"15 January 2013" Archive

Supreme Court guidelines in relation to public interest litigations

Guruvayoor Devaswom Managing Committee Vs C.K. Rajan (Supreme Court of India)

However, in an appropriate case, although the petitioner might have moved a Court in his private interest and for redressal of the personal grievances, the Court in furtherance of the public interest may treat it necessary to enquire into the state of affairs of the subject of litigation in the interest of justice....

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Lease transaction is genuine if lessee has got right just to use the asset & have to return it back it on termination of lease

Commissioner of Income-tax, Udaipur Vs Banswara Syntex Ltd. (Rajasthan High Court)

In the present case, the assessee had no right to transfer or alienate the machinery in any form, was obliged to re-deliver the equipment upon termination of lease agreement, was not to part with possession and not to make alteration in the equipments with the stipulation that additions would belong to the lessor; and the lessor was entit...

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Last Date for Physical Submission of Audit Report in Form 704 for F. Y. 2011-2012

Trade Circular No. 2 T of 2013 15/01/2013

With reference to above, the dealers who are required to file audit report u/s 61 of MVAT Act, 2002 for the financial year 2011-2012, besides filing the audit report, should also furnish following documents. i. A statement of submission of Audit Report in the format given in the circular 27 T of 2009...

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Valuation of Service- S.67 with Service Tax – ‘Determination of Value’ Rules-2006

In cases where the service provider received any part of the consideration in non monetary form or by way of reimbursement , such item did not figure in the invoice raised, thereby depressing the real value of taxable service....

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No Dividend Distribution Tax to be paid on Dividend declared pursuant to amalgamation of companies

Torrent Private Limited Vs. CIT (Gujarat High Court)

Whether the dividend declared by the company after the effective date of amalgamation but before the date of sanction by the High Court would cease to be dividend declared by the company?...

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Centralised Processing of Statements of Tax Deducted at Source Scheme, 2013

Notification No. 3/2013 - Income Tax 15/01/2013

Notification No. 3/2013 - Income Tax In exercise of the powers conferred by sub-section (2) of section 200A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following scheme for centralised processing of statements of tax deducted at source, namely:-...

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Fresh notice is not necessary when reassessment is set aside for non-observance of natural justice

Commissioner of Income-tax Vs T.S.PL.P. Chidambaram Chettlar (Supreme Court of India)

Where the AAC set aside the reassessment on the only ground that the assessee was not afforded opportunity to put forward his case, but did not hold that the notice issued under section 148 was invalid, there would be no need for the ITO to issue a fresh notice to the assessee....

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TPO can select method other then the one selected by Assessee to determine true income

DCIT, Cir-2(2) Vs. M/s. Hellosoft India Pvt. Ltd. (ITAT Hyderabad)

It is seen that the assessee has itself accepted that TNMM is similar to CPM excepting that CPM is based on gross margins whereas TNMM is based on net margins. The assessee has also accepted that if proper selection criteria are adhered to application of TNMM would also result in the fact that the price at which the assessee has undertake...

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Partnership Firm cannot claim deduction U/s 80IA

M/s. Eshwarnath Constructions Vs The Assistant Commissioner of Income Tax (ITAT Chennai)

A perusal of the statutory provisions makes it clear that it does not provide a blanket deduction i.e. in order to succeed in a claim of deduction; the concerned assessee has to derive profits and gains from any business referred to in sub-section (4). Further, sub-section (4) prescribes applicability of clause i.e. the case in which the ...

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Due date for filing of B/s & P/L in XBRL mode extended to 15.02.2013

General Circular No. 1/2013 15/01/2013

In continuation of the Ministry's General Circular Nos: 16/2012 dated 06.07.2012, 34/2012 dated 25.10.2012 and 39/2012 dated 12.12.2012 on the subject cited above, it is stated that the time limit to file the financial statements in the XBRL mode without any additional fee/penalty has been extended up to 15th February 2013 or within 30 da...

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