"07 February 2013" Archive

Re-assessment on the basis of CBDT circular not justified

Arvind Polycot Ltd. Vs Chandra Ram (Gujarat High Court)

The CBDT, through its circular, could have brought certain aspects to the notice of the Assessing Officer, insofar as assessment was concerned. It had to be the opinion of the Assessing Officer alone which would prevail. In that view of the matter, the circular of CBDT may be a trigger, on the basis of which, the Assessing Officer may him...

Read More

Buyback of Shares – Is it a Tool for Companies to Come out of Crisis Situations?

SECTION 77 restricts the buyback of own shares from the market by the company or its subsidiaries/parent company. This restriction was imposed on the companies to ensure that these companies do not indulge in unfair and mal trade practices by unnecessarily blowing up their share prices in the market and misleading the investors by giving ...

Read More
Posted Under: Income Tax |

Budget 2013-14 – Key expectations of Insurance Sector

I believe the key to 2013-14 budget will be to rein in fiscal deficit, control expenditure (slashing subsidies etc), show buoyancy in tax revenues (without raising rates) and yet present a people and investment friendly budget. Many of these issues will conflict each other and the trick for the FM would be to balance all of these....

Read More
Posted Under: Income Tax |

Notional loss can be claimed in case of computation of income on notional basis

Commissioner of Income-tax Vs Wipro Finance Ltd. (Karnataka High Court)

Even a notional loss can be claimed by way of a business loss and as a deductible item in computing the income of the assessee for the year, as it is a computation on notional basis, it is made dependent on the manner of conduct of the assessee in respect of the earlier assessment period and particularly as to the assessee has been follow...

Read More

Form No.10 for income accumulation can be submitted by a trust either on assessment or re-assessment

Association of Corporation & Apex Societies of Handlooms Vs Assistant Director of Income-tax (Delhi High Court)

One has to keep in mind the fact that while reopening of an assessment cannot be asked for by the assessee on the ground that it had not furnished Form No. 10 during the original assessment proceedings, this does not mean that when the revenue reopens the assessment by invoking section 147, the assessee would be remediless and would be ba...

Read More

Difference in income as per TDS certificates & ROI not necessarily leads to income escapement

Meheria Reid & Co. Vs Income-tax Officer, Ward 5(4) Kolkata (ITAT Kolkata)

In this case there is nothing in the reasons to indicate that there is an escapement of income, but, at the most, need to verify that the reasons of discrepancy between income from profession as per return of income vis-à-vis as per the certificates of tax deduction at source. A variation in these two figures does not necessarily lead to...

Read More

Ocean freight was prima facie not covered under any entry, hence, could not be covered under BSS also

Agility Logistics (P.) Ltd. Vs Commissioner of Service Tax (CESTAT Chennai)

In the case of consideration received for freight we are of the prima facie view that ocean freight was not liable to service tax. While there are specific entries in Finance Act, 1994 levying tax on transportation of goods by road, rail, aircraft, pipeline etc. there is no entry levying tax on transportation by sea. It has to be reasonab...

Read More

Rate of exchange of conversion of each of foreign currency WEF 08.02.2013

Notification No. 20/2013-Customs (N.T.) (07/02/2013)

Notification No.20/2013-Customs (N.T.) , DATED THE 7th February, 2013 Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 8th Feb...

Read More

Recognition to Members of ICSI under SEBI (Investment Advisers) Regulations, 2013

An investment adviser shall conduct yearly audit in respect of compliance with these regulations from a member of Institute of Chartered Accountants of India or Institute of Company Secretaries of India....

Read More
Posted Under: Income Tax |

MCA to waive additional fees charged due to non smooth functioning of its website

Ministry of Corporate Affairs acknowledges that services on MCA 21 are not of the fullest satisfaction of the stakeholders for last few days. The Ministry is seized of the matter and taking all necessary steps for smooth functioning of MCA21. ...

Read More
Posted Under: Income Tax |