Fwd: TaxGuru : “AIR Related scrutiny assessments should be limited to info in AIR” plus 31 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Thu, Jun 30, 2011 at 9:45 AM
Subject: TaxGuru : "AIR Related scrutiny assessments should be limited to info in AIR" plus 31 more
To: palashbiswaskl@gmail.com

TaxGuru : "AIR Related scrutiny assessments should be limited to info in AIR" plus 31 more

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• AIR Related scrutiny assessments should be limited to info in AIR
• Gifts From HUF Exempt u/s 56(2)(v) as HUF is a Gorup of relatives – ITAT Rajkot
• Madras HC stays Registration of Lawyers For Service Tax
• Land acquired in exchange of land owned by father of assessee-How to determine cost of acquisition
• Assessee entitled to depreciation on assets which were in its possession and it cannot be denied merely on the ground that the registration formalities were pending
• If assessee accepts loan to meet certain business contingencies no penalty could be imposed under s 271D for violation of s 269SS
• 2G scam – IT department quizzes A Raja's relatives
• Over 120 central govt officials under CVC scanner
• Maharashtra govt reduces Vat on diesel, kerosene
• $2.6 bn tax on deal with Hutchison unfair – Vodafone CFO
• India negotiating changes in DTAA with Mauritius – Pranab Mukherjee
• ICAI President's Message – July 2011
• Assessee not liable to deduct TDS u/s. section 194C(2) on payment of freight charges made to lorry owners who merely placed the vehicles at the disposal of the assessee and never involved themselves in the work to be carried out by the assessee for FCI
• Expenses incurred on recruitment and training of employees can not be held capital merely because assessee may earn benefits of enduring nature
• When the issue of siphoning off of funds is settled by the CIT(A), review proceedings u/s 263 cannot be initiated
• FBT is payable even in the absence of any taxable income
• When assessee submits the relevant details in respect of share application money such as PAN Number, confirmation and the bank particulars it can be said that the assessee has discharged its burden
• While exercising his power under sec. 263 of the Act, CIT is not permitted to substitute his own view about the computation of income in place of the income assessed by the A.O.
• Provisions of s. 80IB(10) of the Act not subscribed that assessee was required to begin the construction work after obtaining approval from local authorities
• Tender for CPC (TDS) for processing of TDS statements
• RBI – Credit Mobilisation Targets under the Swarnajayanti Gram Swarozgar Yojana (SGSY) for the year 2011-12
• SEBI – Shareholding of promoter/promoter group to be in dematerialized mode
• FEMA – Discussion Paper on FDI Policy-Rationale and Relevance of CAPS
• Issue of Certificates by Digital Signature – General Circular No. 39/2011
• Insurance – Portability of Health Insurance – Policyholders have to wait
• DRP is required to pass proper and speaking order under s 144C after giving proper consideration to the submissions made on behalf of the assessee
• CIC Asks SBBJ to direct its branches to the Reasons for Turning Down Applications Made Under Pradhan Mantri Rozgar Yojana (PMRY)
• Overseas Direct Investment- Liberalisation/ Rationalisation – A.P. (DIR Series) Circular No. 73
• Authority for Advance Rulings (Central Excise, Customs and Service Tax) Procedure Amendment Regulations, 2011 – Amendment in regulation 2
• Custom – Rate of exchange of conversion of each of the foreign currency with effect from 1st July, 2011
• Preliminary transcript of the Q & A session between the PM and Newspaper Editors and PM's opening remarks at the interaction with newspaper editors
• Constitution Of New DRP At Delhi

