Fwd: TaxGuru : “Tax cannot be levied on an amount wrongly paid to a person because of a mistake made by the payer – ITAT Mumbai” plus 21 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sat, Aug 6, 2011 at 9:51 AM
Subject: TaxGuru : "Tax cannot be levied on an amount wrongly paid to a person because of a mistake made by the payer – ITAT Mumbai" plus 21 more
To: palashbiswaskl@gmail.com

TaxGuru : "Tax cannot be levied on an amount wrongly paid to a person because of a mistake made by the payer – ITAT Mumbai" plus 21 more

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• Tax cannot be levied on an amount wrongly paid to a person because of a mistake made by the payer – ITAT Mumbai
• Bombay HC upholds Service Tax on Renting of Immovable property
• MCA introduces Company Law Settlement Scheme, 2011 for default in filing of Annual Return, balance Sheet, P/L a/c, Compliance Certificate
• Income tax Department detect and deletes 11.69 lakh Multiple PAN Card
• Income Tax Department takes Several Punitive and Deterrent Steps to Unearth Unaccounted Money And Curb Tax Evasion
• Whether Iron and Steel structures manufactured and used captively in the factory for installation of the Sugar manufacturing plant by the assessee can be classified as capital goods under Rule 57Q of the Central Excise Rules, 1944?
• Service tax is payable on Sale of SIM cards, no sales tax – even if Sales tax is wrongly paid, Service Tax is payable – Supreme Court
• Electricity tariff is leviable at Commercial rates on Residential premises used by advocates for Commercial Activities
• CBDT Committee examining Amendment required in Law to Prevent Black Money
• 16 Imported Luxury Cars Seized between April,2011 to July 2011 for evasion of duty of Rs.4.87 crores
• RBI's Monetary Policy Stance Aims to Maintain an interest Rate Environment that Moderates Inflation and Anchors Inflationary Expectation
• Whether when assessee files loss return, Revenue's appeal is not sustainable on the ground of tax effect being Nil or lower than the monetary limit fixed by the Board ?
• Depreciation on the capital assets was allowable even when capital expenditure on the acquisition of the corresponding assets had already been allowed as 'pplication of income'for the purpose of allowing the exemption under s 11
• While invoking the provisions of s 40A(2), the reasonableness of expenditure for the purposes of business has to be judged from the point of view of a businessman and not that of the revenue and after considering the nature of the business
• dditional Director of Income Tax (Investigation) is duly authorised to issue warrants of search in view of the retrospective amendment of s 132(1)
• Deduction under s 36(1)(vii) is allowable if the amount was advanced in the ordinary course of business and the debt was written off as irrevocable in the books of accounts
• Collecting jewellery of 906.900 grams by a woman in a married life of 25-30 years could not be treated as excessive
• Whether issue of notice u/s 143(2) is mandatory for assessment u/s 153A?
• Renting of Mobile Towers liable to VAT, not service tax
• Online transmission of DES (Advance Authorization), EPCG and DEPB at Air Cargo Complex, Cochin location w.e.f. 08.08.2011
• Standing Committee on Commerce Invites Suggestions of Public on 'Performance of Plantation Sector – Tea and Coffee Industry'
• SEBI – Informal Guidance sought by you in terms of SEBI (Informal Guidance) Scheme, 1999

