"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 |