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Archive: 05 March 2013

Posts in 05 March 2013

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 807 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7521 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Prima facie, trademarks registered outside India are also covered under charge of service tax

March 5, 2013 2150 Views 0 comment Print

The short point in question is whether only a registered trademark has a right under any law for the time being in force In India and whether any law other than enacted law In force In India will come within the meaning of any law for the time being in force.

Interest is payable for delayed payment of taxes even if such default is otherwise revenue neutral

March 5, 2013 2449 Views 0 comment Print

The entire case is based on principal claim of revenue neutrality and non-applicability of the principle of unjust enrichment. It is undisputed fact that the duty amount was not paid on the due date in relation to the period for which the authority had found short-payment essentially because there was subsequent payment of the said amount, that cannot ipso facto result in revenue neutrality, merely because the appellants are entitled to avail credit in respect of the duty paid.

TDS on income not chargeable to tax should be refunded even if assessee files return belatedly

March 5, 2013 2017 Views 0 comment Print

The petitioner trust, in this case, is also being deprived of a sum of Rs. 8,93,773 for which it cannot be blamed at all : it had no liability whatsoever to pay this amount to the Revenue. Yet, the Revenue has refused to refund the same by taking some hypertechnical view of the matter. If the petitioner-trust is being deprived of a sum of Rs. 8,93,773 which legitimately belongs to it due to perverse view taken by the Revenue, is it still rational to say that no genuine hardship is being caused to it ?

Mere pendency of PIL would not extinguish liability of assessee to pay tax on income received

March 5, 2013 874 Views 0 comment Print

Mere pendency of the public interest litigation would not extinguish the liability of assessee to pay tax on the income received. The amount received by the assessee is not in pursuance to any interim order of the court wherein, the interim order merges with the final order and such payment is contingent depending upon the final verdict in the litigation. In this case, ultimately when the Government Order is set aside, if the assessee repays the money, he is eligible for adjustment of tax paid for the income received or for refund of the said amount. On the pretext that the third party has filed the public interest litigation for the relevant assessment year, he cannot avoid payment of tax on the said revenue receipt. In the event of assessee losing the battle, he will be bound to refund the amount of Rs. 2,06,33,600/- to the Government. If he were to pay tax under the Act, when once that amount is returned, he would be entitled for refund of the said tax or adjustment of tax in future, but that does not enable him to withhold payment of tax on the pretext of pending litigation. In that view of the matter, the approach of the Tribunal is not proper.

Fees Paid by ONGC to procure information in respect of exploration of oil and gas is ‘royalty’

March 5, 2013 1733 Views 0 comment Print

Oil and natural gas and its exploration are a field of specialized technical knowledge and not for the use of public at large. A specific training is required in the field. The information obtained by the assessee are also of technical nature. Therefore, the contention of the assessee that it contains general information is without any justification.

SEBI : Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement

March 5, 2013 232 Views 0 comment Print

The Stock Exchanges are advised to report to SEBI, the action taken in this regard in the Monthly/Quarterly Development Report.

Rajiv Gandhi Equity Savings Scheme (RGESS)- An Overall Analysis

March 5, 2013 4841 Views 0 comment Print

CA Mohit Agarwal Who are the Eligible Investor ? – who opened a demat account as a ‘first holder’ after November 23, 2012. – Opened a demat account prior to this date but never bought any shares or traded in the Futures and Options (F&O) segment. – still qualifies if his name appeared second in […]

S. 142A -AO can make reference to valuation officer for the purposes of sec. 69/69A/69B only

March 5, 2013 2443 Views 0 comment Print

The Income Tax Act was amended by Finance (No.2) Act, 2004 w.e.f. 15.12.1972 inserting Section 142A authorising the Assessing Officer for the purposes of making an assessment or reassessment under the Act, where an estimate of the value of any investment referred to in Section 69 or Section 69B or the value of any bullion, jewellery or other valuable articles referred to in Section 69A or Section 69B is required to be made, to refer the matter to Valuation Officer to make an estimate of such value and report the same to him.

Concealment penalty not justified if AO fails to prove that assessee furnished inaccurate particulars of income

March 5, 2013 772 Views 0 comment Print

In the assessment order there is no finding of the Assessing Officer that the assessee was guilty of concealing the income which he could have recorded as provided under Section 271(1) which says that if the Assessing Officer or the Commissioner (Appeals) or the Commissioner, in course of any proceeding under the Act, is satisfied that any person has concealed particulars of his income or furnished inaccurate particulars of such income, then he may direct that such person shall pay, by way of penalty. T

HC allows Depreciation as necessary deduction in computing income of charitable trust

March 5, 2013 621 Views 0 comment Print

whether a charitable trust is entitled to depreciation under section 32 of the Act in respect of assets owned by it, was dealt with by a Division Bench of this court in CIT v. Raipur Pallottine Society [1989] 180 ITR 579 by placing reliance on a Division Bench judgment of the Karnataka High Court in CIT v. Society of the Sisters of St. Anne [1984] 146 ITR 28 and has held that depreciation is nothing but decrease in value of property through wear, deterioration or obsolescence and allowance is made for this purpose in book keeping, accountancy, etc.

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