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Bottling of LPG into cylinders for use in kitchen amounts to ‘manufacture’

October 31, 2012 3590 Views 2 comments Print

Bottling plant wherein the LPG is filled in the cylinders for domestic and non-domestic kitchen use involves various specialized process and therefore, it is an activity of manufacture/production. Accordingly, the assessee’s claim for deduction has to be allowed.

Non-compete fees to form part of price offered to public shareholders if payment to promoters not justified

October 31, 2012 3095 Views 0 comment Print

It was argued by the appellants that the covenants in the non-compete agreement provide for both non-compete obligations as well as an obligation to maintain confidentiality. According to them, it is necessary and advisable to do so as a non-compete obligation without a corresponding obligation to maintain confidentiality, would render any non-compete agreement ineffective

Compulsory online filing of Annual Return in Form VAT 20 in Punjab

October 31, 2012 18020 Views 0 comment Print

No Manual Annual Return in Form VAT 20 after 31st October 2012 for Assessment Year 2011-12 under Punjab Value Added Tax Act, 2005

Consultancy Service used for modernisation of Plant eligible for Cenvat credit

October 31, 2012 2216 Views 0 comment Print

Installing projects of high technical equipment is nothing but Modernisation of a factory and as per Cenvat credit Rules, 2004, services used in relation to modernisation are eligible for Cenvat credit.

Section 56 not Applicable to Gift in Kind Received prior to 1st Oct., 2009

October 31, 2012 1345 Views 0 comment Print

There is also force in the submissions of the counsel for the assessee that prior to introduction of S. 56(2)(vii) by the Finance Act, 2009, w.e.f. 1st Oct., 2009, gifts in kind were outside the purview of s. 56(2)(v) or (vi).

To Claim deduction u/s. 35DDA, VRS need not be in compliance of condition of rule 2BA of Income-tax Rules, 1962

October 31, 2012 3871 Views 1 comment Print

Rule 2BA is in the form of guidelines for the purpose of section 10(10C), which relates to taxation of income/amount received by an employee under VRS scheme. The said rule does not deal with the expenditure incurred by the employer when the assessee makes payment under the VRS scheme formulated by them.

2nd Quarter Review of Monetary Policy 2012-13 – RBI Cuts CRR by 25 basis points

October 30, 2012 711 Views 0 comment Print

A short while ago, we put out the Second Quarter Review. Based on an assessment of the current macroeconomic situation, we have decided to: Cut the cash reserve ratio (CRR) of scheduled banks by 25 basis points from 4.5 per cent to 4.25 per cent of their net demand and time liabilities (NDTL) effective the fortnight beginning November 3, 2012.

CBDT assures HC that there would be no laxity in assistance rendered to court in future

October 30, 2012 621 Views 0 comment Print

It is stated by them that insofar as the revamping the system and giving better assistance to the court is concerned, all necessary action as they would take has been taken. We would thus naturally expect that now there would no lack of proper assistance to the court.

Amount not allowed for non deduction of TDS is eligible for deduction U/s. 80IB

October 30, 2012 834 Views 0 comment Print

We are not inclined to interfere with the finding of the CIT(A) because on account of violation of conditions prescribed under clause (ia) the implication u/s.40(a) would be that the said amount will not be deducted in computing income chargeable under the head ‘profits and gains of business or profession’. The same will form part of profits and gains of business or profession of the assessee which could be included along with income under all the other heads in the assessee’s gross total income.

CA given life term for creating mid-air hijack scare

October 30, 2012 2374 Views 0 comment Print

A chartered accountant was today sentenced to life imprisonment by a court here for triggering a mid-air hijack scare in February 2009 by claiming aboard a Goa-Delhi Indigo airlines flight that he had infected needles and a gun.

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