"06 March 2013" Archive

Increase in the income-tax rate on royalty and fees for technical services – plugging the rat hole with a big rock

Royalty and fees for technical services have always been surrounded with lot of controversies for some or other reasons. Though most of the controversies revolve around the taxability, the finance minister felt the need to correct the anomaly in the tax rate. ...

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Posted Under: Income Tax |

Services for installation of storage tank outside factory are input services

M/s. Deepak Fertilizers and Petrochemicals Corporation Ltd. Vs The Commissioner of Central Excise (Bombay High Court)

Rule 3(1) allows a manufacturer of final products to take credit inter alia of service tax which is paid on (i) any input or capital goods received in the factory of manufacturer of the final product; and (ii) Any input service received by the manufacturer of the final product. The subordinate legislation in the present case makes a disti...

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Notification No. 05/2013-Central Excise (N.T.) ; Dated : 06.03.2013

Notification No. 05/2013-Central Excise (N.T.) 06/03/2013

In exercise of the powers conferred by sub-rule (2) of rule 3 of the Central ExciseRules, 2002, the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) number 14/2002-Central Excise (N.T.), dated the 8th March, 20...

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Transport of staff from city to factory located in a far-off village is eligible input service

Commissioner of Central Excise Vs Schatt Glass India (P.) Ltd. (CESTAT Ahmedabad)

In this case, the factory is located in a village and the village does not have adequate facilities for employees and therefore to get the proper employees, it becomes necessary for the assessee to provide transportation facility from the nearest city. Therefore, it cannot be said that the assessee is providing transportation facility to ...

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Penalty shall not be imposed if income not offered to tax due to unintentional mistake

Commissioner of Income Tax-I, Mumbai Vs M/s. Bennett Coleman & Co. Ltd. (Bombay High Court)

So far as question (i) is concerned, the respondent assessee has claimed deduction of interest on tax free bonds of Rs.5,60,11,644/-. During the course of the assessment proceedings, the assessee was asked to give details of interest on tax free bonds. While preparing the said details, it was noticed that 6% Government of India Capital In...

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Winding up petition to be dismissed if Company disputes / denies liability of petitioner

CBZ Chemicals Ltd. Vs Kee Pharma Ltd. (Delhi High Court)

In its reply dated 19th June 2012 to the notice dated 26th May 2012 the Respondent has denied any liability whatsoever. It is, inter alia, stated in the reply sent by the Respondent through its counsel that "In the facts and circumstances, please advise your client that my client is not liable to pay any sum of US$ 350,000 or any other am...

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Penalty not imposable for bonafide claims which gets disallowed

Commissioner of Income Tax, Delhi Vs. Madhushree Gupta (Delhi High Court)

Penalty u/s 271(1)(c ) shall not be imposed if assessee has set off  loss against the amount of profit after claiming deduction under Section 80HHC of the said Act. In view of Supreme Court judgment in the case of IPCA Laboratory Ltd. v. DCIT : [2004] 266 ITR 521 (SC), wherein the Supreme Court held […]...

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Deduction U/s. 80HHC is allowable only after adjustment of unabsorbed depreciation of earlier years from current year profit

J.K. Industries Ltd. Vs Assistant Commissioner of Income-tax (Karnataka High Court)

In this view of the matter, we opine that the Tribunal was correct in taking the view that the Appellate Commissioner was not justified in reversing the view taken by the Assessing Officer and the order of the Tribunal is proper, does not suffer from any error of law and therefore we answer the questions posed in the affirmative to hold ...

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Budget 2013-14 Download Free Booklet

We have uploaded below a Budget booklet cum Direct Tax Ready Reckoner prepared by Lucknow CA Club which Budget Changes along with handy day to day use information. The book contains the following updates :- Finance Ministers of India from 1947 to 2013 Highlights-Service Tax Highlights- Income Tax /Wealth Tax Section wise Major Changes Oth...

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Posted Under: Income Tax |

Procedure for Setting up of Public/Private Bonded Warehouses for Gems & Jewellery Sector

Circular No. 11/2013-Custom 06/03/2013

Director General of Foreign Trade vide notification no. 30 (RE-2012)/2009-2014 dated 31.01.2013 amended FTP 2009-2014 and introduced a new para 4A.16A for setting up of Public/Private Bonded Warehouses for Gems & Jewellery Sector. ...

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