Finance Bill gets enacted as Act No.17 of 2013; President gives assent on 10th May,2013
Constitution Amendment Bill 2011
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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
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
Member- IT Committee of SIRC of ICAI
No Penalty on tax liability which is based on decision not available at the time of filing ROI
The revenue authorities had imposedpenalty on the ground that deductionunder section 80HHC of the Act was wrongly claimed. The Tribunal however, deleted such penalty. The Tribunal noted that tax liability against the assessee was confirmed on the basis of the decision of the Apex Court in the case of CIT v. Ravindranathan Nair,295 ITR 228. The Tribunal noted that such decision was not available when the assessee filed the return. On such basis, the Tribunal was prompted to delete the penalty.
In our view, the Tribunal committed no error. The Tribunal relied on the decision in the case of CIT v. Reliance Petro Products Pvt.Ltd., 322 ITR 158 wherein it has been highlighted that filing of wrong claim per se would not give rise to penalty proceedings.
HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL No. 397 of 2012
TAX APPEAL No. 397 of 2012
COMMISSIONER OF INCOME TAX
Versus
FRIENDS SALT WORKS AND ALLIED INDUSTRIES
Versus
FRIENDS SALT WORKS AND ALLIED INDUSTRIES
Date : 17/09/2012
ORAL ORDER
(Per : HONOURABLE MR. JUSTICE AKIL KURESHI)
Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal ('Tribunal' for short) dated 15.12.11 raising following question for our consideration :
"Whether the Appellate Tribunal has substantially erred in deleting the Penalty of Rs.54,58,500/- levied u/s.271(1)(c) of the I.T. Act ignoring the fact that the assessee has deliberately furnished inaccurate particular, while claiming deduction u/s.80HHC regarding total turnover?"
The issue pertains to penalty under section 271(1)(c) of the Income Tax Act, 1961 ('the Act' for short). The revenue authorities had imposed penalty on the ground that deduction under section 80HHC of the Act was wrongly claimed. The Tribunal however, deleted such penalty. The Tribunal noted that tax liability against the assessee was confirmed on the basis of the decision of the Apex Court in the case of CIT v. Ravindranathan Nair, 295 ITR 228. The Tribunal noted that such decision was not available when the assessee filed the return. On such basis, the Tribunal was prompted to delete the penalty.
Having heard the learned counsel for the Revenue, we do not find any question of law arising. The Tribunal noticing that the issue of tax liability was not yet cleared and got cleared only when the decision of the Apex Court was declared, which judgment was not available when the assessee filed its return, in our view, the Tribunal committed no error. The Tribunal relied on the decision in the case of CIT v. Reliance Petro Products Pvt.Ltd., 322 ITR 158 wherein it has been highlighted that filing of wrong claim per se would not give rise to penalty proceedings.
In the result, tax appeal is dismissed.
Regards,
Pawan Singla
BA (Hon's), LLB
Audit Officer
GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Authorities not bound to accept statement made under section 108 of 1962 Act in absence of further materials to substantiate contents of such statement : Commissioner of Customs (Imports) v. Sainul Abideen Neelam . . .100
F Where assessee not attempting to procure certified order and filing appeal within limitation period, dismissal of appeal filed after limitation period proper : Mirzapur Electrical Industries Ltd. v. Commissioner of Central Excise . . . 108
F Order directing assessee to pay 50 per cent. of demand without interest or penalty taking into consideration material facts, balance of convenience, prima facie case of assessee and interest of Revenue, proper : Sri Sivasakthi Auto Ancillaries P. Ltd.v. Additional Commissioner of Central Excise. . . 112
F Appellate authority taking lenient view after considering plea of undue hardship and other difficulties, order not to be interfered with : Prasad Corporation Ltd.v. Commissioner of Central Excise (Appeals) . . . 118
F Mere issuance of detention certificate does not confer right on importer to claim demurrage from authorities : Union of India v. Navshakti Industries P. Ltd. . . . 171
F Encashment of bank guarantee during pendency of appeal without allowing sufficient time for renewal, arbitrary : Vinyllora Industries P. Ltd. v. Commissioner (Appeals) III Custom, Central Excise and Service tax . . . 182
F Steel sheets and coal used for fabrication of capital goods eligible for Cenvat credit : Commissioner of Central Excise and Customs v. Rashtriya Ispat Nigam Ltd. . . . 187
F Show-cause notice not mandatory for finalisation of provisional assessment : Krishna Mohan Beverages and Constructions P. Ltd.v. Commissioner of Central Excise . . . 122
F Assistant Director (Cost) vested with powers of Assistant Commissioner or Deputy Commissioner of Central Excise to conduct enquiry for finalisation of provisional assessment : Krishna Mohan Beverages and Constructions P. Ltd.v. Commissioner of Central Excise . . 122
F Expenses incurred on painting of vehicles carrying aerated bottles nominal and not attributable to promotion of product : Krishna Mohan Beverages and Constructions P. Ltd.v. Commissioner of Central Excise . . . 122
F Customs authorities cannot unilaterally alter duty entitlement passbook benefit issued by Director General for Foreign Trade based on export documents relating to exports already made : Dr. Reddy's Laboratories Ltd. v. Commissioner of Customs . . . 139
F Decision of Supreme Court to prevail where conflict between decisions rendered by larger Bench of Tribunal and by Supreme Court occur : Sampre Nutrition Ltd. v. Commissioner of Customs and Central Excise (Appeals) . . . 152
F Individual pieces of confectionery items twist-wrapped in laminated film and packed in pet jars of poly bags to be considered as wholesale package : Sampre Nutrition Ltd. v. Commissioner of Customs and Central Excise (Appeals) . . . 152
F Where production related matters are controlled by private limited company and not partnership, demand for duty from partnership for goods manufactured by all units set aside : Kich Industries (Unit-II) v. Commissioner of Central Excise. . . 163
F Where purchaser clearing goods after filing bill of entry and no proof of pressurisation to file bill of entry, purchaser of damaged goods liable to pay customs duty : Where goods imported different from exported due to damages suffered, re-quantification of duty based on value at which damaged goods sold, proper : Keshodwala Steels v. Commissioner of Customs (Preventive). . . 190
F C. B. E. C. Circulars :
Circular No. 12/2013-Customs, dated 2nd April, 2013 . . . 17
Circular No. 13/2013-Customs, dated 5th April, 2013-Classification of "low noise block" (LNB) down converter in the harmonised customs tariff-Regarding . . . 18
Circular No. 14/2013-Customs, dated 5th April, 2013-Issues relating to implementation of Ministry of Steel's Order S. O. 415(E), dated 12-3-2012 and application of BIS Specification No. IS : 227-Regarding . . . 20
Circular No. 15/2013-Customs, dated 8th April, 2013-Import of pets under baggage-Regarding . . . 21
Circular No. 16/2013-Customs, dated 10th April, 2013 . . . 22
Circular No. 17/2013-Customs, dated 11th April, 2013-Classification of octagonal steel columns for lamp posts and like products-Regarding . . . 25
Circular No. 168/3/2013-ST, dated 15th April, 2013-Tax on service provided by way of erection of pandal or shamiana-Regarding . . . 27
F Notifications :
F Customs Act, 1962 :
Notification under section 7(1)(a) :
Appointment of customs ports for specified purposes : Amendments . . . 32
Notification under section 14 :
Exchange rate of foreign currency for import/export of goods with effect from 8th March, 2013 . . . 29
Exchange rate of foreign currency for import/export of goods with effect from 22nd March, 2013 . . . 31
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ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
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