"05 February 2013" Archive

Cut Down The Meals To Save Taxes?? Cascading Effect Really Out Of the Picture??

The posh restaurants these days have a highly priced menu for the varieties of cuisines offered by them. These high prices are a symbol of their quality and taste standards, and this is what they try to project. But how far is that true??? Let’s assess it. ...

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Posted Under: Service Tax |

Instructions for fixing reserve price for auction of properties acquired under Chapter XX-C of Income-tax Act

INSTRUCTION NO. 2/2013 (05/02/2013)

In supersession to CBDT Instruction No. 1857 issued on 19-9-1990 vide F. No. 316/22/1989-OT for auction of properties purchased under Chapter XX-C of the Income-tax Act, 1961, comprehensive instructions on the modalities of fixing the reserve price for auction of properties acquired under Chapter XX-C are as under :...

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Excel GAR-7 Service Tax Payment Challan (Revised) with database facility

This excel base GAR-7 Challan for payment of service tax is latest Based on circular no 165/16/2012 ( restoring Specific Accounting Codes). It has facility of building and saving assessee database to avoid repetitive work. It has built in check for Wrong Assessee Code Structure. Totally menu driven and help section....

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Bangladesh Cabinet nod for amendment in DTA Convention with India; to aid IT info exchange

The Bangladesh cabinet has approved an amendment proposal on the existing Double Taxation Avoidance Convention with India for the exchange of income tax related information....

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Posted Under: Service Tax |

SC directs govt. to provide DRTs and DRATs manpower & adequate infrastructure

Union of India Vs Debts Recovery Tribunal Bar Association (Supreme Court of India)

i. Provide adequate infrastructure to DRTs/DRATs on the following basis: a. If sufficient space as per requirement is available in the Government building, then space from the concerned department will be allotted on a permanent basis....

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Other forms filled by foreign bank with ROC cannot be treated as Null & void if filing of Form 49 is substantiated

Klen & Marshalls Manufacturers & Exporters Ltd. Vs Union of India. (Delhi high Court)

Last aspect of the matter i.e., the argument as to why yet another Form was filed on 05.04.2004. The conduct of respondent no. 3 in this regard is explained by reference to ROC's letter dated 26.03.2004, whereby they were advised to file a revised duplicate Form by an authorised person to rectify the objections. It is quite possible that ...

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S. 69 ITAT to give clear finding as to whether the explanation offered by the assessee is satisfactory or not

Commissioner of Income-tax-VIII Vs Ajai Shukla (Delhi High Court)

In the present case, we find that the assessing officer was clearly wrong in holding against the assessee by concluding that the assessee had not offered any explanation. This fact has been realized both by the Commissioner of Income Tax (Appeals) as also by the Income Tax Appellate Tribunal. It is clear that the assessee had offered an e...

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Prior to 01.04.2005 Production of Completion certificate was not compulsory to claim deduction u/s. 80-IB(10)

Commissioner of Income-tax Vs Jain Housing & Constructions Ltd. (Madras High Court)

The instant case relates to the assessment year 2004-05. The Explanation in clause (a) to sub-section (10) of section 80-IB was brought in under Finance No.(2) Act of 2004, effective from 1-4-2005. Thus in the absence of any such requirement under section 80-IB(10), as it stood during relevant assessment year 2004-05, it is difficult to a...

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Prior to 01.06.2007 rent of duty-free shop in airport not taxable under Airport Services

Flemingo Duty Shops (P.) Ltd. Vs Union of India (Delhi High Court)

AAI had let out/given on licence or lease certain premises to the petitioners therein for the purpose of running a counter or for parking and the Service Tax Department, invoking Section 65 (105) (zzm) of the Finance Act, 1994 was claiming service tax on the rental/licence fee which was being paid by the petitioners therein to the AAI. It...

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Exemptions to prohibition on export of edible oils notified on 19.10.2012

Notification No. 32 (RE-2012)/2009-2014 (05/02/2013)

Export of edible oils was initially prohibited for a period of one year with effect from 17.03.2008 vide Notification No. 85 dated 17.03.2008 which was extended from time to time. Vide Notification No. 24(RE-2012)/2009-14 dated 19th October 2012, prohibition on export of edible oil has been extended till further orders. ...

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