Automatic Form 16 with 12BA for Financial Year 2012-13 & Assessment Year 2013-14 in Excel Format Download Automatic Form 16 Utility
Trade Notice 16 dated 18.06.2012. As per this notification, now applicant is required to submit only one address proof and detail of only one major bank account for service tax registration while earlier they were required to submit two address proofs for business address and to submit detail of three major bank accounts.
This finding of the Tribunal in the case of Jaswant Singh (supra), clearly upholds the view that the provisions of section 57 do not provide for any deduction of expenditure from such salary income, etc. of an MLA. Only those exemptions as laid out as per the provisions of section 10(14), read with rule 2BB(1) and section 10(17) are allowable from an MLA’s salary and other allowances granted in such capacity. Thus, the Commissioner (Appeals)’s action in rejecting the assessee’s claim for allowing deduction of expenditure under section 57 has to be upheld.
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.
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.
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.
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.
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 .
With regard to the first issue the AO was under the wrong impression in treating the reimbursement of ‘scheme expenses’ as provision for expenses whereas the fact remains that the expenses were crystallized and it was paid immediately after the end of the financial year and similar expenses were allowed as eligible for deduction in the subsequent year. With regard to applicability of section 40(a)(ia) of the Act also, the learned CIT(A) gave cogent reasons in holding that provisions relating to TDS are not applicable and on similar issue the matter was decided in favour of the assessee in respect of A.Y. 2007-08.
In a given case if such immunity is not granted the Department would proceed to prosecute the assessee in a jurisdictional court. Once prosecution is lodged the presumption is that there was mens rea on the part of the assessee to conceal the income by a smoke screen or evade tax. Thus the Settlement Commission will have to examine the application by lifting the corporate veil to see as to whether there has been an intention to evade tax and then arrive at a conclusion. In the absence of such exercise being undertaken by the Settlement Commission the intention underlined behind section 245H(1) would become otiose or redundant.
