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Highlights / Annotations / Catch Notes For September of 2012

Home Highlights September September 2012 Year 2012

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Showing 451 to 500 of 587 Records

1 ....6 7 8 91011 12

September 9, 2012 Case Laws Income Tax

Interest paid to Head office (Japanese banking company) by assessee (PE-Indian branch) - not chargeable to tax in India. - AT
September 9, 2012 Case Laws Income Tax

A credit in the assessee's books of account, signifying a receipt, or a liability, has to be satisfactorily explained, to keep section 68 at bay. - AT
September 8, 2012 Case Laws Income Tax

Amount paid for purchase of switch 16 port used in plugging, batteries, UPS, flexible pipes, 44 ports to enable use of computer are in fact computer accessories & are of....
September 8, 2012 Case Laws Income Tax

Unaccounted deposits in bank account & sale proceeds - once the deposit in the bank has been accepted by the AO as unaccounted sales proceeds, then, the entire amount......
September 8, 2012 Case Laws Income Tax

Receipt of Compensation - termination of rights - Capital or revenue - any compensation received for the loss of agency is a revenue receipt, whereas compensation which.....
September 8, 2012 Case Laws Income Tax

Unexplained creditors - nowhere it was held that when business income was estimated by the Revenue then the Revenue is precluded from making addition on account of......
September 8, 2012 Circulars FEMA

Overseas Investment by Indian Parties in Pakistan. - Circular
September 8, 2012 Case Laws Income Tax

Decision in Escorts Ltd not to be applicable to the situation where depreciation was claimed by a charitable institution in determining percentage of funds applied for......
September 8, 2012 Case Laws Income Tax

Charitable Trust - advancement of Hinduism - Trust or institution whether engaged in charitable or religious if is found to be carrying on its activities, are to be......
September 7, 2012 Case Laws Central Excise

Cenvat Credit on steel and cement purchased for constructing a storage tank – assessee is entitled to the benefit of cenvat credit - HC
September 7, 2012 Case Laws Central Excise

Denail of CENVAT credit on clearing and forwarding services - services received are in relation to the importation of waste paper such as container charges, handling......
September 7, 2012 Case Laws Central Excise

Interest cannot be claimed from the date of wrong availment of CENVAT credit - interest shall be payable from the date CENVAT credit is wrongly utilized - AT
September 7, 2012 Case Laws Service Tax

Disallowance of cenvat credit of service tax paid on the invoices issued by Input Service Distributor(ISD) - AT
September 7, 2012 Case Laws Service Tax

Erroneous reversal of cenvat credit prompted by wrong audit objection and an inapplicable circular, has been rectified by the appellants by taking the suo motu credit of....
September 7, 2012 Case Laws Customs

Wrong declaration of imported goods - CARLVO Dual Sim Chinese Cellular Phones under Bill of Entry No.5256566 - goods ordered to be released - HC
September 7, 2012 Case Laws Customs

When the assessee authority held that the customs duty paid by the assessee was proper and no additional duty need be paid, they were under an obligation to refund this.....
September 7, 2012 Case Laws Income Tax

Once the amount is correctly and rightly reflected in Form AS26, small or technical mismatch in the return should not be a ground to deny credit of the amount paid, in......
September 7, 2012 Case Laws Income Tax

Difficulties in receiving credit of Tax Deducted at Source - The assessees must be given an opportunity to file response or reply and the reply will be considered and......
September 7, 2012 Case Laws Income Tax

Deduction under chapter VI-A - The Legislature by using the phrases “total income” and “gross total income” has tried to differentiate between the two - HC
September 7, 2012 Case Laws Income Tax

Disallowance expenditure towards replacement of machinery - Revenue OR Capital - not amounting to "current repairs" and to be not allowed as revenue expenditure - HC
September 7, 2012 Case Laws Income Tax

Expenditure on Depository Services and Dematerialisation of share certificates - the expenditure was allowable as normal business expenditure - HC
September 7, 2012 Case Laws Income Tax

Non issuance of Tax Deduction Certificate (TDC) u/s 197 - AO had rejected the application as the assessee had violated the provisions of TDS and proceedings under......
September 7, 2012 Case Laws Income Tax

The report of the Valuation Officer cannot form the foundation for rejection of the books of account - HC
September 7, 2012 Case Laws Income Tax

Reference to VO is not valid as the AO has not brought any material on record to establish that the assessee had made any unaccounted investment in the construction of......
September 7, 2012 Case Laws Income Tax

