In case of securities the ‘date of purchase’ has to be taken from the broker’s note/contract note and the period of holding is also to be reckoned from the ‘date of purchase’ and not from the ‘date of dematerialization’. Since the holding period of the shares as per the broker’s note and its subsequent sale after dematerialization is more than 12 months, the shares become long-term capital asset and the assessee’s claim of long-term capital gain is correct.
These rules may be called the Company Law Board (Fees on Application and Petitions) (Amendment) Rules, 2012. (2) They shall come into force with effect from 12th August, 2012. 2. In Company Law Board (Fees on Application and Petitions) Rules, 1991, in the Schedule, serial numbers 1, 2, 3, 13, 18 and the entries relating thereto shall be omitted.
A plain reading of document on records demonstrate that FADV-US is acting as an agent of the assessee for various purchases/ upgrades. This cannot be a reimbursement. It is purchase on behalf of the assessee. In other words, what can be said is that the assessee has routed its purchases through FADV-US. Such routing of purchases cannot be called as reimbursement of expenses.
Circular No.161/12/2012 -ST Accounting Code for payment of service tax under the Negative List approach to taxation of services, with effect from the first day of July 2012 – regarding. Negative List based comprehensive approach to taxation of services came into effect from the first day of July, 2012. For payment of service tax under the new approach, a new Minor Head – ‘All taxable Services’ has been allotted under the Major Head 0044-Service Tax.
Circular No. 162/13 /2012 –ST Consequent to the changes introduced at the time of Budget 2012 in the Point of Taxation Rules, 2011, together with revision of the service tax rate from 10% to 12% and the subsequent changes that have been made effective from 01.07.2012, the following clarifications have been desired: (a) Point of taxation and the rate applicable in respect of continuous supply of services at the time of change in rates effective from 01.04.2012;
ACIT v. Result Services (P.) Ltd. – The assessee is paying rent to the holding company as reimbursement since last many years. This position has been accepted by the department all through and it has been never disputed even when provisions for TDS were on statute since 1994. Section 194-I of the Income-tax Act, 1961 was inserted in Act w.e.f. 01.06.1994. Similarly, this position was also not disputed even after the amendment in section 40(a)(ia) of the Act by the Taxation Law (Amendment) Act, 2006 w.e.f. 1.4.2006.
Calcutta High Court in Exide Industries case (supra) held that leave encashment is neither a statutory liability nor a contingent liability and it is a provision to be made for the entitlement of an employee achieved in a particular financial year. Testing clause (f) with the objects sought to be achieved by the introduction of Section 43 B, it was held that the same could not have any nexus with the object sought to be achieved by the original enactment.
Larsen and Toubro Ltd. v. UOI There is no provision like section 4(7) of the Andhra Pradesh VAT Act in Delhi VAT Act. The entire case of the petitioner was that there should have been a provision like this in Delhi VAT Act as well, otherwise it is leading to various difficulties. Even if one presume that the provision like section 4(7) in Andhra Pradesh VAT Act makes it a better legislation in comparison with Delhi VAT Act but absence of such a provision, cannot be a ground for declaring statute as arbitrary or ultra vires. Bad legislative drafting, if at all, cannot furnish a ground for judicial review of the legislative action. It has to be shown that a particular provision is either beyond the legislative competence and is thus ultra vires or is unconstitutional viz. namely it offends some constitutional provision.
The Competition Commission of India has found Fast Way Group abusing its dominance in the cable TV service in the territory of Punjab and Chandigarh in violation of the provisions of the Competition Act, 2002. The order was passed pursuant to investigation carried out by the Director General upon information filed by M/s Kansan News Private Limited a broadcaster of a news and current affairs TV channel known as ‘Day and Night News’ and operating in the states of Punjab, Haryana, Himachal Pradesh and Union Territory of Chandigarh.
Agility Logistics (P.) Ltd. v. DCIT As the facts in issue for the year under appeal are identical with facts of the AY 2004 -05 & 2005 -06, respectfully following the decisions of the tribunal mentioned here in above in the appellants own case for the AY 2004 -05 & 2005 -06, we allow the appeal filed by the assessee and hold that the additions on account adjustment in arm’s length price to the tune of Rs.110700000.00 is uncalled for and accordingly the adjustment is rejected on the facts of the case discussed here in above .
