IT/ILT : Rule 12(1)(a) of Income-tax Rules and Form for filing return of income couldn't go beyond the provisions of the Act - Income-tax includes surcharge which is a receipt in the nature of additional income-tax - Tax has to be computed on the total income as assessed under normal provisions of the Income-tax Act as increased by applicable surcharge and education cess - MAT credit to be granted thereafter
Saturday 19 April 2014
Ministry notifies Capital Investment Subsidy Scheme for industrial units located in HP and Uttarakha
IT/INDIAN ACTS & RULES : Central Capital Investment Subsidy Scheme, 2013
No reassessment to deny secs 80-JJA and 80-IB reliefs if such issues were already dealt with in orig
IT : Where only after raising specific query and, verifying claims of deduction under section 80-JJA and 80-IB was allowed in scrutiny assessment, re-assessment to disallow same was not permitted
HC unfreezes assessee's account as depart. had frozen that account without any SCN or adjudication
Service Tax : Where department had frozen assessee's bank account without even issuance of show-cause notice and without any adjudication, High Court set aside such action and directed department to issue show-cause notice
Premium paid for Keyman Insurance Policy taken on life of a partner is an allowable exp.
IT : When Keyman Insurance Policy is obtained on a life of a partner to safeguard firm against a disruption of business, payment for premium on such policy is allowable as business expenditure
Non-payment of ST even prior to 10-5-2013 was a offence in view of new provisions introduced by Fina
Service Tax: Non-payment of service tax despite collection from customers is a continuing offence; in case of outstanding dues exceeding Rs. 50 lakhs for period prior to 10-5-2013, arrests can be made as per provisions amended by Finance Act, 2013
Loan to shareholder is deemed dividend even in absence of beneficial ownership; Bhumik Colour's case
IT : It is only where a loan is advanced by company to registered shareholder and other conditions set out in section 2(22)(e) are satisfied, said amount of loan would be liable to be regarded as deemed dividend within meaning of said section
Concealment penalty couldn't be imposed merely because ITAT confirmed quantum of additions made by A
IT : In course of penalty proceedings, findings recorded in quantum proceedings can be referred to and relied upon, but then confirmation of quantum addition by itself, cannot be reason enough for imposing concealment penalty under section 271(1)(c)
No recovery to be initiated before expiry of time-limit to challenge demand in appeal
Service Tax : Department cannot recovery confirmed demand before expiry of time-limit to file appeal as it would lead to injustice to an assessee, as assessee's opportunity to obtain stay from appellate authority would stand foreclosed; and inherent right of appellate authority to stay said demand would be rendered futile
CAG is empowered to audit private Telecos; SC dismisses SLP of service providers
CL : When nation's wealth, like spectrum, is being dealt with either by the Union, State or its instrumentalities or even the private parties the CAG has the powers to conduct the revenue audit of all accounts drawn by the service providers in relation to revenue receipt
Loss shall be carried forward if profit declared in return filed timely turned into losses after ass
IT: Where original return filed was not a loss return but loss was determined in assessment proceeding, carry forward of loss on account of violation of section 80 could not be denied
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