"June, 2013" Archive

Service by Non- Profit Entity to its Members- Taxability in Service Tax

S.N. 28 of the Exemption Notification no. 25 /2012 dated 20.6.2012 exempts services by unincorporated body or a non profit entity registered under any law to own members by way of reimbursement of charge or share of contribution. a. As a Trade Union b. For provision of exempted services c. For the common use of its member in a housing ...

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Posted Under: Service Tax |

HC expresses ‘Shock & Anguish’ at Mal-Administration by Tax Dept.

M/S Fateh Chand Charitable Trust Vs Commissioner Of Income Tax And Another (Allahabad High Court)

The income tax authorities are required to administer the Act. The right to administer, cannot obviously include the right to mal-administer. Thus, we find no words to express anguish as what kind of governance it had been....

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CBDT Withdraws / Amends Circulars on Transfer Pricing

Chapter X of the Income-tax Act, 1961 contains special provisions relating to avoidance of tax. Terms such as 'associated enterprise', 'international transaction', 'intangible property', and 'specified domestic transaction' are defined in different sections of the Chapter....

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Posted Under: Service Tax |

e-TDS/TCS RPU (version 3.5) for statements from FY 2007-08 onwards

e-TDS/TCS RPU (version 3.5) for statements from FY 2007-08 onwards released (28/06/2013) Key features of RPU 3.5 Addition/ deactivation of fields Change in quarterly TDS/TCS statement pertaining to FY 2013-14 onwards as below: Alternate contact details like e-mail and contact no. of the deductor and responsible person may be provided. Quo...

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Posted Under: Service Tax |

File validation utility (FVU) version 3.8 for FY 2010-11 and onwards released (28/06/2013)

Key feature of FVU version 3.8 - Change in data structure of quarterly TDS/TCS statement pertaining to FY 2013-14 onwards as below: Alternate contact details like e-mail and contact no. of the deductor and responsible person may be provided. Quoting of TAN registration no. (if any) as provided by TIN. Minor head code is to be ...

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Posted Under: Service Tax |

Key features of FUV version 2.134 applicable wef 01.07.2013

Key features of FVU 2.134 is as follows: 1. Addition of filler fields in: Deductor details (BH record) Challan details (CD record) Deductee details (DD record) Salary details (SD record). Applicable in case of 24Q, Q4....

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Posted Under: Service Tax |

Bonafide claim of assessee for an expenditure to be revenue in nature which in itself is debatable, do not attracts provision of S. 271(1)(c)

Shervani Hospitalities Ltd. Vs CIT (Delhi High Court)

Issue raised by the assessee was debatable and capable of two views. The assessee had an arguable case or had taken a bonafide plea. The assessee had given his explanation and categorically and clearly stated the true and full facts in the return itself. He did not try to camouflage...

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No addition during reassessment of a particular expense which has been duly examined by the AO during Original Assessment proceedings

Maruti Suzuki India Ltd. Vs DCIT (Delhi High Court)

Whether notice u/s 148 can be issued for disallowance of a particular expense which has been duly examined by the AO during the Assessment proceedings by asking for specific details but not mentioned in Assessment Order....

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S. 80IB Expenditure incurred by a unit cannot be reallocated to another unit merely because the profits were significantly higher

CIT Vs M/s Delhi Press Patra Prakashan (Delhi High Court)

Whether the expenditure incurred by a unit can be reallocated to another unit engaged in job work and claiming deduction u/s 80IA and 80IB, as the case may be, merely because the profits were significantly higher than profits earned by the assessee from other units....

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Benefit u/s 54B can be claimed even if new agricultural land is purchased prior to transfer of previously owned agricultural land

Asstt. CIT Vs Dr. S. Balasundaram (ITAT Chennai)

The assessee before execution of the sale deed purchased the properties vide document No. 8547/2008 on 18.09.2008 for Rs. 47,53,223/-, document No. 8743/2008 on 04.10.2008 for Rs. 51,47,014/- and document No. 8295/2008 on 24.09.2008 for Rs. 28,68,302/-...

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