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Highlights / Annotations / Catch Notes For September of 2012

Home Highlights September September 2012 Year 2012

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Showing 251 to 300 of 587 Records

1 ....2 3 4 567 8 9 10........ 12

September 17, 2012 Notifications Customs

Amends Notification No. 36/2001-Customs (N. T.) dated the 3rd August, 2001. - Notification
September 17, 2012 Case Laws Companies Law

Application for withdrawal of the proceedings - That a proceeding under Section 397 of companies act could not be equated with a civil suit - not allowed to be withdrawn - HC
September 17, 2012 Case Laws Income Tax

Taxation on cessation of liability to repay a loan - the cessation of liability to repay a loan taken to purchase a capital asset does not result in a revenue receipt. -....
September 17, 2012 Case Laws Income Tax

As the assessee carried on business of banking and the amounts being written off as bad debts was the money lent in the ordinary course of its business. - claim of bad......
September 17, 2012 Case Laws Income Tax

Disallowance of set-off loss on derivative trading - can not be held as loss from speculation business, simply because procedural mechanism has taken a long time to......
September 17, 2012 Case Laws Income Tax

When a rule or provision does not effect or empower any right or create an obligation but merely relates to procedural mechanism, then it is deemed to be retrospective - AT
September 17, 2012 Case Laws Income Tax

Method of accounting adopted by the taxpayer consistently and regularly cannot be discarded by the Departmental authorities on the view that he should have adopted a......
September 17, 2012 Case Laws Income Tax

Loss on the sale of debentures - non-convertible Part B of the 15% redeemable partly convertible debentures - the loss suffered could not be construed to be a part of......
September 17, 2012 Case Laws Income Tax

Review petition - Business connection of the appellant in India / PE - questions recorded against the appellant may cause prejudice to the appellant. - Review Petitions admitted - HC
September 17, 2012 Case Laws Income Tax

Penalty u/s. 271(1)(c) - it is not a fit case for levy of penalty u/s. 271(1)(c) on the surrender of additional income - AT
September 17, 2012 Case Laws Income Tax

Profit on sale of shares/mutual funds - Business income OR income from capital gain - mere volume of transactions transacted by the assessee would not alter the nature.....
September 17, 2012 Case Laws Income Tax

Penalty u/s 271(1)(c) - addition to deemed dividend - No intention of either furnishing inaccurate particulars of income or concealment of any particulars of income is,....
September 17, 2012 Case Laws Income Tax

Though, the Act does not lay down any time limit for initiating proceedings u/s.158BD yet, equity demands that proceedings should not be kept pending indefinitely and......
September 17, 2012 Case Laws Income Tax

Capital Gain - computation - inheritance - the cost of acquisition must be determined to be the cost at which the respondent's grandfather / father acquired the......
September 17, 2012 Case Laws Income Tax

Prior period expense - Interest liability - Whether liability of earlier years has been crystallized in this year – Deduction allowed - AT
September 17, 2012 Case Laws Income Tax

Initiation of search and seizure u/s 132 - stock-in-trade of business cannot be seized during search and seizure operations conducted on or after June 1, 2003 - HC
September 17, 2012 Case Laws Income Tax

Notices u/s 143(2)/142(1) - status of assessee mentioned wrongly - The defect in issuance of notice and assessment noted by the CIT(A) was not fatal so as to render the....
September 17, 2012 Case Laws Income Tax

Business of plying of trucks - computation u/s 44AE - Assessee has sold 7 and acquired 4 - allegation of benami ownership of trucks - no incriminating evidence were......
September 17, 2012 Case Laws Income Tax

Refusal to extend/continuance of Registration under Section 80G – main object should be charitable activity and not maintenance of accounts - revenue to pay cost of Rs. 25000/- - HC
September 17, 2012 Case Laws Customs

Disallowance of claim for refund – there is delay in making the refund of the amount - respondent would be entitled to interest - HC
September 17, 2012 Case Laws Customs

Enhancement of transaction value - price list reflects the retail sale price of the items in the domestic market - price lists are merely the quotation of the prices......
September 17, 2012 Case Laws Service Tax

Erection, installation and commissioning - if there is no reply filed before adjudicating authority, those submissions made before the appellate authority at the time of....
September 17, 2012 Case Laws Service Tax

As the appellant categorically admitted their tax liability on principle in their memorandum of appeal, it is not open to them to rely on the cited judgement wherein a......
September 17, 2012 Case Laws Service Tax

Denial of credit is on the ground that services were received purpose of construction of a mall which was prior to the services provided - credit may be allowed - AT
September 17, 2012 Case Laws Central Excise

Complaint under Section 9 of the Central Excise - trial court discharged the accused from prosecution - complainant was not given reasonable time to adduce evidence -......
September 17, 2012 Case Laws Central Excise

Restoration of appeal - Held that:- As the assessee has deposited an amount of Rs. 14,17,723/- the appeal rejected is need to be restored to the file for being......
September 17, 2012 Case Laws Central Excise

Non reversal of the amount of 10% of the value of the exempted goods send to an SEZ developer - to be treated as deemed exports and the provisions of Rule 6(3) are not applicable - AT
September 17, 2012 Case Laws Central Excise

