It has almost settled and become like a regular practice for the borrowers to question the proceedings initiated by the Banks at the last stage under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act)
The Australian Senate has passed legislation on the application of transfer pricing rules, designed to ensure that multinational companies pay their ‘fair share’ of tax. The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No. 1) 2012 was put forward before the house of Representatives in June 2012.
Various objections raised by AO as mentioned above have been verified by ld. CIT(A) and found that land and building and machineries are new. Capitals introduced by the Directors are from their own sources and not by transferring from M/s. Shagun. Out of 70 employees employed by assessee company, only 8 employees were related to M/s Shagun and this is not a reason that for employing the ex-employees of any other company curtails the benefit allowable to the assessee.
The last extended date for payment for Annual Membership Fee for the year 2012-13 is 31st August, 2012. The members who are yet to pay the fee are requested to pay the fee on or before 31st August, 2012. Please note that the names of the members whose annual membership fee for 2012-13 is not received in the Institute by 31st August, 2012 will stand removed from the Register of members w.e.f. 1st September, 2012.
The appeal was filed in June, 2000. Our Court in the matter of CIT Vs. Vijay V.Kavekar in Income Tax Appeal No.78 of 2007 dated 29th July, 2011 held that the CBDT Circular No.2/2011 issued on 9th February 2011 directing the Revenue not to file appeals under Section 260A in cases where the tax effect is less than Rs.10/- lacs. The said circular has retrospective effect and would also apply in respect of pending appeals. Consequently, the appeal would also not be entertained on the ground that the tax effect is less than Rs.10/- lacs.
An All India Conference of the Chief Commissioners and Directors General of Customs, Central Excise and Service Tax was held on 17-18 July, 2013 in New Delhi. The Conference was inaugurated by the Hon’ble Finance Minister Shri P. Chidambaram. Shri Jesudasu Seelam , the Hon’ble Minister of State for Finance (Revenue), Shri Namo Narain Meena , Hon’ble Minister of State for Finance (E&FS), Dr Parthasarathi Shome , Advisor to the FM and Shri Sumit Bose, Revenue Secretary graced the occasion.
As is apparent from the aforesaid observations in the impugned order, the ld. CIT(A) dismissed the appeal without even analyzing the issues or recording his specific findings on the said issues raised in the grounds of appeal before him . A mere glance at the impugned order reveals that the order passed by the ld. CIT(A) is cryptic and grossly violative of one of the facets of the rules of natural justice, namely, that every judicial/quasi- judicial body/authority must pass a reasoned order, which should reflect application of mind by the concerned authority to the issues/points raised before it .
Vide notification no.F.7/433/Policy-Ii/VAT/2012/472-483 dated 16.08.2012, the Department of Trade and Taxes has notified form Stock-1 and has made it mandatory for all dealers to submit online, Tax Rate Wise details of stock held on 3pt day of March every year in form Stock-1. This information is to be filed latest by the so” day of June ‘every year. However, the information relating to stock held as on 31st day of March 2012, is required to be submitted online up to 31stday of October, 2012.
In present case the applicant just has the right to terminate the secondment agreement, hence, the amount paid by Indian WOS to foreign parent under the secondment agreement is not mere reimbursement and is income of the parent company. Therefore, the applicant is liable to withhold taxes from payments made to foreign parent company.
This is a typical case of the abuse of the process of the legal system by unscrupulous litigants. The person entitled in law to the possession of any immovable property, which is in the occupation of some other persons whether a tenant, licencee or trespasser can evict such tenant, licencee or trespasser by obtaining a decree for eviction from a competent civil court.
