"23 June 2015" Archive

Service tax on sale of recharge coupons and SIM cards applicable on gross amount received from distributors and not on MRP

Tata Tele Services Vs Commissioner of Service Tax (CESTAT Mumbai)

It is true that the service rendered by the assessee by way of sale of pre‐paid SIM cards through distributors was ultimately received by the subscribers. However, where the law prescribes the value of taxable service to be the gross amount charged by the service‐provider, Service tax can be levied on that amount only. ...

Read More

Limitation period of Sec 11B does not apply for claiming re-credit of excess service tax paid

M/s GTL Infrastructure Ltd. vs Commissioner of Service Tax (CESTAT Mumbai)

The issue of limitation of claim under Sec 11B as raised by Revenue is also not maintainable because the amount paid by the appellant in excess of their service tax liability ceased to be in nature of service tax paid by them and is merely an excess deposit paid by the appellant. ...

Read More

Reopening u/s 147 required only “reason to believe” and not the established fact of escapement of income

Sh. Devinder Singh Vs Income Tax officer (ITAT Chandigarh)

Assessing Officer has wrongly stated that Shri Prithvi Singh, father of the assessee has stated in his statement that he had no agricultural land in his name. Since, as per the Statement recorded by AO it is been observed that that Shri Prithvi Singh (father of the assessee) has stated that he has...

Read More

Reassessment u/s 148 quashed, on issue of notice without valid jurisdiction

Mukesh Kumar Vs ITO (ITAT Delhi)

The reliance has been placed on the decision of Hon’ble Allahabad High Court in the case of CIT Vs. M/s MT Builders Pvt. Ltd., (2012) 349 R 271 (All.) that the notice issued by an Officer who had no valid jurisdiction over the assessee is invalid. Accordingly, The notice under Section 148 of the Act issued by the Income Tax Officer...

Read More

Filling up the lacunae in defective SCN not allowed in case of an open remand

Thirumurugan Enterprises Vs. CESTAT

The Hon’ble High Court of Madras held that the issues raised by the Appellants and answered by the Commissioner (Appeals) in their favour has to be considered by the Tribunal on its own merits and there being no finding on the issues in the manner in which the plea has been taken by the Appellants, ...

Read More
Posted Under: Service Tax |

Relaxation in number of Audit – High Level Committee on Tax Laws

You would be glad to know that that the long awaited Notification to exempt private companies under section 462 of the Companies Act 2013 has been recently issued by the Ministry of Corporate Affairs. ICAI has highlighted need for a clarification in this regard on various occasions. There was no apparent need to put a cap on the number of...

Read More
Posted Under: Service Tax |

GST- Way Forward

Simply put, goods and services tax is a tax levied on goods and services imposed at each point of sale or rendering of service. Such GST could be on entire goods and services or there could be some exempted class of goods or services or a negative list of goods and services on which GST is not levied. GST is an indirect tax in lieu of tax...

Read More
Posted Under: Service Tax |

Streamlining process of public issues- Obviating the need to issue cheques

Press Release No. 167/2015 (23/06/2015)

Initial Public Offering (IPO) process streamlined to, reduce time period for listing of issues from T+12 days to T+6 days, increase reach of retail investors to access the IPO and reduce the cost of public issues. With this issuers will have faster access to the capital raised and investors will have early liquidity....

Read More

Govt. considering to provide tax benefit on Electronic Transactions

Objectives Improve the ease of conducting transactions for an individual Build a transactions history to enable improved credit access and financial inclusion. Reduce the risks and costs of carrying cash at the individual level. Reduce costs of managing cash in the economy....

Read More
Posted Under: Service Tax |

Regarding cancellation of registration of VAT dealers who have failed to file their returns

Circular No. 02/2015-16 - Income Tax (23/06/2015)

It has been observed that substantial number of registered dealers have not filed their returns for the financial years 2012-13 and 2013-14. This may be on account of no business activity by them during these years or the business may have been closed down permanently or the business being conducted in a clandestine manner with tax evasio...