Tax cannot be levied on an amount wrongly paid to a person because of a mistake made by the payer – ITAT Mumbai Posted: 05 Aug 2011 08:47 PM PDT DCIT Vs. Tata Investment Corporation Ltd. ( ITAT Mumbai) - All income cannot be taxed, but only those incomes on which the taxpayer has a legitimate and enforceable right is liable to tax, the ITAT held. According to ITAT order, taxmen do not have... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bombay HC upholds Service Tax on Renting of Immovable property Posted: 05 Aug 2011 08:00 PM PDT Bombay High Court, while disposing a batch of writ petitions filed by The Retailers' Association of India along with the Confederation of Real Estate Developers' Association of India and Multiplex Association of India, upheld the constitutional... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA introduces Company Law Settlement Scheme, 2011 for default in filing of Annual Return, balance Sheet, P/L a/c, Compliance Certificate Posted: 05 Aug 2011 07:38 PM PDT In order to give an opportunity to the defaulting companies to enable them to make their default good by filing such belated documents and to become a regular compliant in future, the Ministry, in exercise of the powers under Section 611(2) and 637B... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income tax Department detect and deletes 11.69 lakh Multiple PAN Card Posted: 05 Aug 2011 07:12 PM PDT The Income tax Department Department has identified the multiple PANs belonging to the same person through an automated Computer System of the Department. Till date 11,69,238 multiple PANs have been detected and deleted. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Department takes Several Punitive and Deterrent Steps to Unearth Unaccounted Money And Curb Tax Evasion Posted: 05 Aug 2011 07:09 PM PDT The Income Tax Department takes several punitive and deterrent steps to unearth unaccounted money and curb tax evasion. These include scrutiny of tax return; surveys, search and seizure actions; imposition of penalty and launching of prosecution in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether Iron and Steel structures manufactured and used captively in the factory for installation of the Sugar manufacturing plant by the assessee can be classified as capital goods under Rule 57Q of the Central Excise Rules, 1944? Posted: 05 Aug 2011 06:45 PM PDT SARASWATI SUGAR MILLS Vs. COMMNR. OF CENTRAL EXCISE, DELHI-III - (SC) The question which arose before the Tribunal was that whether these items used for fabricating structures to support and install various machineries of the sugar plant are capital... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax is payable on Sale of SIM cards, no sales tax – even if Sales tax is wrongly paid, Service Tax is payable – Supreme Court Posted: 05 Aug 2011 06:30 PM PDT IDEA MOBILE COMMUNICATION LTD. Vs. C.C.E.& C.,COCHIN (SC) - Amount received by the cellular telephone company from its subscribers towards SIM Card will form part of the taxable value for levy of service tax, for the SIM Cards are never sold... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Electricity tariff is leviable at Commercial rates on Residential premises used by advocates for Commercial Activities Posted: 05 Aug 2011 06:19 PM PDT Rajendra G. Shah V/s Maharashtra State Electricity Distributiohn Company Limited (Bombay High Court) -The petitioner had thus admitted even in the plaint in the suit that the premises were used exclusively for the purpose of office not only by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDT Committee examining Amendment required in Law to Prevent Black Money Posted: 05 Aug 2011 04:17 PM PDT A Committee headed by the Chairman, CBDT has been constituted to examine ways to strengthen laws to curb generation of black-money in India, its illegal transfer abroad and its recovery. The Committee shall examine the existing legal and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

16 Imported Luxury Cars Seized between April,2011 to July 2011 for evasion of duty of Rs.4.87 crores Posted: 05 Aug 2011 12:19 PM PDT Sixteen number of imported luxury cars have been seized in the country during the recent past between April,2011 to July 2011.They are valued at Rs.6.75 crores and involves evasion of duty of Rs.4.87 crores. All Customs field formations have been... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Monetary Policy Stance Aims to Maintain an interest Rate Environment that Moderates Inflation and Anchors Inflationary Expectation Posted: 05 Aug 2011 06:15 AM PDT The RBI's monetary policy stance aims to maintain an interest rate environment that moderates inflation and anchors inflationary expectation. While cost of borrowing goes up, on balance lower levels of inflation would provide greater relief to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether when assessee files loss return, Revenue's appeal is not sustainable on the ground of tax effect being Nil or lower than the monetary limit fixed by the Board ? Posted: 05 Aug 2011 04:56 AM PDT CIT v B D Patel Quarry Works Private Limited (Gujrat HC) - Appeal filed by the revenue would not be barred by the Board's circular even if the assessee files a loss in the return on the ground of the tax effect being 'Nil' or lower than the monetary... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Depreciation on the capital assets was allowable even when capital expenditure on the acquisition of the corresponding assets had already been allowed as 'pplication of income'for the purpose of allowing the exemption under s 11 Posted: 05 Aug 2011 04:46 AM PDT CIT v Market Committee, Tohona (Punjab and Haryana HC) - Whether on the facts and in the circumstances of the case, the Hon'ble ITAT is justified in allowing depreciation on the capital assets even when capital expenditure on acquisition of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