Removal of Inputs as such - actual cenvat credit availed is to be reversed not the duty on value as 115% of the cost of production - AT
September 17, 2012 Case Laws Central Excise

Refund of excise duty paid during investigation – voluntarily payment - the department has no right to retain any amount so long as there is no confirmed duty demand......
September 15, 2012 Circulars Companies Law

Condition to be imposed for conersion of ordinary Society into Producer Company,Part-IX A of the Companies act,1956. - Circular
September 15, 2012 Case Laws Income Tax

Liaison Office(LO) and Indian subsidiary - assessee is a company of Finland - LO cannot be constituted as Permanent Establishment of the assessee in India - HC
September 15, 2012 Case Laws Income Tax

Direction for special audit - complexity of accounts - Section 142(2A) is not a provision by which the AO delegates his powers and functions, which he can perform to......
September 15, 2012 Case Laws Income Tax

Non applicability of section 201(1) r.w.s. 192 - fair estimate of the income of the employee while deducting TDS - the Reference is returned unanswered. - HC
September 15, 2012 Case Laws Income Tax

Abnormally high profit - extraordinary profits cannot lead to the conclusion that this is an arrangement between the parties. This would penalize efficient functioning. - HC
September 15, 2012 Case Laws Income Tax

Additions on Deemed dividend - Inter Corporate Deposits (ICDs) - Section 2(22)(e) does not provide that having a common Director in two companies would make Section......
September 15, 2012 Case Laws Income Tax

Disallowance of business expenditure - car hire, printing, hire of manpower and sampling and display of the goods dealt - If the assessee had failed to discharge its......
September 15, 2012 Case Laws Income Tax

Assessee-cooperative society carrying on business of banking statutorily required to place a part of its funds in approved securities, the income attributable thereto is....
September 15, 2012 Case Laws Income Tax

Succession - Undisclosed income - interest income earned on FDRs - only 50 % of the share of the deceased husband will be assessable in the hands of assessee. - HC
September 15, 2012 Case Laws Income Tax

Cost of acquisition of tenancy rights - It is impossible to distinguish any part of the differential interest which can be attributed to the cost of acquisition of the......
September 15, 2012 Case Laws Income Tax

Denial of deduction u/s 80HHD - the income from the money exchange business is a business income as the assessee has, by the said activity, earned profits. - HC
September 15, 2012 Case Laws Income Tax

Issuance of no deduction certificate u/s 197 - the certificate ought to have been given to the petitioner during the financial year 2009-10 and the Department cannot......
September 15, 2012 Case Laws Income Tax

Non-deduction of TDS - Section 40(a)(ia) is applicable only amount payable as on 31st March of year - AT
September 15, 2012 Case Laws Income Tax

Non compliance of TDS provision - payment of salary versus professional fees - doctors are employees of the assessee - deduction of TDS u/s 194J instead of u/s 192 is not correct. - AT
September 15, 2012 Circulars DGFT

Allocation of quantity of Rough Marble and Travertine Blocks for import for Financial Year 2012-13. - Trade Notice
September 15, 2012 Case Laws Income Tax

Validity of notice u/s 148 - during the scrutiny assessment proceedings, the AO was actually aware about the claim of the assessee u/s 57(iii). - reassessment not valid - HC
September 15, 2012 Case Laws Income Tax

Status of assessee – Resident vs Non-resident – Day of arrival, particularly late in the day should be excluded. If we exclude the date of arrival as it is not a......
September 15, 2012 Case Laws Income Tax

Survey followed by assessment u/s 143(3) – addition on account of valuation of closing stock, bogus liabilities, dis-allowance u/s.40A(3) and investment in purchase......
September 15, 2012 Case Laws Income Tax

MAT - Section 115JB - assessee is trying to compute the brought forward losses under the normal Income-tax Act provisions and not under the Companies Act - not allowed - AT
September 15, 2012 Case Laws Income Tax

TDS - section 40(a )(i) read with Section 44BB and section 195 – income of the service provider was deemed to be 10 per cent of the aggregate amount and the rate of tax....
September 15, 2012 Case Laws FEMA

Non realization of export proceeds - penalty imposed on the firm confirmed but reduced to 35% - penalty on partners deleted - The word “firm” or the “firm name” is......

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F: INTERMEDIARY SERVICES OR EXPORT SERVICES

H: Revision: Hospital receipts verified, partial refunds & fees paid subs...

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H: Goods matched documents like e-way bill and invoices; detention order ...

H: Goods Inspection Matches E-Way Bill, Lack of Tax Evasion Intent Quashe...

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H: Sale-purchase loss disallowed unreasonably by tax officer, commercial ...

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H: Property purchase: Joint owners pay via banking channels before regist...

H: Tax exemption limit for leave encashment: Local authorities' employees...

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H: Cash found in lockers linked to temple trust and educational foundatio...

H: Microphone Tech Classification: Functionality Over Technology.

H: Exemption from Social Welfare Surcharge on duty-free imports via scrips.

H: Claim for performance pay not an operational debt under IBC; Multiple ...

A: Director Identification Number

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A: Income Tax Act Revamp (Comprehensive Review): Status and Suggestion on...