Trading addition – rejection of books of accounts and application of higher G.P. rate – even after the rejection of books of account, no trading addition is required to....
September 7, 2012 Case Laws Income Tax

Deemed Dividend - addition of advance salary as deemed dividend - advance was not in the nature of loan and hence cannot be treated as deemed dividend u/s 2(22)(e) - AT
September 7, 2012 Case Laws Income Tax

Penalty u/s 272B - default u/s 139A(5B) - quotation of invalid PAN of deductees in TDS returns - no penalty is leviable when there is a technical or venial breach of the Act - AT
September 7, 2012 Case Laws Income Tax

Block assessment - seizure of unexplained cash - it would be justifiable to assess the peak credit of deposits as the income of the assessee. - AT
September 7, 2012 Case Laws Income Tax

Compensation paid to lender treated as interest - Disallowance for non deduction of TDS u/s 194A - Liability for payment has neither accrued nor paid/payable in the......
September 7, 2012 Notifications Customs

Seeks to amend Notification no. 125/2011-Customs, dated 30-12-2011 prescribing preferential rates of customs duty for goods imported under SAARC Free Trade Agreement......
September 6, 2012 Circulars FEMA

Exim Bank's Line of Credit to the Government of Mongolia . - Circular
September 6, 2012 Circulars Customs

Verification mechanism and monitoring of export obligation under duty exemption/ reward Schemes- reg. - Circular
September 6, 2012 Notifications Customs

Rate of exchange of conversion of each of the foreign currency with effect from 07th September, 2012. - Notification
September 6, 2012 Circulars Customs

Making E-payment of Customs duty mandatory-regarding. - Circular
September 6, 2012 Case Laws Central Excise

Input services - CENVAT Credit - the mention of the address of the service receiver as head office of the appellant and not the factory premises is a rectifiable error.....
September 6, 2012 Case Laws Central Excise

Penalty - Assessee wrote letters to the authorities - In return, he did not receive any information - was pointed out that the duty is payable, he paid the duty and......
September 6, 2012 Case Laws Central Excise

Clandestine removal of goods - mere debit of duty at the time of visit of the officer by itself is no ground for holding against them - statements itself cannot prove......
September 6, 2012 Case Laws Service Tax

Penalty imposed u/s 76, 77 & 78 - renting of immovable property - case is squarely covered for non imposition of penalties under Section 80A - AT
September 6, 2012 Case Laws Service Tax

Non adjustment of excess service tax paid with service tax liability in the subsequent period - in favour of assessee. - AT
September 6, 2012 Case Laws Service Tax

Commissioner, while adjudicating the same has travelled beyond the scope of show cause notices by disallowing the Cenvat credit for which the appellant had not been put.....
September 6, 2012 Case Laws Customs

Non release of goods - the value of the goods shown by the petitioner could not be accepted - provisional release directed subject to conditions - HC
September 6, 2012 Case Laws Customs

Interest on refund - appellant is eligible for the interest from three months after the date of filing of the refund application till the amount of refund is sanctioned to him - AT
September 6, 2012 Case Laws Customs

Order of acquittal - Search and seizure was not conducted in accordance with Sections 100 to 105 of the Customs Act inasmuch as independent witnesses - accused is......
September 6, 2012 Case Laws Customs

Computation of period of limitation for issuance of SCN - Neither Section 110(2) nor Clause (a) of Section 124 of the Act contemplates service of notice in strict sense.....
September 6, 2012 Case Laws Income Tax

Levy of Interest u/s 234B, 234C - As the Assessment Order does not give effect to the amount seized and there is no Demand Notice claiming interest on advance tax,......
September 6, 2012 Case Laws Income Tax

MAT - Book profit u/s 115JB - Business loss was allowable on ordinary commercial principles in computing profits. - Since claim is direct loss in valuation of stock in......
September 6, 2012 Case Laws Income Tax

Depreciation on car parking at Ansal Plaza - assessee is not the owner - depreciation is allowed to the person in whom for the time being vests the dominion over the......
September 6, 2012 Case Laws Income Tax

Valuation u/s 50C - the value of the land adopted by the District Revenue Officer for the purpose of fixation of stamp duty, is binding on the assessee. - AT
September 6, 2012 Case Laws Income Tax

Best judgement assessment ex-parte u/s 144 - The C.B.D.T. has rightly directed that in case where the return is furnished voluntarily under Section 139 (1), the I.T.O......
September 6, 2012 Case Laws Income Tax

Restoring the issue of levy of penalty to the file of AO - whether ITAT has such powers? - apprehension that any order in the penalty proceedings may be barred by......

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