For the purpose of Section 40(b)(v) read with Explanation there cannot be separate method of accounting for ascertaining net profit and/or book-profit. In other words, according to the said Explanation ‘book profit’ means the net profit as shown in the profit and loss account including income from other sources not the profit computed under the head profit and gains of business or profession.
As submitted by the learned counsel in respect of FOB exports, the place of removal has to be treated as the Port. Further input service definition is an inclusive definition of services used by the manufacturer directly or indirectly in or in relation to manufacture and clearance and also relating to business activities and specified categories would be admissible.
Working given by the TPO shows that it is earning 7% commission, whereas as per the industry policy as decided by the AAAI the service on media agency earns commission of 2.5%. On that reason also, since it is an extreme case of earning 7% commission (in our view it is wrongly considered), on the principles that the extreme profit companies are to be excluded, this company cannot be considered as comparable for the purpose of arriving at the average mean.
Learned counsel was specifically asked whether he is in a position to produce, or has produced at any stage, evidences for services having been rendered by the persons, who have been paid the commission. While learned Counsel referred to the fact that these incomes are duly disclosed in the hands of the recipient that the same commission was allowed deduction in the other years, he was not in a position to produce any evidence for services rendered, nor such evidence was produced before the authorities below.
The modus operandi of the appellants, which we have briefly stated herein before, is crystal clear. They were not purchasing and selling immovable properties. They were only holding ‘General Power of Attorney’ of the property owners and, in that capacity, selling the property to M/s Sahara India .
Learned CA submits that the maintenance of DG sets is essentially and integrally connected to rendering the business and no export of service can take place if there is no uninterrupted power supply and, therefore, the said services should be treated as ‘input services’. We are prima facie, in agreement with views expressed by learned CA that the impugned services could be treated as ‘input services’ in respect of services rendered by the appellant.
The disputed amount has not been realized as service tax from the person to whom service is provided. It is also to be noted that appellant had not filed a service tax return and the amount deposited in that tax account of the Government becomes payment towards service tax only when return is filed. Therefore, in this case, it is a strictly not a refund of service tax paid.
The brief facts of the case are that assessee has filed its return of income on 20th September, 2008 for assessment year 2008-09 declaring nil income after claiming deduction of Rs. 332,29,787 under sec. 80-IC of the Act. Similarly in assessment year 2009-10, the assessee filed its return of income on 25th September, 2009 declaring nil income by claiming a deduction of Rs.299,88,505 under sec. 80-IC of the Act.
Over 50 million PF subscribers can now access their accounts online as retirement fund body EPFO launched its e-Passbook service today. Active subscribers whose electronic challan-cum-return is already uploaded, can download their e-Passbook every month under the service launched by the EPFO’s Central Provident Fund Commissioner R C Mishra today.
Instructions have been issued in the past for expeditious disposal of disciplinary proceedings against delinquent government servants. However, it has been observed that disciplinary proceedings are generally taking a long time which defeats the very purpose of initiating the said proceedings.
