It will be relevant to record that the primary objection noticed by the assessing authority while serving notice upon the assessee as provided U/s 148 of the Act, 1961 was in regard to dis-allowance of salary of Rs.1,50,000/- to the Managing Director of the assessee company on 30th March, 2002 in cash and Rs.5 Lacs towards advance salary for the assessment year 2002-03 in cash on 10.04.2002 and since it was payment of salary in cash exceeding Rs.20,000/-, the above expenses were dis-allowable as provided U/s 40A(3) of the Act, 1961.
2. With a view to bring about operational flexibility and in order to ease the PAN verification process, the intermediaries may verify the PAN of their clients online at the Income Tax website without insisting on the original PAN card, provided that the client has presented a document for Proof of Identity other than the PAN card.
SEBI has, today, placed a consultative paper on the SEBI website on ‘Review of Corporate Governance Norms in India’. Comments on the discussion paper have been solicited on or before January 31, 2013.
Tribunal has on examination of the agreement dated 30-4-2003 entered into between ‘R’ and the assessee concluded that ‘R’ in terms of the agreement had only a right to use the network during the tenure of the 20 year agreement. Further, that the agreement was liable to be terminated at the sole discretion of ‘R’ and, consequently, the amount received as advance for 20-year lease period would have to be returned on such termination for the balance un-utilized period.
In one of our Pilot Projects it was bought to our notice by the field formations that the e-filed returns were not visible to the concerned assessing officers.The matter was taken up with DGIT (Systems) who has informed that the following information can be accessed on the system by the AO with regard to e-filed returns of his/her jurisdiction (ward/ circle):-
Assessee is a 100% EOU and the disputed service tax related to import of services from foreign based commission agent. The assessee was required to pay the tax as a deemed service provider in terms of Section 66A of the Finance Act. Since the services were clearly input services for the appellant, the assessee was eligible for credit of service tax if the same had been paid by them.
Whereas, in the matter of import of Hot Rolled Flat Products of Stainless Steel-304 grade classified within Chapter 72 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act), the Director
In this case, since as discussed above, the Renusagar Power Plant is a captive power plant of the Appellant’s manufacturing unit, the two have to be treated as one intergrated unit and therefore, the cenvat credit of service tax paid on insurance policy for the power plant would be admissible.
Trade Circular 14T of 2012 was issued on 06 August, 2012 to guide developers for obtaining registration, availing administrative relief for unregistered period, filing of returns and Audit Report u/s 61 for the periods starting from 20/06/2006.
In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test (Paper- Pencil Mode) will be held on Sunday, 16th June, 2013 in two sessions as below, at the following centres provided that sufficient number of candidates offer themselves to appear from each centre.