Read More

Checklist on Meeting Of Board Through Video Conferencing Or Other Audio Visual Means under Companies Act, 2013

1. The company has made necessary arrangements to avoid failure of video or audio visual connection. 2. Sufficient security and identification procedures were ensured to safeguard the integrity of the meeting by the Company Secretary/ Chairman...

Read More
Posted Under: Service Tax |

Checklist For Private Placement Under Section 42

1. To ensure that person to whom offer has been made does not exceed 200 in a financial year for each kind of security. It is to be noted that any offer or investigation made to qualified institutional buyers or to employees of the company under scheme of employee stock option shall not be considered while calculating the limit of two hun...

Read More
Posted Under: Service Tax |

Income mistakenly offered to tax in return of income when assessed amounts to incorrect assessment of taxes

Shri Chandrashekhar Bahirwani vs. ACIT (ITAT Mumbai)

In the assessment proceedings, the Assessee submitted before the Assessing Officer (hereinafter referred to as the AO) that an amount of Rs. 14,50,000/- received on surrender of transferable development rights (TDR) from the builder through the co-operative society was wrongly declared as income from capital gains as the same was exempt i...

Read More

Marketing & liasoning services can’t be equated with advisory services for ALP adjustment

M/s Deutsche Asset Management (India) Pvt. Ltd. Vs DCIT (ITAT Mumbai)

The Tribunal, in assessment year 2006-07, in the assessee’s own case and on identical facts/ circumstances, has given a clear finding that the fee received by the assessee for providing marketing and liasioning services cannot be equated with the advisory services given to an investment manager. ...

Read More

SION for new product 'Golf Gloves' made of Knitted/Crocheted/Woven/Non-woven fabrics under Textiles Product Group

Public Notice No. 22/2015-2020 (23/06/2015)

SION for (Golf Gloves made of Knitted/Crocheted/Woven/Non-woven fabrics) in the Textiles Product (Product Code: J) is being notified. Before this there was no SION for this export product....

Read More

Format of Bank Guarantee, to be executed with DGFT, for recognition as Pre-Shipment Inspection Agency

Public Notice No. 21/2015-2020 (23/06/2015)

In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy, 2015-20, the Director General of Foreign Trade hereby inserts Appendix 2N-1 in the Appendices and Aayat Niryat Forms of the Handbook of Procedures, 2015-20, as annexed to this Public Notice, prescribing a new Bank Guarantee Format, to be executed with DGFT, ...

Read More

FAQs While Calculating Depreciation as Per CA, 2013 & Calculator

Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value. The useful life of an asset is the period over which an asset is expected to be available for use by an entity....

Read More

Inadvertent Claims in ITR – Whether a Hard Nut To Crack

Income Tax law provides an exhaustive, encyclopedic and compendious machinery to deal with the issues of what can be conceived and what can be believed with regard to the jurisprudence of taxing the subject as a whole. In this profitable and solvent venture of taxing the subject through the route of his due filings with the respective aut...

Read More
Posted Under: Service Tax |

Your Income Tax Account Online so difficulties Offline

Every taxpayer should check his account with Income tax department. In this account he should check his previous and current year’s status, and thereafter take appropriate decision. Also one should note that the income tax department’s website is updated continuously, therefore one should recheck status on timely basis....

Read More
Posted Under: Service Tax |

Audit Under Banking Environment

Banking sector: The IT saga in Indian banking commenced from the mid-eighties of the twentieth century when the RESERVE BANK took itself the task of promoting automation in banking to improve customer service, book keeping, MIS and productivity....

Read More
Posted Under: Service Tax |

Satyam Case-: an eye opener

We have been taught that an audit conducted with a view to give an opinion about the truthful and fairness of financial statements, it does not include the objective to find out frauds / errors. Though the principle has remained constant, the expectations thereof have gone a sea change....

Read More
Posted Under: Service Tax |

RTI- Banks to inform their guideline/regulations which requires CAs to certify project reports/ balance sheets 

Shri Mandeep Singh Vs Central Public Information Officer,Bank of India (Central Information Commission)

Appellant Mandeep Singh filed RTI’s to the head offices of the Banks for seeking information, whether head office issued any directions that Project Reports, Projected Balance Sheets and CMA data should be certified by Chartered Accountants....

Read More

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30