Bullock Cart drivers are not GTA service providers – CESTAT Posted: 12 Sep 2012 06:16 PM PDT When we read meaning of consignment note with the taxing entry under section 65 (105) (zzp) of the aforesaid Act it is inconceivable to bring the bullock carts transporting sugar cane to the fold of law, since law requires the transport made by goods carriage should only be brought to tax. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Interest on Share Application Money till allotment is taxable in hands of applicant Posted: 12 Sep 2012 06:02 PM PDT Though a total sum of Rs. 5 crores was placed by the State Government at the disposal of the assessee-company for allotment of shares, such sum was not utilized for the purpose for which the same was transferred. As per the understanding between the assessee and the State Government pending... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Interest under Section 234B/234C is mandatory – SC Posted: 12 Sep 2012 05:54 PM PDT The short point involved in the present case is whether levy of interest under Section 234A/234B of the Income Tax Act, 1961, is mandatory or not. At one point of time there was a doubt on the nature of interest payable by the assessee under Section 234A/234B of the Act. That controversy stood... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| CIT(A) can admit additional evidence or documents only after applying Rule 46A Posted: 12 Sep 2012 04:43 PM PDT The Commissioner (Appeals), without application under rule 46A and without recording any reason for admitting the documents and explanation filed before him and without affording reasonable opportunity to examine such evidence or documents filed before him by the Assessing Officer had decided the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Service tax on import of services applicable only from 18.4.2006 Posted: 12 Sep 2012 12:17 PM PDT In view of Hon'ble Supreme Court judgments in various cases the service tax liability on any taxable service provided by a non resident or a person located outside India, to a recipient in India, would arise w.e.f. 18.4.2006, i.e., the date of enactment of section 66A of the Finance Act, 1994.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| 'Date of setting up of business' of assessee is the date when one of the categories of its business starts Posted: 12 Sep 2012 12:03 PM PDT Honorable ITAT held that It is not necessary that all categories of its business activities must start either simultaneously or the last stage must start before it can be said that the business was set up. Absence of flow of revenue irrelevant for deciding whether a business has been set up. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| S. 80IB deduction available on resedential house sold at semi-finished stage Posted: 12 Sep 2012 11:50 AM PDT The stand of the revenue with regard to semi-finished condition of the flat is devoid of merit in as much as what is sought to be constructed and sold by the assessee is a residential unit and what is sought to be purchased by the individual buyer is the ownership of a residential unit, [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Section 80HH/80I – Assessee not statutorily obliged to maintain its accounts unit-wise Posted: 12 Sep 2012 11:42 AM PDT Neither Section 80HH nor Section 80I (as it then stood) statutorily obliged BRPL to maintain its accounts unit-wise and that it was open to BRPL to maintain its accounts in a consolidated form in order to put an end to the litigation between the Tax Department and the PSU we remit the case to the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| PCE/IPCE students applying for conversion to IPC not eligible to appear in PCE/IPCE November 2012 examination Posted: 11 Sep 2012 07:37 PM PDT It is clarified for the information of all students concerned that such students who apply for conversion from existing PCE/IPCE to Intermediate (IPC) and commence articled training shall not be eligible to appear in PCE/IPCE examination to be held in November 2012 and even if they appear, no... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| RBI relaxes conditions related to submission of Annual Performance Report (APR) Posted: 11 Sep 2012 07:34 PM PDT An Indian party, which has set up / acquired a Joint Venture (JV) or Wholly Owned Subsidiary (WOS) overseas in terms of the Regulations of the Notification ibid, shall submit, to the designated Authorised Dealer every year, an Annual Performance Report (APR) in Form ODI Part III in respect of each... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| RBI permits use of cost reduction structures for hedging exchange rate risk arising out of foreign currency loans availed against FCNR(B) deposits Posted: 11 Sep 2012 07:15 PM PDT Under the extant instructions, use of cost reduction structures, i.e., cross currency option cost reduction structures and foreign currency –INR option cost reduction structures have been permitted to hedge exchange rate risk arising out of trade transactions and the External Commercial Borrowings... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Acceptance of application by Settlement Commission on basis of non-committal report of JDIT is not correct – SC Posted: 11 Sep 2012 11:48 AM PDT The ITSC could not have been satisfied as to the acceptability of the assessee's explanation with regard to the various issues raised before it in the report of the Commissioner merely on the basis of the reports of the JDIT. Without applying its mind directly to the report of the Commissioner and...
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