Interrogation by Income tax officials till late night is torture & violation of human rights Posted: 04 Feb 2012 06:39 PM PST CCIT vs. Rajendra Singh (Patna High Court) - Even assuming that there were temporary breaks in course of interrogation which continued for 42 hours, it is not in dispute that even on the second night of search and survey on 10.9.2010, the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Transfer Pricing Concept & The Law in India Posted: 04 Feb 2012 05:03 AM PST No exhaustive and compact definition of the phrase 'transfer pricing' is possible nor has it been attempted in the legislations in the countries that have tried to find solutions to this menace. When transfers by way of sales exchange, etc. are made... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| TDS on Pension and Retirement Benefits Posted: 04 Feb 2012 04:32 AM PST 1. What is Pension? Pension is described in Section 60 of the CPC and Section 11 of the Pension Act as a periodical allowance or stipend granted on account of past service, particular merits, etc. It involves three essential features. Firstly,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Income From Salary – Meaning, Exceptions, Valuation of Perquisites, Exempt Allowances & Deductions Posted: 04 Feb 2012 04:12 AM PST Salary is said to be the remuneration received by or accruing to an individual for service rendered as a result of an express or implied contract. The statute, gives an inclusive but not exhaustive definition of salary. As per sec. 17(1), salary... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Overview of TDS Provisions related to Salary Posted: 04 Feb 2012 03:12 AM PST Section 192 of the I.T. Act, 1961 provides that every person responsible for paying any income which is chargeable under the head 'salary', shall deduct income tax on the estimated income of the assessee under the head salaries. The tax is required... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| ICSI to declare result of CS Foundation, Executive & Professional Level on 25th Feb 2012 Posted: 04 Feb 2012 01:05 AM PST The CS Result December 2011 of Foundation, Executive & Professional Level would be announced on 25th Feb 2012 and would be published at all branches of ICSI. The CS Result December 2011 can also be viewed online on the following website.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| If government authority performs a service which is not in the nature of statutory activity for a consideration not in the nature of statutory fee/levy, then in such cases, service tax would be leviable Posted: 03 Feb 2012 11:50 PM PST Karnataka Government Insurance Department V. ACCE (Karnatka HC) - Activities performed by sovereign/public authorities under the provision of law, which are in the nature of statutory obligations which are to be fulfilled in accordance with law are... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| If the entire demand had been deleted the penalty imposed too deserves to be deleted Posted: 03 Feb 2012 10:28 PM PST JDIT Vs. Shin Satellite Public Co. Ltd. (ITAT Delhi) - The stand taken by the appellant in its return of income has been upheld by the ld. High Court. Since, the quantum additions in both the assessment years under appeal has already been deleted... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Cenvat claim cannot be denied on goods destroyed in fire merely because Insurance company paid for that inclusive of excise duty Posted: 03 Feb 2012 08:42 PM PST CCE v. Tata Advanced Materials Ltd. (Karnataka HC)- Merely because the Insurance Company paid the assessee the value of goods including the excise duty paid, that would not render the availment of the cenvat credit wrong or irregular. At the same...
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