"13 January 2013" Archive

An outsider’s perspective to ICAI Elections 2012

It all started about 2-3 months ago, when I suddenly starting receiving e-mails in my inbox from unknown people who were enthusiastic to share borrowed knowledge with me – borrowed because was forwarded presentations created by people other than the ones from whom I received the e-mails. It bothered me little, for getting more knowledg...

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Service tax on interest for delayed payment of credit card dues

Canara Bank Versus Commissioner of Central Excise and Customs (LTU) (CESTAT Bangalore)

The bank's customers holding credit cards purchase goods from shops and the bank pays to the shop keeper on their behalf. Till the customers pay up the money to the bank, they are debtors and they stand in the shoes of borrowers. If that be the case, the amount transacted is a loan and interest must accrue to the bank in the event of dela...

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List of Documents and the Check-List for Application of Single/Centralised Registration

Corrigendum/Addendum [C.No.IV(16)HQ/Tech/ST/TN/197/2011] (02/11/2012)

In order to simplify the process of single & centralized registration, the requirements of documents vide Annexures-I & IA have been re-casted. (Refer Annexures I & IA)....

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Clarification on Payment of Service Tax on rent payable by Central/State Government Departments

Trade Notice No. 47/ST/2012 (31/10/2012)

It is to bring to the notice of all trade associations and stake holders that Clarification has been sought whether Service Tax is payable on rent paid by them to various building owners who has given the buildings on rent to Govt. Departments for office purpose....

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Non Applicability of S. 44AD does not mean that profit will lower than 8% when turnover is more than Rs. 40.00 lacs

Shri Rattan Singh Rathod Vs Jt. CIT-25(2), Mumbai & Others (ITAT Mumbai)

Section 44AD deems the net profit rate at 8% in cases where accounts are not maintained and turnover is up to Rs. 40.00 lacs. This however, does not mean that profit will lower when the turnover is more than Rs. 40.00 lacs....

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Post Office Savings Account (Amendment) Rules, 2012 – Amendment in Rule 4A

Notification No. G.S.R 926(E) (13/01/2013)

These rules may be called the Post Office Savings Account (Amendment) Rules, 2012. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In Post Office Savings Account Rules, 1981, in rule 4A, in the Table, —...

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In absence of declaration by assessee that it does not intend to honour its liabilities, provisions of S. 41(1) cannot be invoked

Commissioner of Income Tax-IV Vs G K Patel & Co. (Gujarat High Court)

In the present case, there is no unilateral act of the assessee of making any entry in respect of the trading liabilities in its books of account. Therefore, a sine qua non for attracting section 41 in the present case, is that the assessee should have obtained a benefit by way of remission or cessation of a particular amount in the previ...

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S. 80JJA Deduction available on Income from manufacturing fuel briquettes from bagasse

The Commissioner of Income Tax-II Vs Smt. Padma S. Bora (Bombay High Court)

It is a undisputed finding of fact that the collected bagasse has been used by the assessee to make briquettes for fuel as that indeed is the business of the assessee. The reliance upon the circular No.772, dated 23-12-1998 by the revenue is misplaced. The aforesaid Circular does not restrict its benefits only to local bodies....

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Appellate Authority must quantify service tax liability in an appeal seeking upward revision of taxes

Barbwire Security Services Vs Commissioner of Central Excise (CESTAT Bangalore)

When the department wanted the tax liability of the assessee to be revised, it was incumbent on the appellate authority to record a clear finding and to spell out in quantitative terms what should be the correct tax liability of the assessee. ...

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Client Referral income earned from banks & insurance co. is ‘Business Auxiliary Services’

TVS Motor Co. Ltd. Vs Commissioner of Central Excise (CESTAT Chennai)

Assessee was promoter and marketer of services of banks as well as insurance company, and was auxiliary in the chain of economic activity carried on by them. Assessee had accordingly provided Business Auxiliary Service to the banks as well as insurance company. ...

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