"10 September 2014" Archive

Taxation Law (s) – ‘INTENT ‘ vs Explicitness

V Swaminathan B.Sc. B.L., FCA Recently Member (Income Tax), CBDT Ms. Anita Kapur has commented that government should Draft Tax Laws That Promote Intent Rather Than Litigation. Some of the suggestions, unlike/except the ones such as found a mention in the concluding para of the write-up seemingly well-balanced, are prima facie lop- (one-)...

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Posted Under: Income Tax |

Interview with Tax Audit Report Petitioners

CA Suhdir Halakhandi - The Mid-year introduction of New formats of Tax audit reports and further extension of date of Tax audit report without extending the date of filing of return has created a lot of controversy and in this respect two writ petitions have been filed in Hon. Delhi high court and Hon. Gujarat High Court by CA Mahesh Kuma...

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Posted Under: Income Tax |

Transfers / Postings Of Assistant/ Deputy Commissioners of Income-tax – Order No. 154 of 2014

Order No. 154 of 2014 (09/09/2014)

ORDER NO. 154 OF 2014 The following officers in the grade of Assistant / Deputy Commissioner of Income Tax are, hereby, transferred and posted as indicated against names of each of them with immediate effect and until further orders:...

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Amalgamated Company can avail Cenvat Credit lying in the books of Amalgamating Company

Amalgamated Company would be eligible to avail the Cenvat Credit lying in the books of Amalgamating Company when all the facts were intimated to the Department, even though it isn’t in the prescribed form IPF Vikram India Ltd. Vs. Commissioner of Central Excise, Ludhiana [(2014) 47 taxmann.com 362 (New Delhi – CESTAT)]...

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Posted Under: Income Tax |

Purchases cannot be treated as bogus for none traceability of suppliers

CIT Vs Nangalia Fabrics Pvt. Ltd (Gujarat High Court)

The question pertains to the purchases made by the assessee-respondent. On account of unverifiable purchases, the Assessing Officer made additions to the tune of Rs. 1.27 crores. He was of the opinion that none of the parties could be located and therefore, such purchases were held to be bogus. ...

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Recovery proceedings against assets of another unit of Group Companies is not permissible in absence of evidence that entire import was at instance of Group Companies

The high court held that there was no evidence on record to show that the entire import was made at the instance of the group companies. Therefore, the petitioner cannot be barred from transferring the rights in property unless the revenue provides sufficient evidence that the entire import was at the instance of the group companies and t...

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Posted Under: Income Tax |

MCA issues Order for removal of difficulties related to appointment of auditors in Partly Government Companies

MCA issues Seventh Order for removal of difficulties which relates to appointment of auditors in Partly Government Companies The Ministry of Corporate Affairs has come out with the Companies (Removal of Difficulties) Seventh Order, 2014 dated September 4, 2014 in order to remove difficulties relating to appointment of auditors in partly G...

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Posted Under: Income Tax |

CA held guilty of professional misconduct for filing bogus form with ROC

Council of the Institute of Chartered Accountants of India  Vs Ved Prakash Verma (Delhi High Court)

that the Economic Offences Wing of the Delhi Police, on the complaint of the complainant company had found that Sh. Sanjay Daksha, Sh. Sofi-ur­rehman, Sh. Binod Rajhans did not figure in the complainant company records before 8th March, 2004...

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Once the adjudication order to pay duty is set aside, sums paid in pursuance of the said order, would be automatically refundable

The Hon’ble High Court held that once order to pay duty was set aside, the refund is automatic. Refusal of refund on the basis that the exigibility of tax is yet to be adjudicated was not a valid reason. Commissioner of Central Excise, Bangalore-III Vs. Multiplex Fertilizers (P.) Ltd. [(2014) 47 taxmann.com 359 (High Court of Karnataka...

