During the current Financial Year 2012-13 (upto December 2012),The Directorate General Of Central Excise Intelligence, Chennai Zonal Unit has detected Central Excise duty & Service Tax evasion to the tune of Rs.362.45 Crores and has recovered an amount of Rs. 76.88 Crores on the spot voluntarily from various evaders of Central Excise duty as well as Service Tax.
Petition under Section 151 of C.P.C. praying that in the circumstances stated in the affidavit filed in the W.P. the High Court may be pleased to grant stay of clarification issued vide SI.No.3 of the circular No.967/01/2013-CX dated 01.01.2013 and consequent Letter C.No.490/2012-13 dated 04.01.2013 issued by the Respondent No.2, pending disposal of WP No. 730 of 2013 on•the file of the High Court.
‘Courier service’ is input service, if ownership of goods sent remains with sender till delivery to customer & courier charges form part of goods sent
NOTICE TO AB Sr. The Supreme Court has issued a notice to Mr. Amitabh Bachchan regarding his case for A.Y. 02-03 on a petition from the revenue. On 13th October, 2002, Mr. Bachchan filed his return for the year stating his income to be Rs. 14.99 crore, later on 31st March, 2003, he filed a […]
In exercise of powers conferred by Regulation 146 of the Cost and Works Accountants Regulations, 1959, the Council of the Institute of Cost Accountants of India hereby issues The Cost Accountants Chapters Bye-laws, 2013 with effect from 1st January, 2013 repealing the earlier Bye-laws called The Cost Accountants Chapters (Amendment) Bye-laws, 2010
SC held that The appellants shall immediately hand over the Demand Drafts, which they have produced in Court, to SEBI, for a total sum of Rs. 5120/- Crores and deposit the balance in terms of the order of 31st August, 2012, namely, Rs. 17,400/- Crores and the entire amount, including the amount mentioned above, together with interest at the rate of 15 per cent, per annum,
Income of any educational institute cannot be exempted unconditionally if such institution also exists for deriving of profit. According to this provision, if any educational institution is running on commercial basis then income of such educational institution cannot be exempted from taxation. However, such institution can claim exemption u/s. 11 and 12 as element of profit is not excluded by the Legislature.
Scheme of sub-sections (8), (10) and (12) of Section 132 makes it amply clear that there is a statutory obligation on the Revenue to communicate to the person concerned not merely the Commissioner’s approval but the recorded reasons on which the same has been obtained and that such communication must be made as expeditiously as possible
Income arising on account of offshore services and offshore supply of equipments would not be taxable. If the assessee is not liable to tax in view of the Article 8 (sic) of DTAA between India and Japan, then, irrespective of the amendment to section 9(1) of the Act, the assessee would not be liable to tax.
We notice that in this respect the provision is silent. We may therefore record that the interpretation adopted by the Tribunal in the impugned judgment would ordinarily give rise to a question of law particularly when it is pointed out that there is no previous decision of any High Court on the subject However, the issue has been made sufficiently clear by the CBDT Circular No.17/2008 dated 26-11-2008. In the said circular, this very issue has been examined and clarified in the following manner:—