While invoking the provisions of s 40A(2), the reasonableness of expenditure for the purposes of business has to be judged from the point of view of a businessman and not that of the revenue and after considering the nature of the business Posted: 05 Aug 2011 12:57 AM PDT Hive Communications Pvt. Ltd. v CIT (Delhi HC) - It is not for the Assessing Officer to dictate what the business needs of the company should be and he is only to judge the legitimacy of the business needs of the company from the point of view of a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

dditional Director of Income Tax (Investigation) is duly authorised to issue warrants of search in view of the retrospective amendment of s 132(1) Posted: 05 Aug 2011 12:38 AM PDT CIT v Prem Gandhi (Delhi HC) - In view of the amendment to section 132(1) of the Income Tax Act which has retrospective effect from 1.6.1994, Additional Director of Income Tax (Investigation) is duly authorized to issue warrants of search. Thus,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Deduction under s 36(1)(vii) is allowable if the amount was advanced in the ordinary course of business and the debt was written off as irrevocable in the books of accounts Posted: 05 Aug 2011 12:34 AM PDT All Grow Finance and Investment Pvt Ltd v CIT (Delhi HC) If the debt is not advanced in the ordinary course of business, it would not qualify for deduction as a bad debt. We are of the view that the only condition laid down in second part of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Collecting jewellery of 906.900 grams by a woman in a married life of 25-30 years could not be treated as excessive Posted: 04 Aug 2011 11:08 PM PDT Ashok Chaddha Vs ITO (Delhi HC) - The learned counsel for the appellant/assessee is correct in her submission that it is a normal custom for woman to receive jewellery in the form of 'stree dhan' or on other occasions such as birth of a child etc.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether issue of notice u/s 143(2) is mandatory for assessment u/s 153A? Posted: 04 Aug 2011 10:57 PM PDT Ashok Chaddha Vs ITO (Delhi High Court) - The words 'so far as may be' in clause (a) of sub section (1) of Section 153A could not be interpreted that the issue of notice under Section 143(2) was mandatory in case of assessment under Section 153A.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Renting of Mobile Towers liable to VAT, not service tax Posted: 04 Aug 2011 10:39 PM PDT Essar Telecom Infrastructure (P.) Ltd. V. UOI (Karnataka HC) - Facility of providing mobile telephone towers for various service provider - Referring to various judgments of the Apex Court and other courts, petitioner's counsel contended that... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Online transmission of DES (Advance Authorization), EPCG and DEPB at Air Cargo Complex, Cochin location w.e.f. 08.08.2011 Posted: 04 Aug 2011 09:30 PM PDT Policy Circular No. 36 (RE-2010)/2009-14, As and when Customs (CBEC) have conveyed their readiness to implement on-line message exchange between Customs and DGFT, Policy Circulars have been issued from time to time by DGFT indicating the names and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Standing Committee on Commerce Invites Suggestions of Public on 'Performance of Plantation Sector – Tea and Coffee Industry' Posted: 04 Aug 2011 09:23 PM PDT The Department Related Parliamentary Standing Committee on Commerce, headed by Shri Shanta Kumar, M.P. has taken up the subject of Performance of Plantation Sector – Tea and Coffee Industry for examination and report. For wider consultations, the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI – Informal Guidance sought by you in terms of SEBI (Informal Guidance) Scheme, 1999 Posted: 04 Aug 2011 09:20 PM PDT As per SEBI (Portfolio Managers) Regulations, 1993, maintenance of a common bank account across all clients and aggregation and execution of orders in the common client code of the portfolio manager is allowed. In such cases the trades are to be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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