"24 October 2014" Archive

Service Tax on Transfer of Development Rights of Land – Legal Analysis

Service tax legislation has seen a lot many changes from the days it was introduced and has always been evolving to ensure effective revenue collection. A large number of issues tend to be matter of disagreement between the revenue authorities, trade at large and consultants / experts. Obviously most of them go to the judiciary […]...

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ST-3 due date extended to 14th Nov'14 for 1st Half of 2014-15

Order No. 02/2014-ST (24/10/2014)

In exercise of the powers conferred by sub-rule (4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the Form ST-3 for the period from 1st April 2014 to 30th September 2014, from 25th October, 2014 to 14th November, 2014....

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S. 68 Addition based on mere report of Investigation Wing not sustainable

ITO Vs Rakam Money Matters P. Ltd (ITAT Delhi)

The only issue here is the addition of Rs.60 lacs made by the Assessing Officer as unexplained credit on account of the share application money. On going through the facts of the case, we notice that assessee has filed the relevant details which it could have filed in support of its contention...

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AO can make adjustment to profit if books are not in accordance with established accounting principles

Padinjarekara Agencies Pvt. Ltd Vs ACIT (ITAT Cochin)

The assessee had contended that the Assessing officer was not entitled to make adjustments to book profit shown in the audited The question that had arisen was whether the Assessing officer was entitled to disturb the net profit shown by the assessee in the profit and loss account prepared as per the Companies Act, 1956....

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Share broker business commences the day on which assessee files registration application with NSE

Elan Equity Services Pvt. Ltd. Vs ITO (ITAT Delhi)

The company was incorporated on 24-11-2004 under the Indian Companies Act with the authorized capital of Rs. 2,00,00,000/- being minimum capital for the company obtaining membership of stock broker....

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Issues in 'Re-issue' of refund of Income Tax by CPC

CA. M. Lakshmanan At present issue of cheque by State Bank of India for refund of Income Tax has been dispensed with and the refund due is transferred to the account of the assessee by ECS. But in certain cases the refund does not reach the account of the assessee due to various reasons viz. […]...

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Posted Under: Service Tax |

No disallowance u/s 14A, where assessee have sufficient own funds for making investment

CIT Vs Torrent Power Ltd. (Gujarat High Court)

We could notice from the record that the assessee was having share holding funds to the extent of 2607.18 crores and the investment made by it was to the extent of Rs. 195.10 crores. In other words, the assessee had sufficient funds for making the investments and it has not used the borrowed ...

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CSR- Swach Bharat Kosh & Clean Ganga Fund included

Notification No. G.S.R. 741 (E) (24/10/2014)

(i) In item (i), after the words and sanitation, the words including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation shall be inserted; (ii) In item (iv), after the words and water, the words including contribution to the Clean Ganga Fund set-up by the Central Government for rejuve...

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Mere Non recording of detailed reason in Assessment Order do not justify the presumption that order been passed without application of mind

Munshi Mini Rice Mill Vs ITO (ITAT Kolkata)

First of all, we have to examine the documents produced by the assessee during the course of original assessment framed u/s. 147 read with section 143(3) of the Act vide order dated 20.11.2009. We find from the assessment order that the assessee produced complete details of purchases i.e. purchase statement....

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