List Of CAs/CMAs Who Have Been Selected For Empanelment In Service Tax Commissionerate, New Delhi For Special Audit Under Section 14AA Of Central Excise Act, 1944
It is noticed that the appellant-assess sold the agricultural land, which was mutated in his name, for a sale consideration of Rs. 1,61,09,100/-. Thereafter out of the selling price, the appellant-assessee purchased land in the name of his son and daughter-in-law for a total consideration of Rs. 1,22,71,440/-. It is relevant to note that the land sold was in the name of appellant-assessee, while the land purchased was in the name of his son and daughter-in-law.7. A bare reading of Section 54B of the Income Tax Act does not suggest that assessee would be entitled to get exemption for the land purchased by him in the name of his son and daughter-in-law.
In terms of the provisions of section 194C(2) as clarified by the Board vide its Circular No. 715, dated 8-8-1995, conditions to be satisfied are (i) that the assessee should be a contractor, (ii) that the assessee should enter into a contract with a sub-contractor, (iii) that the sub-contractor should carry out any part of the work undertaken by the contractor and (iv) that the payment should be made for the work done. In a case, when a ‘contract’ is assigned, generally the clauses are stringent that the contractor is to be responsible for all the acts and defaults committed.
• Benefit of reduced tax rate of 10 percent on long term capital gain arising from sale of unlisted securities has been extended to all non-residents in parity with Foreign Institutional Investors. • Benefit of capital gains tax exemption has been extended to sale of unlisted securities in an initial public offering. However, a securities transaction tax at the rate of 0.2 percent will be payable on such a transaction.
Customs -• The rigour of the prosecution provisions originally proposed to be introduced under the Customs Act has been diluted in the following manner: – Only serious offences under the customs law involving prohibited goods or duty evasion exceeding INR 5 million has been retained as ‘cognizable offences’ as opposed to a broader criterion proposed (viz., any offence punishable for a term of imprisonment of three years or more) under the original Finance Bill;
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TCS means collection of tax at source by the seller (collector) from the buyer (collectee/payee) of the goods (specified u/s 206C of Income-tax Act, 1961, like timber obtained under forest lease, scrap, any other forest produce not being timber or tendu leaves etc.,). For e.g. if purchase value of goods is Rs.10,000/-, the buyer will pay an amount of Rs.10,000/- + X (X being the value of TCS as prescribed under Income-tax Act, 1961) to the seller. The seller will deposit the tax collected at source (TCS) at any of the designated branches of the authorised banks.
The only dispute by the Revenue is that the amount of remuneration has not been quantified in the partnership deed. It is mentioned in clause 8 of the partnership deed that remuneration will be payable as per norms fixed by the relevant provisions of the Income-tax Act. Thus the quantification of the remuneration is apparent from the clause 8 of the partnership deed.
The captioned appeal is fixed for hearing before the Hon’ble ‘G’ Bench today. The appellant has received partial relief. As the tax effect of the remaining issue is not significant, the appellant does not wish to pursue the appeal. In the circumstances, kindly allow the appellant to withdraw the appeal.
One thing is clear that the DR has not challenged the allowability of deduction u/s. 80-O, he has shown serious reservations on the basis of allowability, i.e. whether the deduction should be allowed on net amount or on gross amount.
