"01 January 2013" Archive

Matter related to Applicability of TDS on payments of air fare to freight agents located abroad remanded back to ITO

Assistant Commissioner of Income-tax Vs S.R. Brothers (ITAT Mumbai)

As rightly submitted by the learned DR, one of the reasons given by the AO for making disallowance u/s 40(a)(ia) was that the payment of freight charges was made by the assessee on account of air fare and not shipping charges and even the said air fare was not directly paid to the airlines but the same was paid to the different parties wh...

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New Team of ICSI for 2013

CS M.S.SAHOO, a former officer of the Indian Economic Service (IES) takes over as the SECRETARY of the Institute of Company Secretaries of India (ICSI) w.e.f1st January 2013. CS Sutanu Sinha has taken over as the CHIEF EXECUTIVE of the Institute of Company Secretaries of India (ICSI) w.e.f 1st January 2013....

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Posted Under: Income Tax |

Export of Goods and Services – Simplification and Revision of Softex Procedure at SEZs

RBI/2012-13/359 A.P. (DIR Series) Circular No. 66 (01/01/2013)

As per the revised procedure, a software exporter either under STPIs or SEZs/EPZs/100%EOU/DTA, whose annual turnover is at least Rs.1000 crore or who files at least 600 SOFTEX forms annually on all India basis, will be eligible to submit statements in revised excel format sheets as per enclosed Annexures A & B. All other terms and conditi...

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SEBI circular on Debt Allocation Mechanism for FII

Circular No. IMD/FIIC/1/2013 (01/01/2013)

SEBI vide circular IMD/FIIC/1/2012 dated January 3, 2012 had provided the facility of re-investment of up to two years from the date of the circular or to the extent of twice the size of the debt portfolio, to those FIIs and sub-accounts that had already acquired limits and/or invested in debt in the manner prescribed in the said circular...

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Assessee entitled to Interest on interest for delayed payment of refund -SC

Sandvik Asia Ltd. Vs Commissioner of Income Tax-I (Supreme Court of India)

The High Court had failed to notice that in view of the express provisions of the Act an assessee was entitled to compensation by way of interest on the delay in the payment of amounts lawfully due to the assessee which were withheld wrongly and contrary to the law by the department for an inordinate long period of up to 17 years. ...

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No penalty for quoting wrong PAN if caused by negligence of deductee

Commissioner of Income Tax (TDS), Chandigarh Vs Superintendent of Police (Punjan And Haryana High Court at Chandigarh)

In the instant case, the ITO(TDS) while going through the quarterly return in Form No.26Q, filed by the assessee noted that it has omitted to quote PAN/had quoted invalid PAN in 196 cases. As regards the reasonable cause,it was pleaded on behalf of the assessee that TDS was deducted and deposited in time in government Treasury. The defaul...

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Interest Income not eligible for deduction u/s. 80IB

Asian Cement Industries Vs Income Tax Appellate Tribunal (Jammu And Kashmir High Court)

A bare look at section 80-IB(4) would reveal that reference made to 'profits and gains derived from such industrial undertakings' and not to 'profit and gains derived from any business of the industrial undertaking'. A conjoint reading of Section 80-IB(l) and 80-IB(4) would reveal that the expression 'profits and gains derived from any bu...

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AO must make a reference to Valuation Officer in terms of S. 50C(2) if assessee objectes to stamp duty valuation

A.T.E. Enterprises Pvt. Ltd. Vs Dy. Commissioner of Income Tax (ITAT Mumbai)

Assessee has objected to the valuation adopted by the stamp valuation authority and has also filed the valuation report by an Approved Valuer in support of the actual fair market value. The provisions of clause (a) of sub-section (2) of section 50C, provides that where the assessee claims before the Assessing Officer that the value adopte...

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Service tax on Security charges of River Water Pumping Unit used as coolant in manufacturing are input services

Welspun Maxsteel Ltd. Vs Commissioner of Central Excise (CESTAT Mumbai)

There is also no dispute as to the fact the water pumped from river Kundalika is used as a coolant in the manufacturing process. If that be so, the pumping of water from the banks of river Kundalika is integrally connected to the manufacturing process and the security services used therein becomes an input service in terms of the definiti...

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Deduction U/s. 54F to be disallowed on failure to complete construction within 3 years

Smt. Anu Agarwal Vs I.T.O. VII(1) (ITAT Chandigarh)

In the case before us, admittedly no plans were made, therefore, there is no question of getting the same approved. Apart from this, the ld. counsel of the assessee admitted that assessee has no evidence to prove that assessee wanted to start construction. If the tax is allowed to be postponed merely on the basis of purchase of plot then ...

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