"20 February 2013" Archive

Expenses allowed in earlier year cannot be disallowed in subsequent years if facts are same

Assistant Commissioner of Income-tax Vs Hindustan Fertiliser Corpn.Ltd. (ITAT Delhi)

Admittedly, the facts of the year under consideration and assessment year 2004-05 are identical. In AY 2004-05, the Assessing Officer allowed depreciation on certain assets while in the year under consideration, he disallowed the depreciation on all the assets. In our opinion, when the facts are identical, the Assessing Officer is not jus...

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No waiver of interest if reassessment was founded on verdict of a jurisdictional HC

P.G. Mani Vs Chief Commissioner of Income-tax, Cochin

If the provisions of clause (d) of notification dated 23.5.1995 are perused, it can be seen that the income must not have been chargeable to tax on the basis of any order passed by the jurisdictional High Court and it should become taxable as a consequence of any retrospective amendment of law or on a decision of the Supreme Court. Insofa...

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Value recorded in registered sale deed cannot be sole basis for determining FMV

Manjit Singh Vs Deputy Commissioner of Income-tax (ITAT Chandigarh)

Consideration as shown in the Registered Sale Deed cannot be equated with 'Fair Market Value', as defined in the Act u/s 2(22B) of the Act. /Therefore, adoption of average value of land at Rs. 27,030/- per acre as on 1.4.1981, as 'Fair Market Value' of the land in question, for the purpose of computation of capital gains, is not legally a...

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Addition justified if creditworthiness of donors giving gift not proved

Mrs. Kumari Kanagam Vs Commissioner of Income-tax, (Madras High Court)

In the absence of any material to show that said amount was sent by the assessee's mother and brothers from Singapore, the claim of the assessee does not merit any consideration. Thus the amount of Rs. 78 lakhs treated as unexplained investment under section 69 and assessable as undisclosed income for the block period stands confirmed....

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Notification No. 04/2013-Central Excise ; Dated : 20.02.2013

Notification No. 04/2013-Central Excise (20/02/2013)

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance....

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Seeks to extend exemption to project LR-SAM of Ministry of Defence

Notification No. 08/2013-Customs (20/02/2013)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes ...

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CBI arrests Central Excise Superintendent In Bribery Case

The Central Bureau of Investigation has arrested a Superintendent of Central Excise, Ahmedabad for demanding & accepting a bribe of Rs. 14,500/- from the Complainant....

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Posted Under: Income Tax |

Input services also cover services used in business of manufacture of final product

Commissioner of Central Excise and Service Tax Vs Lupin Ltd. (Mumbai CESTAT)

The Hon'ble High Court of Bombay in the case of CCE v. Ultratech Cement Ltd. [2010] 29 STT 244 (Bom.) considered the issue at length and held that the definition of input service under Rule 2(l) of the Cenvat Credit Rules, is very wide and covers not only services which are directly or indirectly used in or in relation to the manufacturi...

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Service availed in relation to business of manufacturing or providing output service is entitled to input service credit

City Union Bank Ltd. Vs Commissioner of Central Excise & Service Tax, Trichy (CESTAT Chennai)

Hon'ble High Court of Mumbai in the case of CCE v. Ultratech Cements (P.) Ltd. [2010] 29 STT 244 held that any service availed by the assessee in or in relation to the business of manufacturing or providing output service is entitled to input service credit....

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In Minimum subscription calculation requests made for withdrawal of share application should be considered

Securities & Exchange Board of India Vs A.P.L. Industries Ltd. (Delhi High Court)

Minimum subscription would have to be calculated after taking into account the requests made for withdrawal of share application. There is another reason for coming to the same conclusion. Undoubtedly, in this case like in other public issues, there are rejections by a Registrar based on various technical grounds. If as per the clause ...

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Rule 6A inserted in DRT (Procedure) Rules, 1994 to provide a mechanism for review of orders of appellate Tribunal

G.S.R. 119 (E) (20/02/2013)

Provided that no such application for review shall be allowed without previous notice and an opportunity of being heard is given to the opposite party....

