Procedure for registration/ applying importer exporter code (IEC) Posted: 02 Sep 2012 08:24 PM PDT To import in India or export out of India, IEC Code i.e. Importer Exporter Code is mandatory. IEC Code is unique 10 digit code issued by DGFT – Director General of Foreign Trade, Ministry of Commerce, Government of India. No person or entity shall make any Import or Export without IEC Code Number. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| No addition for renovation while calculating value of rent free accommodation Posted: 02 Sep 2012 08:22 PM PDT In the present case, if the Assessing Officer had returned a finding that the premises were to be valued at market value (of the rental), in case it increased as a result of the renovations, the only prescribed mode was to apply the method indicated by Rule 3 (a) (iii) of the Valuation Rules. The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| No Tax to partnership on surrender of Tenancy Right held by partners Posted: 02 Sep 2012 07:55 PM PDT In the instant case, no where the assessee-firm is considered as the tenant. In the partnership deed dated 4-4-1990 also, it is stated that all rights over trade name, goodwill license and permits shall belong to the partners. It is the legal heirs of 'A' and 'V', who have continued to hold the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Wealth Tax not payable on house not fit for residence or incomplete house Posted: 02 Sep 2012 07:44 PM PDT In the instant case, the fact of purchase of land, commencing of the construction of residential house on the said land and the sale of land is not in dispute. The only dispute is whether the land was an 'asset' within the meaning of section 2(ea) and, therefore, liable to wealth-tax or the land... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Interest u/s. 244A is also payable on interest portion of tax demand Posted: 02 Sep 2012 07:27 PM PDT The question that arises for consideration in instant case is, whether the payment made by the assessee of Rs. 1.74 crore against the total amount of Rs. 3.61 crore, which included the interest of Rs. 1.83 crore under Section 220(2) and 234-B, was paid as tax or interest. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| While deciding non-resident status Incomplete day to not to be included in days of stay Posted: 02 Sep 2012 07:11 PM PDT As rightly pointed out by the Commissioner (Appeals), there was a mistake of taking number of days. Therefore, according to Assessing Officer's own method it should be 186 days. If the date of arrival was excluded as it was not a complete day, the stay of assessee was less than 182 days.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Charges for Seconding entitlement rights of assured supply of railway rakes is not rent u/s. 194I Posted: 02 Sep 2012 06:09 PM PDT The learned CIT(A) has tried to give a meaning to the definition as given in the Statute u/s. 194-I vis-à-vis the agreement for wagons investment scheme as has been perused in his order. Having reproduced the agreement and the definition of rent, he has not been to correlate the same for the simple... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Deduction U/s. 80(IB)(10) can be claimed on profit computed under partial project completion method Posted: 02 Sep 2012 12:11 PM PDT Section 80-IA(7) which is applicable to the provisions of section 80-IB requires the accounts of the eligible undertaking to be audited and a certificate to be filed. The essence of this requirement is that at any given time the financial position of the undertaking should be ascertainable. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Power of Tribunal to reject cross objection if matter is remanded by HC for fresh adjudication? Posted: 02 Sep 2012 12:10 PM PDT The Tribunal could not have rejected the cross objections without entering into factual matrix and being satisfied itself that the appellant had not in fact filed cross objections at the time when it could have originally filed them when the appeals had been filed before the Tribunal. This is also... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Low Cost Days are over Posted: 02 Sep 2012 08:19 AM PDT The process of doing business has changed over the last 2 decades across the globe. With the opening up of the gates of free trade and Liberization in the emerging economies married with technological advances in Developed nations the business has become more competitive rather than a challenge. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| PVAT – Change in Rate of Tax on Goods Which Are Subject To Vat W.E.F 03-09-2012 Posted: 02 Sep 2012 07:45 AM PDT Punjab Govt. through Public Notice dated 02-09-2012 has increased the rate of tax w.e.f 03-09-2012. Effects of this Public Notice are as under: -1. Sugar: - The state Government is pleased to waive tax on Sugar w.e.f 03-09-2012.2. Increase in the rate of tax by 0.5% under the Punjab VAT Act 2005... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| It is not necessary for assessee to establish that debt has become irrecoverable Posted: 02 Sep 2012 07:31 AM PDT As is apparent from the aforesaid facts, the AO disallowed the claim of bad debts in the absence of any evidence as to when the amount was offered as income and there was nothing to show as to whether this amount had been actually written off in the books of account. On appeal, the ld. CIT(A)... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| International Workers (IWs) – refund /readjustment of excess amount in pension fund -Clarification Posted: 01 Sep 2012 12:22 PM PDT Consequent upon inclusion of special provisions in respect of International Workers (IWs) and signing of Social Security Agreements (SSAs) with a number of countries by the Government of India, the benefit of "detachment" is being availed by the posted Indian employees by obtaining a Certificate of...
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