Taxation - Corporate Law Reporter

Clarifications regarding Prosecution Provisions – Service Tax

F. No. 354/45/2011-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Tax Research Unit) New Delhi dated the 12th May, 2011. To Chief Commissioners of Central Excise and Service Tax (All), Director General (Service Tax), Director General (Central Excise Intelligence), Director General (Audit), Commissioners of Service Tax… Read More

Refund of Excise Duty – Not an income if first paid and claimed back

In this case Assessee is a firm engaged in the business of manufacture of aluminum wire rods at IGP,SIDCO, Phase-II Samba, Jammu & Kashmir. During the assessment proceedings, the assessee had filed computation of taxable income wherein deduction u/s 80IB amounting to Rs 5,85,84,089/- was claimed. The A.Owent through the details and found that the assessee had… Read More

Monthly Technical Reports under Customs, Excise and Service Tax

Circular No.944/05/2011-CX F.No.390/Misc/108/2010-JC Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs --- New Delhi, the 10th May, 2011 To. 1. All Chief Commissioners and Director Generals under the Central Board of Excise and Customs. 2. CDR, Customs, Excise & Service Tax Appellate Tribunal. 3. All Commissioners of Customs/Central Excise, Service Tax/… Read More

27th Annual Conference of Chief Commissioners and Directors General of Income Tax

Govt. of India, Ministry of Finance,Department of Revenue, Office of Chief Commissioner of Income Tax, Room No.365, 3rd Floor, Central Revenue Building, I.P.Estate, New DelhI-110002 No. CC/Delhi /Coord/ 2011.12 Date 09.05.2011 All Chief Commissioners / Director Generals Dear Sir / Madam Sub: 27th Annual Conference of ChiefCommissioners & Directors General of income Tax, 2011 1. The 27t… Read More

Notification No. 39/2011-Customs

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 39/2011-Customs New Delhi, the 10th May, 2011 G.S.R. 377(E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the… Read More

Time sought for new import duty norms for completely knocked down (CKD) units

Heavy Industries and Public Enterprises Minister Praful Patel today said his ministry has asked the Finance Ministry to give two years' time to the auto industry to comply with the new import duty norms for completely knocked down units. "We have sent a formal request to the Ministry of Finance with the request from SIAM.… Read More

Continuation of anti-dumping duty on imports of Viscose Filament Yarn

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No.38 / 2011 - Customs New Delhi, the 9th May, 2011 G.S.R. (E). -Whereas, the designated authority vide notification No. 15/23/2010-DGAD, dated the 25th February, 2011, published in… Read More

Clarification Regarding Short Term Accommodation Service and Restaurant Service

Circular No. 139/8/2011-TRU F.No.334/81/2011-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Tax Research Unit New Delhi, the 10th May 2011 To Chief Commissioners of Central Excise and Customs (All), Director General (Service Tax), Director General (Central Excise Intelligence), Director General (Audit), Commissioners of Service Tax (All)… Read More

Food served in room not liable to Service Tax

Food served in hotel rooms from their air conditioned restaurants with liquor licences will not attract service tax, the revenue department today said. "When the food is served in the room, service tax cannot be charged under the restaurant service as the service is not provided in the premises of the air-conditioned restaurant with a… Read More

Transfer Pricing: Loss-making & Super-Profit companies are not comparable

Sapient Corporation Pvt Ltd vs. DCIT (ITAT Delhi) Brief History of the Case:- The assessee is a subsidiary company of M/s Sapient Corporation, USA and was set up under the Software Technology Park Scheme of the Government of India. The assessee renders customized software development services to associated enterprises and also renders post sales support services. The assessee in the… Read More

Deemed Export Benefit Scheme Tightened

After detecting several cases of misuse of incentives, the Commerce Ministry has tightened the norms governing the Deemed Export benefit scheme, a move expected to save about Rs 1,800 crore to the exchequer annually. It has been decided that the deemed exports would not be available if the bill of entry is in the name… Read More

Interest on Tax refund not Effectively Connected with Permanent Establishment (PE)

ACIT vs. Clough Engineering Ltd (ITAT Delhi Special Bench) Brief Facts:- The assessee, an Australian company, had a PE in India from which it carried on business in India. The assessee filed the return on 28/11/2003 declaring total income of Rs.1,49,15,800/-. The assessee claimed refund of Rs. 2,64,71,450/-. The return was processed u/s 143(1) of the Income-tax… Read More

Fixed Charges for Hire of Vehicles not Rent for Section 194-I (TDS)

Ahmedabad Urban Development Authority vs. ACIT (ITAT Ahmedabad) Brief Facts:- The assessee is a local authority and is engaged in development of areas in and aroundAhmedabad outside municipal limits. It was seen that the assessee had hired cars on fixed rent payments but TDS was deducted @ 2% treating the same as contract. Since the… Read More