"04 January 2013" Archive

Press Release dated 4/1/2013

Income tax press release (04/01/2013)

The Director General of Income Tax (System) as per powers assigned to it under clause (ii) of Para 14 read with clause (7) of Para 4 of the ‘Centralized Processing of Returns Scheme, 2011’, issued as per C B D T Notification No. SO 16(E) dated 4.1.2012, has decided to extend the time limit for filing ITR-V...

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Presumption as to validity of document wouldn’t discharge burden of proof cast on assessee U/s. 68, 69, 69A etc.

Alliance Hotels Vs ACIT – 12(1) (ITAT Mumbai)

We, next, consider the assessee's argument that the document itself explains the source of the money with it (as on the relevant dates), so that the mandate of the section is satisfied, and no addition could be made. That is, the Department cannot take a contrary stand, accepting the document as true, yet overlooking the fact that the sam...

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Delegation of Powers under sub-sections (3) and (4) of section 64 of MVAT Act , 2002-Asst. Comissioners (Issue Based Audit) and Other ACs

Notification No. DC (A & R)/VAT/PWR (INV)/2006/3/Adm-8 (04/01/2013)

Commissioner of Sales Tax, Maharashtra State, Mumbai is hereby pleased to delegate the powers and duties under sub-sections (3) and (4) of section 64 of the Maharashtra Value Added Tax Act, 2002 and rule 69 of the Maharashtra Value Added Tax Act, 2005, to the authorities holding any of the post specified in column (2), having the MAHAVIKA...

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SEBI – Intermediaries may verify QFI’s PAN from IT website instead of verification from physical card

Circular No. MIRSD/01/2013 (04/01/2012)

2. With a view to bring about operational flexibility and in order to ease the PAN verification process, the intermediaries may verify the PAN of their clients online at the Income Tax website without insisting on the original PAN card, provided that the client has presented a document for Proof of Identity other than the PAN card....

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SEBI issues Consultative Paper on review of Corporate Governance norms in India

P R No. 4/2013 (04/01/2013)

SEBI has, today, placed a consultative paper on the SEBI website on 'Review of Corporate Governance Norms in India'. Comments on the discussion paper have been solicited on or before January 31, 2013....

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As per AS -19 Advance for lease should be recognized proportionately over the period of lease

The Commissioner of Income Tax-7 Vs M/s. Reliance Communication Infrastructure Ltd. (Bombay High Court)

Tribunal has on examination of the agreement dated 30-4-2003 entered into between 'R' and the assessee concluded that 'R' in terms of the agreement had only a right to use the network during the tenure of the 20 year agreement. Further, that the agreement was liable to be terminated at the sole discretion of 'R' and, consequently, the amo...

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e-filed returns in CPC can be viewed in AST – reg

F.No.17/8/2012-MIS-DOMS/ (04/01/2013)

In one of our Pilot Projects it was bought to our notice by the field formations that the e-filed returns were not visible to the concerned assessing officers.The matter was taken up with DGIT (Systems) who has informed that the following information can be accessed on the system by the AO with regard to e-filed returns of his/her jurisdi...

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Penalty should not be imposed in revenue neutral cases

CCL Products (India) Ltd. Vs Commissioner of Central Excise & Service Tax (CESTAT Bangalore)

Assessee is a 100% EOU and the disputed service tax related to import of services from foreign based commission agent. The assessee was required to pay the tax as a deemed service provider in terms of Section 66A of the Finance Act. Since the services were clearly input services for the appellant, the assessee was eligible for credit of s...

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Provisional safeguard duty on imports of Hot rolled flat products of stainless Steel 304 grade( up to a max width of 1605 mm) into India from China

Notification No. 01/2013-Customs (SG) (04/01/2013)

Whereas, in the matter of import of Hot Rolled Flat Products of Stainless Steel-304 grade classified within Chapter 72 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act), the Director ...

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Insurance captive power plant is an input service eligible for Cenvat Credit

Hindalco Industries Ltd. Vs Commissioner of Central Excise (CESTAT New Delhi)

In this case, since as discussed above, the Renusagar Power Plant is a captive power plant of the Appellant's manufacturing unit, the two have to be treated as one intergrated unit and therefore, the cenvat credit of service tax paid on insurance policy for the power plant would be admissible....

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