"04 February 2014" Archive

Cenvat Credit to Special Economic Zones

W.e.f. 1.3.2011, Rule 6(6A) had been inserted in Cenvat Credit Rules, 2004 to allow provision of services without payment of service tax to a unit in Special Economic Zones (SEZ) or to a developer in SEZ for their authorized operations, without requirement of reversal of any Cenvat credit on this account. This will help in tax-free receip...

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Posted Under: Excise Duty |

How to Open a Demat Account?

Keshav Dhupar What is a DEMAT Account? A Demat account comes from the term ‘dematerialized’, which means dematerialization of securities. Earlier, securities were used to be issued in a physical form consisting of all the details of the share and of the shareholder. It was a cumbersome task of maintaining shares in such a form [&helli...

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Posted Under: Excise Duty |

No S. 14A Disallowance without recording dissatisfaction over expense claimed by the Assessee

Commissioner of Income Tax, Central II Vs M/S. R.E.J. Agro Ltd. (Calcutta High Court)

The Assessing Officer also disallowed the expenditure under section 14A of the Income Tax Act, 1961 without first recording that he was not satisfied with the correctness of the claim as regards the claim that “no expenditure” was made by the assessee....

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Employees’ contribution to PF paid before due date of ROI allowable

CIT Vs REI Agro Ltd. (ITAT Kolkata)

We find that the assessee has made payment on or before the due date of filing of return u/s. 139(1) of the Act and this issue is squarely covered by the decision of Hon’ble jurisdictional High Court in the case of Vijay Shree Limited, supra, wherein Hon’ble Calcutta High Court has held as under...

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Tribunal cannot adjudicate upon jurisdiction when issue about jurisdiction not been raised before Assessing Authority

CIT Vs All India Children Care & Educational Development Society (Allahabad High Court)

Respondent in the present case submits that there is a illegal assumption of jurisdiction as the officer who made assessment had no jurisdiction at all to make the assessment. Opportunity was given by the Tribunal to the department to produce the transfer order transferring the case from office of Income Tax Officer, Azamgarh to Joint Com...

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In Assessment U/s. 153A/153C additions cannot be made unless they are based on any incriminating material or inquiries based on such material

ACIT Vs Shri Manoj Narain Aggarwal (ITAT Delhi)

It is well settled that in 153A/C assessments additions cannot be made unless they are based on any incriminating material or inquiries based on such material. It clearly emerges from record that there is neither reference nor reliance on any incriminating material....

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RBI liberalises third party payment for import of goods

RBI/2013-14/479 A.P. (DIR Series) Circular No.100 (04/02/2014)

In view of the difficulties faced by exporters / importers in meeting the condition firm irrevocable order backed by a tripartite agreement should be in place specified in the above mentioned Circular, it has been decided that this requirement may not be insisted upon in case where documentary evidence for circumstances leading to third p...

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