Taxation - Corporate Law Reporter

Delay in filing appeal due to CA™s fault is bona fide & must be condoned

CLR Editorial Notes: The assessee in this case had filed an appeal before the Tribunal which was delayed by 496 days. In the application for condonation of delay, the assessee claimed that he had handed over the papers to his Chartered Accountant and that the latter had mixed up the papers with other papers in his… Read More

Transfer pricing provisions do not apply to investments in overseas share capital

CLR Editorial Notes: The assessee company M/s Vijay Electricals Ltd. is engaged in the business of manufacture and sale of distribution and power transformers and rural electrification projects on turn key basis. The assessee filed its return of income for the assessment year 2007-08 declaring a total income of Rs. 20 Crore. The scrutiny assessment was completed u/s… Read More

Exchange Rates Relating to Imported and Export Goods Notified

In excise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC) hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue ) No. 54/2013-CUSTOMS (N.T.) dated the 16th May, 2013 published in the… Read More

CLR Snippets | MoU signed between DGFT and Government of Delhi to use e-BRC

A Memorandum of understanding (MoU) was signed between Directorate General of Foreign Trade (DGFT) and Commissioner (Trade and Taxes), Government of NCT of Delhi here today for the use of electronic Bank Realization Certificate (e-BRC). On behalf of the Government of Delhi, Mr. Prashant Goyal, Commissioner (Trade & Taxes) and on behalf of DGFT, Mr.… Read More

Simplification of Procedure for deposit of tax and furnishing of information relating to TDS

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 39/2013 New Delhi, the 31st May, 2013 S.O.1404(E) - In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of… Read More

CBDT™s Scrutiny Guidelines – Section 143(3) assessment not valid if case has been picked up contrary to guidelines

CLR Editorial Notes: In the Assessment Year 2006-07, the assessee filed a ROI declaring income of Rs. 3.97 crore. The case was selected for scrutiny under clause 2(v)(b) of the Scrutiny Guidelines issued by the CBDT. The said clause of the Scrutiny Guidelines provided that a case had to be selected for compulsory scrutiny if… Read More

FII™s securities transactions™ profits cannot be assessed as business profits™

CLR Editorial Note: An appeal was placed with the Tirbunal by the assessee which was directed against an earlier order of the CIT(A) Mumbai for the assessment year 2007-08. The appeal was made on the following grounds :- 1. Based on the facts and circumstances of the case, the learned Commissioner of Income-tax (Appeal) [CIT(A)] erred in upholding… Read More

CBEC Tariff Notifications Dated 31st May 2013

[TO BE PUBLISHED IN PART-II, SECTION-3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY] Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 57/2013-CUSTOMS (N. T.) New Delhi, the 31st of May, 2013 10 Jyaistha, 1935 (SAKA) S. O. (E). In exercise of the powers conferred by sub-section (2)… Read More

Amendment of Income-tax Rules, 1962 – Insertion of Rules 6AAD & 6AAE and Form nos. 3C-O & 3CP

S.O. 1393(E) - In exercise of the powers conferred by section 295 read with sub-section (1) of section 35CCC of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (Fourth Amendment) Rules, 2013. (2) They shall… Read More

DVAT Clarification regarding submission of Form DP-1

GOVERNMENT OF NCT OF DELHI DEPARTMENT OF TRADE & TAXES POLICY BRANCH VYAPAR BHAWAN, NEW DELHI-110002 No.F.3(352)/Policy/VAT/2013/253-259 Date: 30.05.2013 CIRCULAR No. 04 OF 2013-14 Subject: Clarification regarding submission of Form DP-1. Clarification and confirmations are being sought from different quarters regarding the Notification No.F.3(352)/Policy/VAT/2013/231-241 dated 28.05.2013 The purpose of taking the information in Form DVAT-07 and… Read More

DVAT Notification – All Scheduled Banks in the business of Silver, Gold to furnish Quarterly returns

(TO BE PUBLISHED IN PART IV OF THE DELHI GAZETTE EXTRAORDINARY) GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI OFFICE OF THE COMMISSIONER, VALUE ADDED TAX VYAPAR BHAWAN, I.P.ESTATE: NEW DELHI-110002. No.F.3(341)/VAT/Policy/2013/242-252 … Read More

Basic Exemption under Service Tax is not basic

Generally, it is understood that no service tax is payable, if a person™s taxable service turnover does not exceed Rs 10 lakhs in a financial year. Basic emption is given under taxation law and other laws to ensure that a person does not suffer undue hardship in complying with applicable legal requirements. For example, basic… Read More

CLR Important – DVAT 51 reconciliation return Qtr 1 to 4 of 2011-12 extended to 10/06/2013

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110002 No.F.3(33)/P-II/ VAT/ Misc./2006/206-216 … Read More