INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Payment of advance tax not indicative of intention to disclose : Asst. CIT v. A. R. Enterprises p. 489
F Advance tax paid is on estimate of current income : Asst. CIT v. A. R. Enterprises p. 489
F Mere deduction of tax at source not disclosure of income nor indication of intention to disclose income when not disclosed in returns : Asst. CIT v. A. R. Enterprises p. 489
F Surplus funds of members' club placed in deposit with member banks : Interest earned on deposits not covered by mutuality principle : Bangalore Club v. CIT p. 509
F Registration of vehicle in name of lessee under statute : Assessee entitled to depreciation : I. C. D. S. Ltd. v. CIT p. 527
F Rejection of application for waiver of interest justified where assessee not satisfying conditions : K. C. Mohanan v. Chief CIT (Ker) p. 461
F No opinion could be expressed whether assessee's case is covered by circulars where assessee had not filed application for waiver : Bill and Peggy Marketing India P. Ltd. v. Asst. CIT (Delhi) p. 465
F Failure to file objections for reassessment : Assessee to file objections and order to be passed after considering objections : Alappat Jewels v. Asst. CIT (Ker) p. 471
F Whether disallowance under section 14A warranted debatable : Revision not warranted : CIT v. DLF Ltd. (Delhi) p. 555
F Are liable to TDS ? Payments to authors for articles-T. N. Pandey, Retd. Chairman, CBDT p. 69
F Withdrawal of claim by letter-Not a case of revised return-Amitabh Bachchan Case fallout-Gopal Nathani, FCA p. 66
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GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Order demanding service tax on lease rental payable to Airports Authority of India till period prior to 1-6-2007 quashed : Flemingo Duty Shops P. Ltd. v. Union of India p. . . . 273
F Stitching of garments from material supplied by customer for personal use does not amount to manufacture : CCE v. Diwan Saheb Fashions P. Ltd. p. . . . 297
F Disputed questions of fact not to be judged based on affidavits, writ petitions dismissed : MGM Metallisers Ltd. v. Union of India p. . . . 304
F Rebate : Notification under rule 18 does not prescribe any time limit for rebate and limitation prescribed under sections 11A and 11B not applicable : Dorcas Market Makers P. Ltd. v. CCE p. . . . 313
F Availability of alternative remedy not absolute bar for court to exercise powers under article 226 : Dorcas Market Makers P. Ltd. v. CCE p. . . . 313
F Rejection of application of rebate filed beyond one year from relevant date, proper : Everest Flavours Ltd. v. Union of India p. . . . 317
F Modvat credit cannot be denied on ground document mentioned in rule 57G(3) of 1944 Rules did not contain all particulars required : Union of India v. Bharat Aluminium Co. Ltd. p. . . 325
F Filing of documents for availing Modvat credit procedural and does not affect substantive rights : Commissioner of Central Excise v. Hindalco Industries Ltd. p. . . . 333
F Tailor-made garment stitched to measurement of one individual can be sold in market and are excisable goods : Diwan Saheb Fashions P. Ltd. v. CCE p. . . . 276
F Where raw materials of two units managed from same store by same persons and profits shared by family members, clubbing of clearance of both entities permissible : Diwan Saheb Fashions P. Ltd. v. CCE p. . . . 276
F Where suppression of facts unearthed only by detailed investigation, extended period of limitation invocable : Diwan Saheb Fashions P. Ltd. v. CCE p. . . . 276
F Where transaction indicates connection in course of trade with foreign company assessee not entitled to small-scale industry exemption : Commissioner of Central Excise v. Dugar Tetenal India Ltd. . . 355
F Where no proof of deliberate misleading of Department or suppression of fact regarding misclassification of goods, extended period of limitation cannot be invoked : Sanghvi Aerospace P. Ltd. v. Commissioner of Central Excise . . . 362
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ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F Where information about unrealised export proceeds given in return not found to be incorrect, penalty not exigible : Dy. CIT v. Genesys International Corporation Ltd. (Mumbai) P. 581
F Exemption allowed in earlier years not to be denied : Addl. DIT (Exemption) v. Islamic Research Foundation (Mumbai) P. 588
F Loss on account of revaluation of contract on last date of accounting period allowable deduction : Societe Generale v. Dy. DIT (International Taxation) (Mumbai) P. 606
F Interest for broken-period received and paid on Government securities allowable : Societe Generale v. Dy. DIT (International Taxation) (Mumbai) P. 606
F Interest-free funds available with assessee in excess amount invested in bonds allowable under section 14A : Societe Generale v. Dy. DIT (International Taxation) (Mumbai) P. 606
F Interest paid to head office or overseas branches not deductible : Societe Generale v. Dy. DIT (International Taxation) (Mumbai) P. 606
F Assessment completed by adopting the guideline value within the limitation period, proper : Asst. CIT v. MIL Industries Ltd. (Chennai) P. 627
F Appellate authority entitled to fix value below that determined by VO under section 50C : Asst. CIT v. MIL Industries Ltd. (Chennai) P. 627
F Expenditure on construction of overhead tank, washing ramp, oil change, final inspection and wheel pit and extension of shed from existing workshop for front office and expenditure on renovation of existing shed and new electrical fittings, capital : ABT Ltd. v. Asst. CIT (Chennai) P. 634
F Expenditure on demolition and dismantling, revenue : ABT Ltd. v. Asst. CIT (Chennai) P. 634
F Appellate authority justified in deleting additions based on details furnished by assessee : ABT Ltd. v. Asst. CIT (Chennai) P. 634
F Assessee was entitled to higher rate on depreciation on windmills : ABT Ltd. v. Asst. CIT (Chennai) P. 634
F Purchase of shares in IPO and sale immediately after allotment amounts to trading : Shreyas M. Jhaveri v. ITO (Mumbai) P. 644
F Where claim to deduction mechanically accepted, revision justified : Bharti Hexacom Ltd. v. CIT (Delhi) P. 648
F Long-term capital gains not to be taxed in hands of firm in the absence of purchase or sale deed : Raja Fertilizers v. ITO (Chennai) P. 658
F Value of enterprise fixed based on present value of future earnings for determination of ALP : Ascendas (India) P. Ltd. v. Dy. CIT (Chennai) P. 665
F Loss on account of fluctuation in exchange rates deductible : Ascendas (India) P. Ltd. v. Dy. CIT (Chennai) P. 665
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----- Forwarded Message -----
From: CA. V.M.V.SUBBA RAO <vmvsrao@gmail.com>
To: Kanigalla <kanigalla@hotmail.com>
Sent: Monday, 4 February 2013 5:39 AM
Subject: ST Circular on CA Ultra vires
From: CA. V.M.V.SUBBA RAO <vmvsrao@gmail.com>
To: Kanigalla <kanigalla@hotmail.com>
Sent: Monday, 4 February 2013 5:39 AM
Subject: ST Circular on CA Ultra vires
CBEC Circulars on CA's liability to pay higher service tax rate on services rendered/ invoice raised before 01.04.2012 but payment received thereafter is ultra vires
Best Wishes
CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
+91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx
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