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The Revenue Department has extended the deadline by one month to November 25 for filing of service tax returns for the April-June quarter, as it has not been able to provide electronic return form in time. The earlier last date to file the return was October 25.
It is necessary to examine the question whether it is open to the Assessing Officer, having already formed an opinion that no special audit was necessary, and not having communicated the same to the petitioner, to change his mind and form an opinion subsequently that a special audit is necessary having regard to the complexities of the accounts and the protection of the interests of the revenue.
Allocation of assets of the firm to the retiring partners is the basis for invocation of provisions of Section 45(4). In the case under consideration, neither there was any dissolution nor other event took place that had an effect of allocation of exclusive interest in any capital asset to the retiring partners. In these circumstances, FAA was justified in holding that conditions of Section 45(4) were not fulfilled. In our opinion the firm or the continuing partners were not liable to be taxed under the head ‘capital gains’,
Assessee has duly disclosed the gifts and there was no concealment in this regard. Only the assessee has failed to produce the alleged donor that the penalty has been imposed. I further find that section 271(1(c) of the Act postulates imposition of penalty for furnishing of inaccurate particulars and concealment of income.
Section 205 of the Act specifies the sources from which dividends can be paid and makes it compulsory for a company to provide for depreciation before declaring dividends. It also lays down the manner of providing for depreciation as well as that of payment of dividends.
Court finds that the petitioner has followed the required procedure as contemplated under Sections 100 and 101 of the Act for the proposed reduction of capital. The Court also finds that Article 8 of the Articles of Association of the petitioner-Company permits reduction of capital. It also appears that as there was no outlay of funds, the interest of the creditors is not adversely affected, therefore, the procedure as contemplated under Section 101(2) of the Act is not required to be followed.
As regards benefit of service tax paid for shifting of household goods of employees, as fairly submitted by the learned counsel for the assessee, the issue is covered against them by the decision of this Tribunal cited above and accordingly the demand for service tax is upheld.
Obtaining export incentives is directly relatable to manufacture. Manufacturer while manufacturing goods for export and for working out the cost takes into account the export incentives. Export incentives play a very big role in the manufacture and export of goods. This being the position, service tax incurred in respect of services for obtaining export incentives can be definitely related to manufacturing activity and therefore the decision of the learned Commissioner holding that respondent is eligible for the input service tax credit is to be sustained.
The petitioner having already paid up the service tax even before collection in a particular quarter, cannot be asked to pay such tax all over again in the following quarter on the same service on the ground that such tax had to be deposited in the later quarter but was deposited earlier. Any such action would be without authority of law.
