there may be other reasons related to CPC or TDS due to which hardships are being faced by the members. In this regard, may we request you to provide the details of the hardships being faced by you or your clients with regard to CPC and also TDS, giving specific particulars including name and PAN of the assessee.
Although the Committee had suggested raising the tax exemption limit to Rs 3 lakh, it is unlikely that Mukherjee will agree to it in view of the need to contain fiscal deficit. With limited space for give aways, the Budget is likely to balance populism with some tough measures to check tax evasion and generation of black money.
CIT v. Bovis Lend Lease (India) (P.) Ltd. In the instant case, it is the consistent stand of both the assessee and LLAH that the consideration paid under the agreement is by way of reimbursement of actual expanses. Therefore, even when a credit entry was made in the accounts as the assessee was treating it only as a reimbursement of actual expenses, he was under no obligation to deduct tax from the said amount as the said amount did not represent income. When LLAH approached the Assessing Officer and made the aforesaid representation, a certificate under Section 197(1) came to be issued. On the face of the certificate issued under Section 1971(1) being made available to the assesses by LLAH, the assessee could not have deducted tax at source. Therefore, he cannot be treated as a defaulter under law. He is not an assessee in default as understood under Section 201 of the Act.
The appellant/assessee availed the benefit under the Works Contracts Composition Scheme in respect of contracts entered into prior to 1-6-2007. The respondent/department issued show cause notice proposing service tax, interest and penalty on the ground that the petitioner was not eligible to avail the benefit under the Composition Scheme. Being aggrieved, the petitioner went in appeal under Section 35B of the Central Excise Act, 1944 (the Act).
In a lease transaction also there can be only one owner of the asset, that is, either the lessor or lessee and not both of them or either of them at their discretion. Whereas in the case of operating lease, it is the lessor who is the real owner of the asset, but in case of finance lease, it is the lessee who is to be regarded as the real owner of the asset. Ex consequenti only the lessor can claim depreciation in case of an operating lease and the lessee in a case of finance lease. There is no question of deciding between the lessor and the lessee, as to who should be conferred the benefit of depreciation allowance. Adverting to the facts of the instant case, it can be seen that it is a case of finance lease agreement. The only and the inescapable conclusion which in our considered opinion follows is that the real owner of the leased property is Indo Gulf Fertilizer & Chemical Corporation Limited and not the assessee. We, therefore, decline to grant any depreciation to the assessee-lessor. However the lessee, if so advised, may take recourse to the legal remedy if any, for the grant of depreciation.
The extent of higher education is generally measured by enrolment ratio in higher education; by taking the ratio of persons in all age group enrolled in various programs to total population in age group of 18 to 23. The current level of GER in India stands at a figure of about 13% it is very low if we compared to world average of 23.2%, 36.5% for developing countries and 45% for developed countries. The government thus has an enormous task in hand to improve the GER to bring it somewhere close to other developing countries as otherwise the country would continue to remain divided not only in terms of wealth-distribution but also in the more fundamental aspects like education and health.
No one can defend a willful defaulter and no one can possibly object to the need of providing a special legislation to enable the Banks to recover their dues speedily and thus reduce their ‘Non-performing Assets’. Constitutional validity of ‘The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002’ (in short ‘SARFAESI’) was upheld by the Supreme Court and the Courts have given guidelines from time to time as to how to interpret various provisions of SARFAESI Act, 2002.
Notification F.No.IRDA/RI/1/57/2012, dated 15-3-2012 In exercise of the powers conferred by sub-section (2) of section 101A of the Insurance Act, 1938, the Authority, after consultation with the Advisory Committee constituted under section 101B of the Insurance Act, 1938 and with the previous approval of the Central Government, hereby makes the following notification namely:-
Rate of growth estimated to be 6.9%. Outlook for growth and stability is promising with real GDP growth expected to pick up to 7.6% in 2012-13 and 8.6% in 2013-14. Agriculture and Services sectors continue to perform well. 2.5 % growth in Agro sector forecast. Services sector grows by 9.4 %, its share in GDP goes up to 59%.
ITAT Mumbai ruling: Transponder2hire charges not ‘royalty.’ Times Global wins tax case vs. DCIT for A.Y. 2007-08. Consultancy fee allowed. Full details here.
