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Archive: 15 March 2013

Posts in 15 March 2013

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6468 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Government launches drive against fake PAN cards

March 15, 2013 6329 Views 0 comment Print

Drive Against Fake Pan Cards The Government has launched drive against fake Permanent Account Number (PAN) cards. As a continuous process, in order to know the genuineness of Know Your Customer (KYC) documents on Proof of Identity (POI) and Proof of Address (POA), third party field verification is conducted after allotment of PAN. The information […]

New ITR for AY 2013-14 Expected to be notified by end of March, 2013

March 15, 2013 2781 Views 0 comment Print

New ITR Filing Procedure The Government proposes to introduce new procedures/forms for filling Income Tax returns. Every year government notifies forms for filing of income-tax returns after incorporating the changes brought out by the Finance Act of the previous year and the suggestions received from stakeholders. The new forms for filing of income tax returns […]

Income for putting Advertisement on your website + Section 44AD

March 15, 2013 7018 Views 0 comment Print

Nowadays many people are using their own website as the source of their income. The income is for allowing other brands to put advertisements on website. The brands are interested in such website because it is niche in terms of traffic.

Forfeiture of bank guarantee is compensatory in nature & allowable

March 15, 2013 6806 Views 0 comment Print

Respondent took a business decision not to honour its commitment of fulfilling the export entitlement in view of loss being suffered by it. The Assessing officer does not dispute this fact nor does he doubt the genuineness of the claim of the expenditure being for business purpose. In these facts the Tribunal held that respondent assessee has not contravened any provisions of law and thus the forfeiture of bank guarantee was compensatory in nature under Section 37(1) of the Act.

Capital Gain from shares cannot be treated unexplained if sale of shares not proved bogus

March 15, 2013 3154 Views 1 comment Print

It had held that the assess was in possession of the shares in question and had sold the said shares in course of ordinary transaction of sale of shares at stock exchange and if the broker did not file any evidence since the same were seized by the Revenue Department, there is no fault with the assessee. From the aforesaid facts it is clear that the shares in question were allotted to the assessee in the public issue which were held in demat a/c of Stock Holding Corporation of India Ltd. The shares were transferred to Abhipra Capital Ltd. The sale consideration was received by demand draft. Therefore, the transaction in question cannot be said to be fake and is a genuine transaction.

ITAT upheld addition for stock difference as per books and in Statement submitted to Banks

March 15, 2013 8311 Views 0 comment Print

Assessee despite being given more than sufficient opportunity has not been able to explain the discrepancy in stock. No new document or evidence has been brought to the notice of the Bench, nor has the assessee been able to show how the document has been wrongly considered. As such neither on facts nor on law the assessee’s explanation is acceptable,

SC laid Criteria for admission of writ petitions challenging the vires of any provision of law

March 15, 2013 11605 Views 0 comment Print

Before adverting to the various contentions raised in challenging the vires of Section 11AA of the SEBI Act, we feel that it is worthwhile to state and note certain precautions to be observed whenever a vires of any provision of law is raised before the Court by way of a writ petition. It will be worthwhile to lay down certain guidelines in that respect, since we have noticed that on very many occasions a challenge to a provision of law,

Cash deposit directly into the account of the creditor do not absolve Assessee from clutches of S. 40(A)(3)

March 15, 2013 6409 Views 0 comment Print

As far as the present case is concerned, none of the circumstances were narrated by the assessee either before the Assessing Officer or before the Appellate Authority concerned in support of the contention that the claim for allowance should not be disallowed. The mere circumstance, that the amount had been remitted to the account of the payee, would not be a good ground to accept the case of the assessee that Section 40A(3) of the Act will not applied to the case.

Customs and Excise Offices to be open on 29th,30th & 31st March

March 15, 2013 1027 Views 0 comment Print

CBEC has requested the Chief Commissioners of Central Excise & Customs to keep their offices open on 29th, 30th and 31st March and also to issue Trade Notices for the information of the Trade as it feels bulk of the Revenue is received at the end of the month.

Maharashtra Budget on LBT FOR Builders & Contractors

March 15, 2013 15408 Views 0 comment Print

It is announced by the Government of Maharashtra that Local Body Tax (LBT) will be implemented in the Pune, Pimpri-Chinchwad, Navi Mumbai, Thane, and Nagpur with effect from 1 April 2013.

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