Follow Us :

Archive: 13 March 2013

Posts in 13 March 2013

Official Liquidator cannot approach Company Court to set aside auction or confirmation of sale confirmed by the Recovery Officer under RDB Act

March 13, 2013 3372 Views 0 comment Print

It has been submitted by Mr. Banerji, learned senior counsel, that if the Company Court as well as the DRT can exercise jurisdiction in respect of the same auction or sale after adjudication by the DRT, there would be duality of exercise of jurisdiction which the RDB Act does not envisage. By way of an example, the learned senior counsel has submitted that there are some categories of persons who can go before the DRT challenging the sale

Notification No. 105/2013 – Income Tax Dated 12/3/2013

March 13, 2013 670 Views 0 comment Print

NC Notification No. 105/2013 – Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 614 (E) dated 18th March, 2010, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43

Duty on removal of Capital Goods after being used or cleared as waste or scrap is unconstitutional

March 13, 2013 43246 Views 8 comments Print

Department is trying to impose Central Excise Duty on removal of Capital Goods after being used or cleared as waste or scrap through Cenvat Credit Rules, 2004, even when it is not fulfilling the basic condition of Manufacturing, which is unconstitutional.

Penalty cannot be imposed for addition made in respect of Bona fide claims

March 13, 2013 2348 Views 0 comment Print

We find that the findings of the Tribunal on the assessment was not on the ground of treating the claim as not bona fide. We find that the assessment on the consumption of bottles made on the ground of alleged non-existence of two firms was rejected by the Tribunal by rendering a finding that the suppliers were very much in existence. On the 2% addition made to the bottles sent direct to the factory without entering into the books of accounts and on the price difference,

Mere Rejection of quantum appeal not valid ground for imposition of penalty for concealment

March 13, 2013 1592 Views 0 comment Print

The CIT adverted to the fact that the quantum appeal had been rejected by the CIT (A) and the ITAT. That in itself would not amount to a valid justification for imposition of a penalty. Before a penalty is imposed, the requirements of Section 271 must be established. Accordingly, it would have been open to the Court to set aside the impugned order in its entirety and to remand the proceedings back to the assessing officer for fresh consideration.

S. 54F Exemption not available for addition / Modification / Extension made to existing house

March 13, 2013 2276 Views 0 comment Print

Sec. 54F provides that capital gains on transfer of capital assets shall not be charged in cases of investment in residential house. The section pointedly says that such eligibility would be available if the assessee has, within the period prescribed, constructed, a residential house. For the purpose of that section, the residential house so constructed is referred to as new asset.

Scope of Tax on Transfer of Agricultural Land May widened

March 13, 2013 1449 Views 0 comment Print

 The Finance Bill 2013 has proposed to increase the base for taxation for transfer of agricultural land as defined under the provisions of section 2(14)(iii) of the Income Tax Act. So far by virtue of the above provision, tax on transfer of agricultural land had been excluded from the ambit of capital gains tax except […]

Special Income Tax Cell to trace bankrupt or missing assesses for recoveries

March 13, 2013 1890 Views 0 comment Print

The Inccome Tax Department has constituted a special cell to deal with the recovery of arrears where the assessee is not traceable or has gone bankrupt. Stating this in a written reply in the Rajya Sabha, Finance Minister P.Chidambaram said the IT department has made recoveries of over 16 thousand crore rupees in the nine […]

Search Post by Date
May 2024