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Archive: 10 April 2013

Posts in 10 April 2013

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 2622 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Even if e-Return filed after due date but tax audit report obtained & not furnished no penalty u/s 271B

April 10, 2013 3717 Views 0 comment Print

We found that assessee’s case is squarely covered by the decision of Mumbai Bench in the case of B.D. Leasing and Finance Limited, (2013) 49(II) ITCL 148, wherein it was held that penalty u/s 271B for non-filing of tax audit report cannot be levied in view of the CBDT Circular No.9/2006 dated 10.10.2006, which provided that in case of electronic filing of return, tax audit report need not to be filed alongwith return.

When assessee claimed set-off of excess payment against short-payment, matter was remanded back for decision after ascertaining excess deposit

April 10, 2013 395 Views 0 comment Print

It is the contention of the applicant that they have paid the amount in excess in the month of April 2004 and May 2004. We are therefore of the view the fact regarding excess payment is required to be verified by the Commissioner (Appeal). Accordingly we waive the pre-deposit and remand the case back to Commissioner for decision on merit after ascertaining the excess deposit of Rs. 14,451/- as service tax as contended by the applicant. Stay petition as well as Appeal are disposed of by way of remand.

Taxable Service Category to be changed from CICS/CCS to WCS by contractors or builders

April 10, 2013 4021 Views 0 comment Print

CA Ashish Gupta With the introduction of Negative List Approach under Service Tax Regime, the significance of categorization of taxable services was done away and all the services were grouped under two heads i.e. Taxable & Non-Taxable. Consequently, the payment of service tax was to be made under the Head – All Taxable Services. However, […]

Mere consent for transfer of tenancy rights from old to new tenant by landlord is not transfer

April 10, 2013 5840 Views 0 comment Print

Clause 4 of the agreement indicates that the Smt Shah surrendered the tenancy rights along with the property to the assessee. If that is true, where is the need for Smt Shah to be the signatory to the agreement in giving the property on monthly rent to the new tenants and why should there be a tripartite agreement? Letting off the impugned property becomes the matter for settlement between the landlord and the new tenant as per the terms and conditions of the land lord, which is not the case here.

S.115JB Provision for doubtful debt to be added to Book Profit for MAT Calculation

April 10, 2013 24436 Views 0 comment Print

In the books of account, assessee had made provision for doubtful debts for this amount. The matter is sub-judice before court or arbitration. This shows that the amount was not ascertained. It remained contingent at the relevant time. Moreover, it had been gone against assessee due to amendment in Act. The amendment made by inserting clause (i) in Explanation 1 to section 115JB by the Finance Act, 2009 with retrospective effect 1.4.2001, the amount set aside and provision for diminution in the value of an asset is to be added to arrive at the book profit under section 115JB of the Act. This empowers the Assessing Officer to add to income any amount debited in profit & loss account for provision of bad and doubtful debts.

No penalty on income surrendered in survey proceedings which was disclosed in return of Income

April 10, 2013 6081 Views 0 comment Print

There can be no concealment or non-disclosure, as the assessee had made a complete disclosure in the IT return and offered the surrendered amount for the purposes of tax and therefore no penalty under s. 271(1)(c) could be levied. The words ‘in the course of any proceedings under this Act’ in Sec. 271(1)(c ) of the Act are prefaced by the satisfaction of the AO or the CIT(A).

Regarding Fixation of norms for waiver of payment of cost recovery charges for Customs staff posted at Seaports, Air Cargo Complexes, Courier Terminal, etc

April 10, 2013 2346 Views 0 comment Print

The matter was examined by the Board and a view emerged that in the manner of ICDs/CFSs other Customs facilities – Seaports, Air Cargo Complexes, Courier Terminals and Diamond Plazas – would merit similar exemption from the payment of cost recovery

CAT had no jurisdiction to compel completion of a breached contract as that is task of Civil Court

April 10, 2013 612 Views 0 comment Print

Commission has no jurisdiction to hand over the possession of plot in question to the complainant; that is the task of the Civil Court. The Hon’ble Supreme Court in the closest term has restrained to this Commission from assuming the power of the Civil Court. It is also clarified in the paragraph that this Court cannot grant any specific performance.

Arbitrary valuation of shares not justified if shareholders succeeded in demonstrating oppression

April 10, 2013 2250 Views 0 comment Print

It was observed by the CLB that if the Appellants failed to cooperate with NHEL for the determination of the value of the occupied premises, including land, plant and machinery and do not accept the fair value of the assets determined, the petition shall be deemed to have been dismissed. The impugned order thus makes it impossible for the Appellants to even question the valuation. Having succeeded in demonstrating oppression by the Respondents, the Appellants cannot be compelled to accept an arbitrary and unilateral determination of the fair value by the Respondents not based on any sound financial and accounting principles. The remedy provided by the CLB has thus been rendered illusory.

ST – Amendment in CESTAT appeal filing forms (S.T.-5, S.T.-6, S.T.-7)

April 10, 2013 6219 Views 0 comment Print

1. 1) These rules may be called the Service Tax (Second Amendment) Rules, 2013. (2) They shall come into force on and from the 1st day of June, 2013. 2. For Form No. S.T.-5, S.T.-6 and S.T.-7 appended to the said rules, the following Forms shall respectively be substituted, namely

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