"30 October 2014" Archive

Jurisdiction of DRP for cases and class of cases amended by CBDT – ORDER NO. 12/FT&TR/2014 – Dated 30-10-2014

Order No.12/FT&TR/2014 (30/10/2014)

In partial modification to Order No. 7/FT&TR/2013 dated 14th November, 2013 and in exercise of the powers conferred under section 144C of the Income-tax Act, 1961(43 of 1961) read with Income-tax (Dispute Resolution Panel) Rules, 2009 as amended from time to time and keeping in view the workload and efficient functioning of Dispute Resolu...

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Constitution of Dispute Resolution Panel-IV at Mumbai by CBDT

Order No.11/FT&TR/2014 (30/10/2014)

In exercise of the powers conferred by clause (a) of sub-section (15) of section 144C of the Income-tax Act, 1961(43 of 1951) read with income tax (Dispute Resolution Panel) Rules, 2009 as amended from time to time and in addition to earlier Orders constituting Dispute Resolution Panels at Mumbai, the Central Board of Direct Taxes hereby ...

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Old and Used propping pipes for construction service are capital goods which are freely importable

Peri (India) Pvt. Ltd. Vs. Commissioner of Customs (I), Nhava Sheva [2014-TIOL-1630-CESTAT-MUM]

Peri (India) Pvt. Ltd. (the Appellant) imported old and used pipes declaring them as ‘old and used Prop Pep 20-300’ (Impugned goods) and classified them under Customs Tariff Heading (CTH) 7308 4000. The said classification was accepted and duty was demanded accordingly....

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Posted Under: Income Tax |

When excess payment of Service tax is established, its adjustment cannot be denied merely on non-compliance of procedural aspect

The General Manager, Telecom, BSNL Vs. CCE, Raipur

The Hon’ble CESTAT, Delhi held that the matter is no longer res integra as it has been consistently held that substantial benefit cannot be denied merely because some aspects of the procedure had not been followed....

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Posted Under: Income Tax |

Non furnishing of verification report of Department to assessee for making his submissions/rebuttal leads to denial of natural justice

Lancet Pharma Pvt. Ltd. Vs.Commissioner of Service Tax, Mumbai

It was held by the Hon’ble CESTAT, Mumbai that while the Department had opportunity to verify whatever information/ statements furnished by the Appellant, a copy of the verification report should have been provided to the Appellant to make their submissions/rebuttal....

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Posted Under: Income Tax |

Refund not hit by doctrine of unjust enrichment where contract value is inclusive of Service tax

Commissioner of Service Tax, Delhi Vs. AP. Engineers [2014 (10) TMI 563 - CESTAT NEW DELHI]

In the instant case, AP. Engineers (the Assessee) filed a refund claim of Service tax which was rejected by the Adjudicating Authority as hit by doctrine of unjust enrichment. On appeal being made to the Commissioner (Appeals)...

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Posted Under: Income Tax |

No disallowance for non-payment of TDS can be made if payee has paid tax thereon

Shri G.Shankar Vs Asst. Commissioner of Income-tax (ITAT Bangalore)

Admittedly, the undisputed fact is that the assessee in the case on hand, has not deducted tax at source on the payments made to Shri Uday Kumar Shetty amounting to Rs.1,53,78,795/-. As submitted by the ld.AR, as far as the payments made by the assessee to Shri Uday Kumar Shetty...

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E Payment of Income Tax – Fine tuning is required

 CA. M. Lakshmanan While paying direct taxes such as advance tax, self assessment tax, TDS and tax on regular assessment in the NSDL site after PAN and all other relevant columns such as assessment year, name, address, type of payment etc., are filled in and before we are directed to the Bank portal, the name […]...

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Posted Under: Income Tax |

Empanelment with SBI for Concurrent Auditors in few states

State Bank of India Local Head Office, New Delhi – 110001 Tel: 011-23407458 Empanelment of Concurrent Auditors for Branches situated in the States of Delhi, Uttrakhand, Rajasthan and some districts of Uttar Pradesh Applications are invited from Chartered Accountants firms! LLP (situated in States of Delhi, Uttrakhand, Rajasthan and some...

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Posted Under: Income Tax |

CBDT to send notices to non-filers to file return for AY 2014-15

CBDT has noticed that 5,09,898/- taxpayers who have submitted an return for AY 2011-12 or 2012-13 or AY 2013-14 (Upto 20th October 2014) with returned Income of More than 10 Lakh or paid self assessment tax of more than / equal to one lakh (as per ITR) have not filed ITR for AY 2014-15. ...

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Posted Under: Income Tax |

Transfer Posting of Pr. CCIT / Pr. DGIT / DGIT / CIT

Order No.191 of 2014 (29/10/2014)

The following officers in the grade of Pr. Chief Commissioner / Pr. Director General of Income Tax and Chief Commissioner / Director General 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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Bullet Repayment – Gold Loan Limit Increased to 2 Lakh

RBI/2014-15/283 UBD.BPD.(PCB).Cir.No.25/13.05.001/2014-15 (30/10/2014)

2. Based on the representations received from UCBs and National/State Federations, it has been decided to increase the quantum of loan that could be granted under the scheme, from Rs. 1.00 lakh to Rs. 2.00 lakh subject to the following conditions: ...

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S. 148 Reopening based on re-appreciation of same material on record not valid

Global Signal Cables (India) Pvt. Ltd. Vs DCIT (Delhi High Court)

In the present case also, there exist no grounds for re opening the assessment after the expiry of 4 years from the relevant assessment year. The notice under section 148 of the said Act is based on re-appreciation of the same material on record....

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CBEC clarifies that ‘the place where property in goods passes on to the buyer’ is relevant to determine place of removal

In order to avail Cenvat credit on outward transportation, any service received up to ‘the place of removal’ should qualify as input service under the definition of ‘input service’ as defined in Rule 2(l) of the Cenvat Credit Rules, 2004 (the Credit Rules). Prior to July 11, 2014, the term, ‘place of removal’ was not […...

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Posted Under: Income Tax |

CBDT revises territorial jurisdiction, powers and functions of CITs (TDS)

Notification No. 55/2014-Income Tax (30/10/2014)

Notification No. 55/2014-Income Tax S.O. 2793(E)- In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), and in supersession of the notification of the Government of India, Central Board of Direct Taxes number S.0.1386(E), dated the 10th August, 2007 and in partial suppress...

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