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S. 271FA Penalty justified for delayed filing of AIR return without reasonable explanation

State of Rajasthan Vs Deputy Commissioner of Income-tax (CIB) (Rajasthan High Court)

It is noticed that the respondent issued a notice to the petitioner under section 271FA on February 23, 2010, requiring him to attend his office on March 11, 2010, and show cause as to why the penalty under section 271FA should not have been imposed upon him for failure to file the annual information returns within the prescribed time. ...

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Reopening U/s. 147 valid if assessee fails to furnish primary facts

Remfry & Sagar Vs Commissioner of Income-tax (Delhi High Court)

The contention of the counsel for the petitioner that the reopening of the assessments was prompted by the opinion which the respondent formed while framing the assessment for assessment year 2007-08 that the licence fee payment was not an allowable deduction, cannot be accepted because, as we have observed earlier though the genesis of t...

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Cenvat credit cannot be denied on ground that supplier had paid excess duty

Commissioner of Central Excise, Kolkata-III Vs Kitchen Appliances India Ltd. (CESTAT Kolkata)

Hon'ble Supreme Court in the case of Sarvesh Refractories (P.) Ltd. v. CCE&C 2007 (218) ELT 488 has held that the issue of classification of the input/raw materials supplied by the input supplier cannot be questioned in the hands of input receiver while allowing Modvat/Cenvat credit....

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CBEC Appoints Baddi, Distt, Solan – Himachal Pradesh as an ICD

Notification No. 22/2013-Customs (N.T.) (20/02/2013)

In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Government, hereby makes the following further amendments in the notification of the Government of India in the ...

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Compliance Certificate by Practicing Company Secretary for listing of SMEs

PRESS RELEASE CHIEF OF BUSINESS BUREAU February 20, 2013 Compliance Certificate by Practicing Company Secretary (PCS) for listing of Small & Medium Enterprises (SMEs). In recognition of the role of SMEs in economic development of the country, Securities and Exchange Board of India (SEBI) and the Stock Exchanges have laid down a conduc...

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Posted Under: Income Tax |

Notification No. 13/2013 – Income Tax Dated 20/2/2013

Notification No. 13/2013 - Income Tax (20/02/2013)

Notification No. 13/2013 - Income Tax SECTION 35(1)(ii) OF THE INCOME-TAX ACT, 1961 - SCIENTIFIC RESEARCH EXPENDITURE - APPROVED SCIENTIFIC RESEARCH ASSOCIATIONS/INSTITUTIONS - FOUNDATION FOR REVITALIZATION OF LOCAL HEALTH TRADITIONS, BANGALORE NOTIFICATION NO. 13/2013...

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Notification No.12/2013 – Income Tax Dated 20/02/2013

Notification No.12/2013 - Income Tax (20/02/2013)

Notification No.12/2013 - Income Tax SECTION 35(1)(ii) OF THE INCOME-TAX ACT, 1961 - SCIENTIFIC RESEARCH EXPENDITURE - APPROVED SCIENTIFIC RESEARCH ASSOCIATIONS/INSTITUTIONS - INTERNATIONAL INSTITUTE OF INFORMATION TECHNOLOGY BANGALORE, BANGALORE NOTIFICATION NO. 12/2013...

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List of Eligible Shares / Mutual Funds / ETFs under RGESS

List of Eligible Shares / Mutual Funds (MFs) & Exchange Traded Funds (ETFs) under Rajiv Gandhi Equity Saving Scheme (RGESS) The investment options under the scheme will be limited to the following categories of equities?*: Listed equity shares a. The top 100 stocks at NSE and BSE i.e., CNX-100 / BSE -100 (This does not mean […...

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Posted Under: Income Tax | ,

CS December 2012 Exam results likely on 25.02.2013

The Result Of Foundation Programme (Old Syllabus), Executive Programme And Professional Programme Examinations Held In December, 2012 Is Scheduled To Be Declared At 11.00 A.M. On 25th February, 2013. The Results Alongwith Individual Candidate’s Subject Wise Break-Up of Marks Will Be Available on the Institute’s Website, www.icsi.edu...

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Posted Under: Income Tax |

Expenditure on corporate membership of club is revenue expenditure

The Commissioner of Income Tax, Patiala Vs M/s Groz Beckert Asia Limited (Punjab And Hariyana High Court)

Expenditure should bring into existence an asset or an advantage for the enduring benefit of a trade. In the present case, the corporate membership of Rs.6 lacs was for a limited period of 5 years. ...

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