5%. This implies that for the sector/product group that witnessed such decline in a licensing year as compared to the previous licensing year would be...

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Operationalisation of provisions of Para 5.11.2 of Hand Book of Procedure Vol.-1 (2009-14) [RE: 2012]

Policy Circular No. 9 (RE-2012)/2009-14 (27/12/2012)

All Regional Offices are requested to re-fix the annual average export obligation for EPCG Authorizations for the year 2011-12 accordingly. Reduction, if any, in the EO should be appropriately endorsed in the licence file of the office of RA as also in the Amendment Sheet to be issued to the EPCG Authorisation holder....

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