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Income Tax : As per the Central Action Plan issued for the F.Y. 2017-18, all pending appeals having tax effect of Rs. 50 crore or more are to ...
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Income-tax Department is also issuing instruction making it mandatory for the assessing officer to grant stay of demand once the assesse pays 15% of the disputed demand, while the appeal is pending before Commissioner of Income-tax (Appeals).
The CBDT has issued Office memorandum F.No.404/72-93-ITCC dated 29.02.2016 by which it has revised Instruction No. 1914 dated 21.03.1996 and issued fresh guidelines for stay of demand at the first appeal stage.
The primary and fundamental meaning of Excise Duty or Duty of Excise is tax on articles produced or manufactured in the taxing country and intended for home consumption (i.e. consumption within the same country). It is an indirect duty which the manufacture or producer passes on the ultimate consumer, that is, its ultimate incidence will always be on the consumer. What attracts the duty of excise is an activity, namely, the production or manufacture of goods.
Under Section 281B, AO has the power to provisionally attach the assets, with the approval of the CIT/CCIT. Such attachment is supposed to be temporary, with a limit of 6 months, extendable to a maximum of 24 months. However, in view of the fact that in many such cases, the proceedings itself get stayed as a result of applications made by the taxpayer, the time limit has been amended by the Finance Act 2014 till 60 days after assessment.
Under the existing regime for recovery of demand, Assessing Officers insist upon collecting disputed demands even when they are in appeal. The situation is aggravated in years when the revenue collection targets are ambitious. In practice, this is leading to serious hardship to the taxpayer particularly in cases where there is high-pitched assessment. Experience has shown that generally an application under section 220(6) for not treating the assessee as being in default is routinely rejected.
This Note relates to the significance of the recent judgement of Gujarat High Court in the case of Tax Recovery Officer Vs Industrial Fin. Corpn. of India [2012] 346 ITR 11 (Guj), which deals with the interpretation of the provisions of section 281 of the Income-Tax Act, 1961 (the Act), relating to Certain transfers to be void. As per aforesaid judgement, section 281 of the Act,
It is a well-known fact that the Assessing Officers (AOs) in many cases make high-pitched assessments and raise huge uncalled for demands against the assessee, as a result thereof. It is also a well-known fact that after raising such uncalled for and unjustified high demands, the Revenue authorities take recourse to coercive measures for the recovery of such demands in a highly arbitrary and hasty manner. In such a situation,
Where any service tax has not been levied or paid or has been short-levied or short-paid or erroneously refunded, the Central Excise Officer may, within one year from the relevant date, serve notice on the person chargeable with the service tax which
n respect of duty and any other sums of any kind payable to the Central Government under any of the provisions of this Act or of the rules made there under including the amount required to be paid to the credit of the Central Government under Section
Notification No. 70/2010 Feedback/Comments may be sent to Chief Commissioner (TAR) within two weeks at [email protected]. Hard copy of the same may follow. PREFACE The arrears of revenue have been piling up over the years due to which it has been felt necessary to compile a ‘Hand Book’ of all legal provisions , including instructions, […]
