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Archive: 22 March 2013

Posts in 22 March 2013

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

May 15, 2024 6138 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.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19203 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Statement recorded during search cannot be deleted without proving the same to be incorrect

March 22, 2013 900 Views 0 comment Print

In the present case no material has been produced by the appellant/assessee to show that the admission made by him was incorrect in any way. On the other hand, it is the assessee who is insisting that it is for the department to corroborate the statement of admission made by him and until and unless the department corroborates the same, the statement cannot be relied upon. Admission once made can certainly be retracted, if the circumstances permit, and it can also be shown to have been made under some mistake or to be otherwise incorrect.

Mere classification of Loan as NPA do not prove that there is uncertainty regarding interest income thereon

March 22, 2013 2478 Views 0 comment Print

Mere characterisation of an account as a NPA would not by itself be sufficient to say that there is uncertainty as regards realizability of income or interest income thereon. Accrual of interest is a matter of fact to be decided separately for each case on the basis of examination of the facts and circumstances. The same would require an assessment of the relevant facts and circumstances of each case. Only by assessment of facts and circumstances, the Authority could arrive at a decision whether there is uncertainity of the interest accrued on NPA. Only when there is uncertainity of realizability of income or interest income then it is not chargeable to tax.

S. 10A Expenses Reduced from Export Turnover Needs to be reduced from Total Turnover too

March 22, 2013 1903 Views 0 comment Print

Ld. Counsel of the assessee submitted that that even if any freight, telecommunication or insurance expense during the year, are reduced from the export turnover, such sums will also have to be reduced from the total turnover of the company for the purpose of computation of deduction u/s. 10A.

ST -Expedite the disposal of applications for amendment of registrations, DG Systems directs Commissionerates

March 22, 2013 429 Views 0 comment Print

TRADE NOTICE NO. 3/ST/2013-CEXCHD1[F.NO.V(MISC)30/STC/HQ/TRADE NOTICE/10/2010/PT.], DATED 22-3-2013 (I) A copy of letter dated 20-3-2013, vide F. No. IV(24)/20/2012-Systems issued by the Directorate General of Systems, Customs & Central Excise, C.R Building, I.P. Estate, New Delhi- 110109 on the above subject matter, is enclosed (Annexure) herewith for information and guidance for the trade and field formation. The […]

S. 54/54F exemption available on Investment in purchase of plot/land for construction of house

March 22, 2013 14361 Views 0 comment Print

Exemption claimed by the assessee under S.54 of the Act cannot be denied on the ground that the assessee has not utilised the sale consideration received from the sale of flats itself, in purchasing the plot. Law is well settled by the judicial precedents that investment in purchase of pot for construction of house would entitle an assessee to claim exemption u/s.54 or 54F of the Act. Board’s circular No.667 dated 18.10.1993 also says so.

Private placement of Tax free Bonds – CBDT removes restriction on issue size

March 22, 2013 1670 Views 0 comment Print

Notification No. 23/2013 – Income Tax In exercise of the powers conferred by item (h) of sub clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes following further amendment to the notification of the Government of India, in the Ministry of

Notification No. 02/2013-Customs (ADD), Dated 22nd March, 2013

March 22, 2013 522 Views 0 comment Print

WHEREAS in the matter of Meta Phenylene Diamine (hereinafter referred to as the subject goods), falling under Chapter 29 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from the People’s Republic of

SEBI- KYC documents to the KRA – Scanned document to be furnished now

March 22, 2013 639 Views 0 comment Print

Provided that in the case of clients of a mutual fund, the Registrar to an Issue and Share Transfer Agent appointed by the mutual fund may perform the initial KYC/due diligence of the client, upload the KYC information with proper authentication on the system of the KRA, and furnish the scanned images of KYC documents to the KRA.

ICSI -Steps for filling online examination form for Students who don’t have password

March 22, 2013 1730 Views 0 comment Print

Please take the following steps if you don’t have password for filling up the examination form:- 1)                 Visit on Institute’s website 2)                 Click on Login (top right side of your screen) 3)                 Click on Student Login 4)                 Type your registration number in Username (17 digit registration number)

Rayja Sabha approves Union Budget 2013-14 without debate

March 22, 2013 1310 Views 0 comment Print

Faced with paucity of time, Rajya Sabha on Thursday approved Union Budget 2013-14 without debate, a development witnessed perhaps for the first time which triggered protests from opposition members. With only one day left for the house to go into month-long recess, the chair directed members to lay their written speeches so that the crucial […]

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