Taxation - Corporate Law Reporter

The Tribunal is empowered to rectify its own mistake in an order

Ratio of the Case: The tribunal is empowered enough to rectify its own mistake in an order passed earlier on coming to know of it. It can also replace the order with either the correct one or with another one. CLR Editorial Notes: In the entire scenario, it was noted, that a wrong order got issued due to… Read More

The TPO can select any method to determine actual income

Ratio of the Case: In order to determine the true income of an Assessee in a transaction concerned with its Parent in another country, the Transfer Pricing Officer can select methods other then the ones used by Assessee to determine the actual income. CLR Editorial Notes: The assessee is a wholly owned subsidiary of a… Read More

Customs Notification on Changes in Currency Exchange rates

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART-II, SECTION 3, SUB-SECTION (ii), EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS Notification No. 40/2013-Customs (N.T.) Dated the 18th April, 2013 28 Chaitra, 1935(SAKA) S. O. (E) In exercise of the powers conferred by section 14 of the Customs Act, 1962… Read More

Customs Notification Amendment on Tariff Values

[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. 39/2013-CUSTOMS (N. T.) New Delhi, the 17th of April, 2013 27 Chaitra, 1935 (SAKA) S.O. (E). In exercise of the powers conferred by sub-section (2) of section… Read More

Losses in eligible unit need to be carried forward for set-off against eligible future profits

CLR Editorial Note: The assessee, in this case, had set up two windmills, the income from which was eligible for deduction u/s 80 IA. The assessee suffered losses in the Wind Mills and claimed a set-off on the same against its other income. The Assessing Officer and subsequently the CIT(A), rejected the claim by relying… Read More

Special Bench verdict in Sec 40(a)(ia) TDS case of Merilyn Shipping considered as bad law

CLR Editorial Note: The assessee had incurred an expenditure of about Rs. 31 lakhs on freight but had not deducted TDS as per section 194C of the IT Act. The Assessing Officer hence held that there was a failure to deduct TDS, hence the expenditure could not be allowed as per deduction under section 40(a)(ia).… Read More

Return scrutiny documents done by the IT department must be made public

CLR Editorial Note: The Petitioner in this case, was an advocate, who had filed an application with the CBDT under Section 6 of the Right to Information Act, 2005 thus seeking information pertaining to cases which were as such excluded from scrutiny, and where the disclosure was made during survey. He also sought information qua… Read More

CLR Urgent :: No Security required for dealers applying for registration online before 30th June 2013

(TO BE PUBLISHED IN PART IV OF THE DELHI GAZETTE EXTRAORDINARY) GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110 002 No.F.7(453)/Policy/VAT/2013/Pt.II/88-98 Dated : 16.04.2013 NOTIFICATION I, Prashant Goyal, Commissioner, Value Added Tax, Delhi, in exercise of the powers conferred on me by sub-section (1) of section… Read More

Controversies In Assessment: Income-tax Dept Publication

The Income-tax department has released a publication titled A Step Ahead A compilation on contentious issues in assessments. The publication is authored by top-notch senior IRS officers who have a good grasp on the theoretical and practical aspects of making an assessment. It identifies 19 important provisions in the Act which are the subject matter… Read More

Closure of CRC Branch – Registration of dealers to be done online or through concerned wards

DEPARTMENT OF TRADE AND TAXES POLICY BRANCH VYAPAR BHAWAN, I.P.ESTATE. NEW DELHI-110002 No .F.(20)/2008-2009/CTT/EDP/Vol-III/Pt. file/13 Dated :04.04.2013 CIRCULAR Consequent upon closure of Centralized Registration Cell, the registration of dealers will be done either through online mechanism or manually through the concerned wards. The list of documents required for filing application for registration is as under:… Read More

Payment by post-dated cheque relates back to date of handing over of cheque

CLR Editorial Note: In the Financial year end of 2002, the assessee, a charitable trust eligible for exemption Under/Section 11, received a post-dated cheque dated from Apollo Tyres Ltd for which it issued a receipt. The Assessing Officer held that the post-dated cheque had been accepted by the assessee to do undue favour to Apollo… Read More

A debatable issue cannot be corrected using Section 154 of the IT Act

CLR Editorial Note: The assessee had credited an amount of Rs. 1,24,312/- as Duty Entitlement Pass Book (DEPB in short) in its Profit & Loss Account (P&L A/c) and had also claimed deduction u/s 80IB on this amount. Initially, the Assessing Officer allowed this claim u/s 80IB qua DEPB amount while completing assessment u/s 143 (3) of… Read More

Annual Transfer of IT Officers under the charge of CCIT/ DGIT (Inv.) Pune, Thane and Nashik

Given Below is the list of Income Tax Officers transferred by virtue of Annual Transfer of Income Tax Officers from Pune, Thane, Satara, Nashik, Dhule, Kalyan, Palghar, Ahmednagar, Kolhapur, Sangli, Satara, Ratnagiri, Ichalkaranji,Aurangabad, Jalgaon, Nanded, Parbhani, Beed, Panvel Under the Charge of CCIT/ DGIT (Inv.) Pune, Thane and Nashik. SR NO NAME OF THE… Read More