"21 May 2013" Archive

Govt urges taxpayers to Disclose True income and pay Appropriate taxes

Government urges all tax Payers to Disclose their True income and pay Appropriate taxes within the Current Financial Year; A Compliance Management Cell has been set-up to Ensure Follow-up Action and Track Return Filing and Tax Payment of the Target Segment; 70,000 Letters are being sent in 2 Batches to High Priority Cases in this [&hellip...

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Posted Under: Income Tax |

Protective additions in minors hand not required if made on substantive basis in fathers hand

Master Akshay Bansal Vs Income Tax Officer (ITAT Delhi)

The only addition made in the hands of both the above minor children of Shri Kamal Piyush was the protective addition of 2,51,000/- which was added on substantive basis in the hands of Shri Kamal Piyush. ...

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Rationalisation of Withholding tax on interest payments on borrowings of Infrastructure Debt Funds

Rationalisation of With-Holding Tax (WHT) to Encourage Greater Subscription in Indian Debt Securities by Foreign Investors, Encourage Development of the Indian Debt Market and Accelerate the Pace of Growth of the Indian Economy. ...

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Posted Under: Income Tax |

MVAT Notification for Second amendment to the Maharashtra Value Added Tax Rules, 2005

Notification No. VAT 1513/ CR 61/ Taxation-I (21/05/2013)

(4) Notwithstanding anything contained in this rule, where an order, notice or any communication is made electronically and addressed to the dealer by e-mail which is provided to the department by the dealer, then such order, notice or communication, shall be deemed to have been served on the addressee. For the purpose of this sub-rule, t...

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Clarification on Revised requirements for Listed Companies undertaking a Scheme of Arrangement under Companies Act, 1956

Circular No. CIR/CFD/DIL/8/2013 (21/05/2013)

All listed companies undertaking a Scheme of Arrangement under Part IV and Chapter V of Part VI of the Companies Act, 1956, (Amalgamation/ Merger/ Reconstruction/ Reduction Of Capital, etc.) are required to submit a valuation report in terms of Para (I) (A) read with Part A, Annexure I of the SEBI Circular No. CIR/CFD/DIL/5/2013 dated Feb...

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Issues related to transmission of trade data by Customs to DGCIS

F. No. 528/69/2012-STO (TU) (21/05/2013)

A Committee under the chairmanship of DG NIC with representatives of Department of Commerce and Department of Revenue had been constituted to consider the issues of timely and accurate transmission of trade data and give its recommendations....

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SEBI issues Broad guidelines on Algorithmic Trading

Circular No. CIR/MRD/DP/16/2013 (21/05/2013)

SEBI has received various suggestions with regard to the requirement of system audit of trading algorithm / software used by stock brokers / trading members. After due examination of the suggestions in consultation with the Technical Advisory Committee, it has been decided to revise the requirement as follows:...

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Tariff Value of Gold, Silver, Crude / RBD Palm Oil, Brass Scrap, Poppy seeds wef 21.05.2013

Notification No. 55/2013-Customs (N.T.) (21/05/2013)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the ...

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How to view ST-3 for the period July -Sept, 2012

Service Tax Returns (ST 3) for the period July -Sept, 2012,e-filed in ACES, can now be viewed by the Assesses under ‘View Original ST3’ and ‘View ST3’ options under the RET module of ACES with a facility to revise it, if required. The Revised return can be filed by the assessee within 90 days from […]...

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Posted Under: Income Tax |

Gist of Service Tax Voluntary Compliance Encouragement Scheme, 2013

Hon’ble Union Minister of Finance has proposed a Service Tax Voluntary Compliance Encouragement Scheme, 2013 in Finance Budget 2013. The Scheme is applicable for the tax dues not paid for the period 1st October 2007 to 31st December 2012....

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Posted Under: Income Tax |

Value adopted by assessee cannot be substituted by A.O. merely on the basis of general inquiries

ACIT Vs Smt. Hiraben Govindbhai Patel (ITAT Ahmedabad)

When the value declared by the assessee as on 01.04. 1981 is supported by valuation report of a registered valuer and the A.O. has taken different valuation without obtaining valuation report from the DVO...

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Revised tariff on cake/oil cake meal made of Groundnut / Sunflower / Canola / Mustard oil

Notification No. 30/2013-Customs (21/05/2013)

- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do...

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In case of gifted assets index to be taken of the year in which acquired by previous owner

A.C.I.T. Vs. Shri Vijay Kamlakar Wagh (ITAT Mumbai)

The object of giving relief to an assessee by allowing indexation is with a view to offset the effect of inflation. As per the CBDT Circular No. 636 dt. 31st Aug., 1992 a fair method of allowing relief by way of indexation is to link it to the period of holding the asset....

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G.P. rate to be accepted if it is higher than average G.P. rate of last three years

Commissioner of Income Tax Vs Kiran Industries Pvt Ltd (Gujarat High Court at Ahmedabad)

We are of the opinion that the findings of the Tribunal are based on evidence on record and are purely factual in nature. The Tribunal after taking into account relevant materials, came to the conclusion that a certain rate of gross profit presented by the assessee was acceptable....

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No Sec.14A disallowance if assessee is dealer of shares and securities

Hina Nitin Parikh Vs ACIT (ITAT Ahmedabad)

In combined result, one appeal of assessee in ITA No. 1800/Ahd/2008 is partly allowed for statistical purposes and the remaining six appeals of Revenue in the case of three assessees are dismissed and all 16 COs of the three assessees are also dismissed....

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