"28 December 2012" Archive - Page 2

Addition U/s. 41(1) not justified on failure of revenue to prove adjustment of liability

Smt. Victoria Roberts Vs Assistant Commissioner of Income-tax (ITAT Bangalore)

Section 41(1) is a deeming fiction and seeks to tax receipts or benefit which may not strictly be 'income', the burden to prove that a particular benefit or receipt falls within the four corners of the provisions of section 41(1) lies upon the revenue. ...

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Export commission paid to nonresident agent for taxable services outside India is not taxable in India

Deputy Commissioner of Income-tax Vs Angelique International Ltd. (ITAT Delhi)

In Divi's Laboratories Ltd.'s case (supra), it was held that commission paid to a non-resident agent for services rendered outside India is not chargeable to tax in India and that hence, no disallowance can be made....

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Definition of ‘Infrastructure Loan’ of NBFCs – Harmonisation

RBI/2012-13/351 DNBS.PD.CC.No. 317/03.10.001/2012-13 28/12/2012

Definition of Infrastructure Lending' in terms of which the definition of ‘infrastructure lending for the purpose of financing of infrastructure by the banks and Financial Institutions’ has been harmonized with that of the Master List of Infrastructure sub-sectors’ notified by the Government of India on March 27, 2012. It has been d...

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DGFT – Procedure for Incremental Exports Incentivisation Scheme

Public Notice No. 41/2009-2014 (RE- 2012) 28/12/2012

An application for grant of benefit under this scheme shall be filed in ANF 3F (this ANF 3F will be notified subsequently) to RA concerned. For the purpose of the scheme, export performance shall not be allowed to be transferred from any other IEC holder. Since the benefit is admissible on realisation basis, applications can be filed afte...

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No penalty if assessee raised a bona fide claim of ‘provision for bad debts’

Deputy Commissioner of Income-tax Vs VRB Investment (P.) Ltd (ITAT Kolkata)

The difference between a write off of a debt as irrecoverable and a provision against the same on account of or for it being bad and doubtful for recovery, is not technical but factual and, further, real and not imaginary.This is more so in view of the express provision of law by way of Explanation to section 36(1)(vii), brought on statut...

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Eligibility Criteria for Incremental Exports Incentivisation Scheme

Notification No. 27(RE-2012)/2009-2014 28/12/2012

Incremental Exports Incentivisation Scheme -Objective (a) The objective of the Scheme is to incentivize incremental exports. Entitlement (b) An IEC holder would be entitled for a duty credit scrip @ 2% on the incremental growth (achieved by the IEC holder) during the period 01.01.2013 to 31.3.2013 compared to the period from 01.01.201...

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