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Posted Under: Income Tax |

Traces enables Online Correction functionality with enhanced features without Digital Signature

Attention Deductors: The Online Correction functionality with enhanced features has been enabled “without Digital Signature” for Financial Year 2012-13 onwards. Digital Signature will be required only for PAN Corrections Tag/Replace Challan has been enabled on TRACES Details of manual and processed demands based on financial y...

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Posted Under: Income Tax |

Section 69- Addition for cash deposited in bank after long period of withdrawal not justified

ITO Vs Mrs. Deepali Sehgal (ITAT Delhi)

AO, in his remand report could not bring out any fact that the cash withdrawn from Saving Bank Account and partnership overdraft account was used for other purpose anywhere else then, merely because there was a time gap between withdrawal of cash and its further deposit to the bank account, the amount can not be treated as income from und...

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Mere Change in Allotted flat without determining any consideration is not transfer

ITO Vs Smt. Tripta Shahani (ITAT Lucknow)

Merely change in the flat without determining any consideration for the old flat cancelled and new flat transferred, it cannot be said that the old flat was sold and new flat was purchased on the date of change....

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Place of Removal: In Case Of Tariff Value U/s. 3 & Valuation U/s. 4(A)

Ultratech Cement Ltd. Vs CCE (Chhattisgarh High Court)

The Central Excise Act, 1944 provides levy of excise duty by different methods. In a recent judgment of Hon’ble Chhattisgarh High Court in the case of Ultratech Cement Ltd. vs. CCE 2014 (35) STR 641 (Chhattisgarh) the Hon’ble Court held that place of removal is to be decided on facts and circumstances of each case....

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Table on Step for Incorporation Of Company Under Companies Act, 2013

For Incorporation of Companies An application shall be filed, with the Registrar within whose jurisdiction the registered office of the company is proposed to be situated, in Form No.INC.2 (for One Person Company) and Form no. INC.7 (other than One Person Company) along with the fee as provided in the Companies (Registration offices and f...

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Posted Under: Income Tax |

Exporter not barred from seeking determination of Brand Rate of drawback even if he already applied at all India rates

Accordingly, it was held that the manufacturer or exporter is not barred from seeking a determination of the Brand Rate of drawback under Rule 7 merely because, at the time of export, the Petitioner had applied for and granted drawback at All Industry Rate as determined under Rule 3....

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Posted Under: Income Tax |

Service provider can avail Cenvat credit on input services prior to Service tax registration

The Hon’ble CESTAT, Delhi also relied upon the decision in the Metric Solution case and held that Cenvat credit in respect of inputs/ input services received by an output service provider during the period prior to his obtaining Service tax registration is admissible and denial of Cenvat credit on this ground is not correct....

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Posted Under: Income Tax | ,

Provisions related to Internal Audit under Companies Act 2013

Section 138 of the Act provides that such class or classes of companies as may be prescribed shall be required to appoint an internal auditor. Such internal auditor shall be appointed by the board and may be a chartered accountant or cost accountant or or such other professional as may be decided by the board....

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Posted Under: Income Tax | ,

Treatment of accounts opened for credit of Scholarship Amounts under Government Schemes

RBI/2014-15/226 RPCD.RRB.RCB.BC.No.32/03.05.33/2014-15 (10/09/2014)

As directed by the Bombay High Court, Regional Rural Banks and State / Central Cooperative Banks are hereby advised to ensure that accounts of all student beneficiaries under the various Central/State Government Scholarship Schemes are free from restrictions of ‘minimum balance’ and ‘total credit limit’....

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An assessee is entitled to refund of unutilized credit balance lying in his account on closure of his unit in absence of any bar

Shalu Synthetics (P.) Ltd. Vs. Commissioner of Central Excise & Service Tax

The Hon’ble Tribunal observed that there is no dispute as to the fact that amount lying in balance in the Cenvat credit account of the Appellant. Further, it was noted that refund of the unutilized Cenvat credit does not fall under any of the rules and that there are no express or implicit provisions in the Excise Act and the Credit Rul...

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Posted Under: Income Tax |

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