Taxation - Corporate Law Reporter

Scope of Sec 153A Search Assessment in Sec 143(1) Cases explained

CLR Editorial Notes: In the Assessement Year 2005-06, the Assessing Officer passed an intimation u/s 143(1) accepting the return from an assessee as filed. Subsequently, there was a search u/s 132. The Assessing Officer noticed that an amount of Rs. 93 lakhs was received by the assessee as a loan in earlier years had been… Read More

Sec 14A, Rule 8D Disallowance – That the Assessee method is wrong, needs to be demonstrated

CLR Editorial Notes: In the Assessment Year 2009-10, the assessee in this case, had earned a tax-free dividend of Rs. 32 lakhs on an investment that had been made in earlier years. The assessee claimed that as he had not incurred any expenditure to earn the dividend income, no disallowance u/s 14A was permissible. The… Read More

CBDT publication – Advance Pricing Agreement Guidance With FAQs”

The CBDT has issued a publication titled Advance Pricing Agreement Guidance With FAQs. The publication seeks to increase the awareness of the taxpayers about the Advance Pricing Agreement Scheme which was notified on 30.08.2012 and its implementation. The publication explains the procedure to be followed by a taxpayer and the tax authorities before a taxpayer… Read More

IT Department releases publication titled Appeals And Procedures For Filing Appeals

The Income-tax department has released a publication titled Appeals And Procedures For Filing Appeals. The publication seeks to educate taxpayers about the legal provisions and procedures relating to filing appeals before the Commissioner of Income-tax (Appeals) and the Tribunal. The publication lists out the Forms in which the appeal has to be filed, the manner… Read More

Customs Tariff Notification – Amendments & Substitutions of line items

[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. 55/2013-CUSTOMS (N. T.) New Delhi, the 21st of May, 2013 31 Vaisakh, 1935 (SAKA) S. O. (E). In exercise of the powers conferred by sub-section (2) of… Read More

CBEC Order – Issues related to transmission of trade data

INSTRUCTION F. No. 528/69/2012-STO (TU) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Tariff Unit New Delhi the 21st May, 2013. To All Chief Commissioners of Customs / Customs (Prev.) All Chief Commissioners of Customs & Central Excise All Commissioners of Customs / Customs (Prev.) All Commissioners of Customs… Read More

PTI notified as news agency for the purposes of Section 10(22B) of the Income-tax Act, 1961

NOTIFICATION NO. 35/2013 DATED 17/05/2013 In exercise of the powers conferred by the clause (22B) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the "The Press Trust of India Limited, New Delhi" as a news agency set up in India solely for collection and distribution of news, for the purpose… Read More

CLR Urgent | Date for filing the ST-3 return, for the period from Oct. 12 to March, 13 has been extended

GST / Service Tax / Vat Date for filing the ST-3 return, for the period from Oct. 12 to March, 13 has been extended from 25th April, 2013 to 31st August, 2013. Order No. 03/2013-ST, [F.No.137/99/2011-Service Tax], dated 23-04-2013 In exercise of the powers conferred by sub-rule(4) of Rule 7 of the Service Tax Rules, 1994, the… Read More

Directorate General of Central Excise Intelligence Books Case Against M/S Bhushan Steels Ltd for Duty Evasion

Directorate General of Central Excise Intelligence (Hqrs.), New Delhi, a unit of Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance recently has booked a case against M/S Bhushan Steels Ltd. (M/s BSL), village-Nifan, near Khopoli, Distt. Raigad (Maharashtra) , a manufacturer of hot/cold rolled ˜galvanized™ products, for fraudulent availment of… Read More

Bangalore – Two days Intensive Annual Program on Taxation aspects of Salary Components, Perquisites & Remuneration planning – May 21 & 22

Two days Intensive Annual Program on Taxation aspects of Salary Components, Perquisites & Remuneration planning Date & Time : Tuesday & Wednesday, May 21 & 22, 2013 (Registration & breakfast: 9.00 to 9.30 am) Venue : Atria Hotel, No.1, Palace Road, Bangalore 560 001(Near Vidhan Soudha) Benefits/ learning objectives of the Seminar Rightly said -… Read More

Anti-dumping duty on imports of Peroxosulphate from China

[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. 11 /2013-Customs (ADD) New Delhi, the 16th May, 2013 G.S.R. (E). -Whereas, the designated authority vide notification No. 15/9/2011-DGAD, dated the 13th March, 2012, published in the Gazette of India, Extraordinary,… Read More

Fact that payment is used for ˜illegal™ purpose does not attract Explanation to Section 37(1) –

CLR Editorial Notes: The assessee exported tea to Iraq under the ˜Oil for Food Program™, as sanctioned by the United Nations. It paid commission of Rs 1.28 crores to one Alia Transportation, a Jordanian company. The Volcker Committee, which was set up to expose the ˜Oil for Food scam™ found that this company was a front… Read More

Disallowance under Sec 14A – Rule 8D cannot be invoked without showing how assessee™s method is wrong

CLR Editorial Notes: In the Assessment Year 2008-09, the assessee in this case had PMS investments in shares of Rs. 202 crores and other investments on which it earned dividends of Rs. 8.14 crores. The assessee claimed that the dividends were received only on a few scrips and computed section 14A disallowance by identifying specific… Read More