"January, 2013" Archive - Page 3

No waiver of Interest if delay in return filing was not because of impounding of documents

Shebin Jewellery Vs Chief Commissioner of Income-tax, Cochin (Kerala High Court)

It is a fact that the documents were given to the petitioner only after more than two years. But the reasons stated by the Chief Commissioner would unequivocally indicate that initially the request was made to release the books of account and documents; then the returns were prepared even without the originals....

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Deduction u/s 54F available on portion of investment made in wife’s name

Commissioner of Income Tax-XII Vs Shri Kamal Wahal (Delhi High Court)

The new residential property was acquired in the joint names of the assessee and his wife. The income tax authorities restricted the deduction under Section 54F to 50% on the footing that the deduction was not available on the portion of the investment which stands in the name of the assessee’s wife. ...

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Reopening based on Directors complain with CLB of illegal fund siphoning justified

Rambagh Palace Hotels Private Limited Vs Deputy Commissioner of Income Tax (Delhi High Court)

Whether a complaint filed by one of the directors before the Common Law Board alleging irregularities such as illegal siphoning off of the company’s funds by two other directors constitutes tangible material, on the basis of which reopening U/s 147 is possible? ...

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Penalty justified on income Surrendered during survey without explanation

CIT Vs MAK DATA LTD (Delhi High Court)

The absence of any explanation is statutorily considered as amounting to concealment of income. In the absence of any explanation regarding the receipt of the money, which is in the exclusive knowledge of the assessee, an adverse inference is sought to be drawn against the assessee under the first part of clause (A) of the said Explanatio...

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Income Tax Refund for AY 2012-13 – CPC issues directives

Letter [F.NO.DIT(S)-III/CPC/2012-13/Demand Management] (30/01/2013)

Kind attention is drawn to the above mentioned subject. For the A.Y. 2012-13 e-filed returns cases till 22nd Jan. 2013, where refund is likely to be > = Rs. 10 lakhs are 28,444 in number, which are currently pending for processing at CPC. These ITRs are categorized as under :...

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Exemption U/s. 54EC on sale of depreciable assets held for more than 36 months

Deputy Commissioner of Income-tax Vs Himalaya Machinery (P.) Ltd. (Gujarat High Court)

In case of transfer of capital asset forming part of block of assets in respect of which depreciation has been allowed, mode of computation and cost of acquisition shall be as per modifications provided in section 50. Thus, special provision made for computation of capital assets in respect of which depreciation has been allowed, is confi...

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Companies May Find It Difficult To Get Auditors For Filling Up The Casual Vacancy In Their Office

The existing provisions of the Companies Act, 1956 (hereinafter referred to as the Act) contemplate two situations, viz; (a) where the company has only one auditor; and (b) where it has more than one auditor. ...

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Posted Under: Income Tax |

Public Notice No. 45 (RE-2012)/2009-14, Dated: 29.01.2013

Public Notice No. 45 (RE-2012)/2009-14 (29/01/2013)

Application for status recognition shall be filed with jurisdictional RA / Development Commissioner (DC). However, in cases where export performance of EOUs / SEZs is clubbed together with company /firm / Group Company in DTA, the same will be considered by jurisdictional RA of DGFT only. EHTPs and STPs shall file an application of Status...

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Cenvat credit is admissible on the basis of invoices issued by consignment agent

Mittal Pigments (P.) Ltd. Vs Commissioner of Central Excise (CESTAT Delhi)

In the case of Kushboo Plastics (P.) Ltd. v. CCE 2002 (149) ELT 694 (Tri.-Delhi), it was held that credit is admissible on the basis of invoices issued by the consignment agent who are registered as a dealer. Clarification issued by the Jaipur Commissionerate, which was based on the Chief Commissioner's letter dated 26.5.2000 was taken in...

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Cenvat credit admissible on Dismantling service of existing structure for renovation

Commissioner of Central Excise Vs Jindal Pipes Ltd. (CESTAT Delhi)

Hence, the Cenvat credit is admissible to the appellant of the service tax paid by them on the service of 'dismantling' as the same is duly covered under the definition of input service....

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