"05 March 2013" Archive

Service Tax dues of predecessor can be recovered from purchaser/successor of assets if he agreed to bear all statutory liabilities

Rana Girders Ltd. Vs Union of India (Allahabad High Court)

Though the proviso to section 11 was inserted by section 80 of the Finance (No. 2) Act, 2004 w.e.f. 10-9-2004, and sought to incorporate the machinery provision for recovery of sums due to government under the Act earlier incorporated in Rule 230(2), it is only an enabling provision for recovery of sums due to the government by which the ...

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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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Issue of shares to reduce shareholding of petitioner shareholder-company after removing its directors without any notice is per se oppressive

Daksha Infra Build (P.) Ltd. Vs Rochees Resorts (India) (P.) Ltd. (Delhi, Company Law Board)

The case of Chatterjee Petrochem (I) (P.) Ltd. v. Haldia Petrochemicals Ltd. [2011] 110 SCL 107 is clearly distinguishable as in that case when the company was in dire need of funds the Chatterjee Group had failed to keep its promise of providing funds as it obtained a loan raising the debt equity ratio of the company. These circumstance...

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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 |

TDS on sale of immovable property – Tedious?

Budget 2013 proposal requires buyers to deduct tax at 1% on the sale consideration payable to resident sellers. However, there is no obligation on the buyer to deduct tax when the immovable property is an agricultural land. In order to avoid the compliance hassles for small tax payers this requirement will not apply if the total conside...

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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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