"14 March 2013" Archive

ST – ‘Management agent’, cannot claim exemption available to a ‘commission agent’ under Notification No. 13/2003

Provincial Life Style Retail Services Vs Commissioner of Central Excise (CESTAT Mumbai)

I have perused the Management Agent agreement entered into by the appellant with the principal M/s. Titan Industries Ltd. In terms of the agreement, the appellant is required to display, stock and sell jewellery products to the customers through showrooms managed and operated by the agent on stock transfer basis. The design, maintenance a...

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MAT U/s. 115JB is payable even if Assessee is entitled to deduction U/s. 80-IB

Sankhla Polymers (P.) Ltd. Vs Income-tax Officer, Ward 12(2), Bangalore (Karnataka high Court)

Section 115JB, in fact, in no way either denies the benefit given under Section 80-IB or reduces the same. While the appellant-assessee can claim the benefit under Section 80-IB of the Act and it is not denied per se to the appellant-assessee, in the given case, the provisions of Section 115JB may be attracted or may not be attracted depe...

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Retrospective amendment in clarificatory nature to existing tax incentive provision is not unconstitutional

Katira Construction Ltd. Vs Union of India & 2 (Gujarat High Court)

The case of the petitioners is that the impugned explanation below sub-section (13) to section 80IA provides for a levy of tax which was hitherto unknown. It is, therefore, urged that the Court should examine the reasonableness of such provision particularly when the same is brought into operation with retrospective effect. Section 80IA(4...

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Reassessment not valid if reasons recorded by AO were not sufficient ‘reasons to believe’

The Commissioner of Income Tax- 3 Vs ICICI Bank Ltd. (Bombay High Court)

The Assessing Officer while reassessing the respondent by an order dated 26/3/2002 has in fact taken a ground different from the grounds in the reasons recorded for reopening the assessment under Section 148 of the said Act. The reasons furnished for reopening the assessment alleged that non fund income had been shown in fund based income...

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Deliberate default in Payment or non levy of duty must to attract extended period- SC

M/s. Uniworth Textiles Ltd. Vs. Commissioner of Central Excise (Supreme Court of India)

The conclusion that mere non-payment of duties is equivalent to collusion or wilful misstatement or suppression of facts is untenable. If that were to be true, then, it was beyond understanding, which form of non-payment would amount to ordinary default ? Construing mere non-payment as falling under categories of 'suppression', 'wilful mi...

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Reverse Charge Mechanism- Applicability on CA & Other Services – Clarifications Still Needed

The concept of reverse charge was also prevailing in the positive list era where certain cases/services were specified where the service recipient was made liable to pay the service tax instead of service provider. However concept of partial reverse charge was introduced w.e.f. 1.7.2012 ...

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Posted Under: Service Tax |

Sexual Harassment Bill passed by Parliament-An overview

In a landmark decision, the Parliament passed the Sexual Harassment of Women at the Workplace Bill, giving more women the security of a law to address this issue which is often hidden and forgotten in India....

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Posted Under: Service Tax |

S. 154 Order can be rectified by AO without giving opportunity of hearing to Assessee

Chandigarh Vs. Punjab Agro Industries Corporation Ltd. (Punjab and Hariyana High Court)

In the present case, the Ld. AO made changes in the original order by invoking sec 154 based on evidences and disallowed a certain sum of expenditure which were related to previous years and as told found to be of capital in nature too. On appeal to CIT by the assessee, an order was passed for providing an opportunity of being heard to th...

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Income Tax Dept asks defaulters to clear dues by Mar 31

IT Department Urges Taxpayers to Pay all Self- Assessment Tax Dues by 31ST March The Income-tax Act requires that the tax payable on the returned income after taking into account prepaid taxes, should be paid before furnishing the return. An analysis of returns filed electronically in the current Financial Year (2012-13) reveals that near...

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Posted Under: Service Tax |

CMA body advisory to members conducting Special Audit u/s. 14A of Central Excise Act, 1944

Advisory from The Institute of Cost Accountants of India The members of the Institute are undertaking Valuation Audit under Section 14A of Central Excise Act,1944. The basic objective of the Section 14A is toensure correct determination of value for themanufacture of excisable goods produced or manufactured for correct realisation of reve...

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Posted Under: Service Tax |

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