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S. 226: AO warned of contempt action
S. 226: AO warned of contempt action for seeking to overreach ITAT’s stay order The assessee filed a stay application before the Tribunal and informed the AO about the same. Thereafter, the Tribunal heard the matter on 14.02.2014 and granted stay of the demand. Despite this, the AO attached the assessee’s bank account on 19.02.2014…
Read Morecommission paid by MF broker to sub-agent, 194H not apply
The Hon’ble Allahabad HC in a decision dated 13.03.2014 has held that on reading of provision of sec 194H, the Mutual fund broker is not required to deduct TDS on payment to sub-agent as section excludes TDS on commission paid for securities. Interestingly the broker was a firm of Chartered Accountants. To read complete text…
Read MoreCash Payment and haunt of Sec 40A(3) partially removed
To read complete article on the subject, click here Detailed article on 40A(3)
Read More“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…
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