"05 March 2013" Archive

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

Areva T & D (India) Ltd. Vs Commissioner of Central Excise, LTU, Chennai (CEATAT Chennai)

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....

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

Hindustan Zinc Ltd. Vs Commissioner of Central Excise, Jaipur-II (CESTAT Delhi)

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...

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

North Eastern Electric Power Corpn. Employees Provident Fund Trust Vs Union of India (Gauhathi High Court)

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...

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

The Commissioner of Income-tax Vs M/s. Sapthagiri Enterprises (Karnataka High Court)

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 i...

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

ONGC Videsh Ltd. Vs Income-tax Officer, International Taxation, TDS, Ward 2(1), New Delhi (ITAT Delhi)

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 ju...

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

CIR/MRD/DP/ 07/2013 05/03/2013

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

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

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 […]...

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Posted Under: Service Tax |

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

Commissioner of Income-tax Vs Behari Cold Storage (P.) Ltd. (Allahabad High Court)

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 ot...

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

Commissioner of Income-tax, Ranchi Vs Ashok Kumar Jain (Jharkhnad High Court)

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 an...

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

Commissioner of Income-tax Vs Gujrati Samaj (Regd.) (Madhya Pradesh High Court)

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. A...

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January 2023