Posts by Team RPA
“Nil TDS Return” no Need to submit after 01.10.2013.
With effect from 01.10.2013 new version of FVU i.e. 4.00 is published by the TIN-NSDL in place of FVU 3.7 with latest new key features. The latest FVU Ver. 4.00 contains “NIL” TDS/TCS Return but while generating validation through FVU Ver. 4.00, TDS/TCS statement can’not be filed without quoting any valid Challan or deductee row.…
Read MoreAll HC grants 12A registration to Lucknow Dev Authority
The Hon’ble Allahabad HC has granted registration u/s 12AA of the Income Tax Act, 1961 to Lucknow Development Authority. For judgement click here Lucknow Dev Authority-All HC-Grants 12A
Read MoreRajkot SB of ITAT holds amendment to Sec 206C(6A) retrospective; Also rules all scrap trading subject to TCS
ITAT Special Bench discusses law on application of Tax collection at source (TCS) provisions u/s 206C and meaning of “scarp”; TCS apply to sale of ‘brass scarp’ imported by the trader; Meaning of scrap not restricted to one arising only from manufacture or mechanical operations; Sec 206C provisions also apply to business of trading in…
Read MoreLucknow ITAT distinguishes Liberty India SC Judgement on 80-IB
Whether duty drawbacks is to be considered for deduction u/s 80-IB depends upon their nexus with business operations; Question of whether duty drawback an “incidental profit” or “profit of first degree” depends on the business model; Despite SC rulings in Liberty India, there may still be a room for considering a plea that assessee would…
Read MoreRecipient can’t be asked to pay ST under reverse charge, if ST paid by service provider
In a recent judgement dated 18.03.2013 delivered by CESTAT Ahd Bench in the case of Angiplast (P) Ltd. vs CST, Ahemdabad, it has been held that Recipient cannot be asked to pay service tax under reverse charge, if service tax discharged by service provider. Section 65(50b), read with section 68, of the Finance Act, 1994…
Read MoreNo service rendered, no requirement to file ST Returns, as not liable to pay ST : Kolkata CESTAT
Section 70 of the Finance Act, 1994 read with rule 7C of the Service Tax Rules, 1994 – Furnishing of returns – Assessee, a construction service provider, having registration under service tax, filed six NIL returns in Form ST-3 form for April, 2005 to March, 2008 on 18-11-2008 – Department sought levy of late fees…
Read More12AA Registration denied to Play school for pre KG Students : Cochin ITAT
The Cochin ITAT has denied registration u/s 12AA of the Act to a play school for pre-KG Students by holding that education covered in Charity as per Sec 2(15) means formal schooling and not pre-KG schools. The ITAT has laid down as under : “This Tribunal found that “education” means a formal schooling, which resulted…
Read MorePartners can not forego salary & intt to inflate exemption u/s 10B
Reverses CIT(A)’s orders and upholds AO’s order of reducing interest on capital and remuneration to partners, while computing profits eligible for exemption u/s 10B; Partners chose to forego interest and remuneration but it does not ipso-facto mean that firm is not admissible for deduction; Interest & remuneration payable to partners not charged to inflate profits…
Read MoreChd ITAT dismisses batch of appeals on issue of transfer of membership rights in Pbi Co-op Society
Chandigarh ITAT pronounces 165 pages ruling on development agreement taxability involving over 2 dozen appeals; Capital gains on land taxable in the year when Joint Development Agreement (JDA) entered; JDA alongwith irrecoverable power of attorney & handing over of possession, results into transfer of capital asset; Definition of transfer as per clause (v) of Sec…
Read MoreOnly a statement recorded during survey not basis for reopening assessment
In absence of any independent material, statement of assessee’s son recorded during survey would not form a valid basis for reopening assessment of assessee. Held by Gujarat HC in the case of Shardaben K. Modi. For complete text of judgement shardaben k modi-gujarat HC
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