AIR Related scrutiny assessments should be limited to info in AIR Posted: 29 Jun 2011 08:57 PM PDT The above mentioned guidelines have been reconsidered by the Board and it has been decided that the scrutiny of such cases would be limited only to the aspects of information received through AIR. However, a case may be taken up for wider scrutiny... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Gifts From HUF Exempt u/s 56(2)(v) as HUF is a Gorup of relatives – ITAT Rajkot Posted: 29 Jun 2011 08:56 PM PDT Vineetkumar Raghavjibhai Bhalodia vs. ITO (ITAT Rajkot)- HUF is a relative inasmuch as HUF is a collective name given to group consisting of individuals, all of whom are relatives under Explanation to Proviso to section 56(2) of the Act. The ld.AR... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Madras HC stays Registration of Lawyers For Service Tax Posted: 29 Jun 2011 08:56 PM PDT Madras High Court has stayed the Registration of Lawyers For Service Tax. The Court has passed an order of interim injunction dated 24.06.2011 restraining the Ministry of Finance from compelling the members of the Petitioner from registering... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Land acquired in exchange of land owned by father of assessee-How to determine cost of acquisition Posted: 29 Jun 2011 08:55 PM PDT Atul G. Puranik Vs. ITO (ITAT Mumbai) - Where the assessee acquired rights in plot in exchange of plot owned by his father, then the market value of the land so received on the date of acquisition will be the cost of acquisition of such land. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Assessee entitled to depreciation on assets which were in its possession and it cannot be denied merely on the ground that the registration formalities were pending Posted: 29 Jun 2011 08:54 PM PDT Indian Railway Finance Corpn Ltd Vs Addl.CIT (ITAT Delhi) - Whether the lease equalisation charges which represented the recovery of fair value of leased assets are rightly added to the net income as per the profit and loss account while computing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If assessee accepts loan to meet certain business contingencies no penalty could be imposed under s 271D for violation of s 269SS Posted: 29 Jun 2011 08:08 PM PDT CIT v Volpak Securities Ltd. (Gujrat High Court)- With respect to the portion of penalty, which the CIT [A] confirmed, the same was deleted by the Tribunal observing that the assessee was liable to make payment of Rs. 1,53,000/ on 23rd June 1997 in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2G scam – IT department quizzes A Raja's relatives Posted: 29 Jun 2011 07:13 PM PDT Relatives of jailed former Union minister A Raja including his wife and brother were today questioned by the Income Tax department. Raja's wife Parameswari and his brother A Ramachandran besides two other relatives were quizzed at the regional I-T... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Over 120 central govt officials under CVC scanner Posted: 29 Jun 2011 07:11 PM PDT Nearly 121 central government employees, including one from CBI, are under Central Vigilance Commission (CVC) scanner for their alleged involvement in corrupt practices. Railway ministry topped the list with 23 officials under CVC scanner, 17 are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Maharashtra govt reduces Vat on diesel, kerosene Posted: 29 Jun 2011 07:06 PM PDT In a bid to minimise the impact of recent fuel price hike on consumers, the Maharashtra government today reduced Value Added Tax (Vat) on diesel and kerosene by two per cent. Chief minister Mr Prithviraj Chavan told reporters here after the Cabinet... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

$2.6 bn tax on deal with Hutchison unfair – Vodafone CFO Posted: 29 Jun 2011 06:50 PM PDT Terming the $2.6 billion tax liability on the company as 'inequitable', UK-based Vodafone today questioned the Indian authorities for not raising the tax claim on the party (Hutchison) which made profit by selling its stake. Vodafone exuded... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India negotiating changes in DTAA with Mauritius – Pranab Mukherjee Posted: 29 Jun 2011 06:47 PM PDT Finance Minister Pranab Mukherjee today said the government is negotiating changes in a tax treaty with Mauritius, the country which accounts for the maximum foreign investment in India. So far as Mauritius is concerned, we are having discussions... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI President's Message – July 2011 Posted: 29 Jun 2011 09:52 AM PDT CPT Online Registrations: The students can register themselves 24*7 to CPT course using this online form which is also having the facility to pay course fee online using credit/debit cards/net banking of various banks. This will bring our students... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Assessee not liable to deduct TDS u/s. section 194C(2) on payment of freight charges made to lorry owners who merely placed the vehicles at the disposal of the assessee and never involved themselves in the work to be carried out by the assessee for FCI Posted: 29 Jun 2011 09:15 AM PDT ITO Vs. Vijay Bharat Roadlines Pvt. Ltd. (ITAT Delhi) -Whether the assessee was not liable to deduct tax at source as per the provisions of section 194C(2) of the Act , for the payment of freight charges amounting to 1,32,58,651/- made to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Expenses incurred on recruitment and training of employees can not be held capital merely because assessee may earn benefits of enduring nature Posted: 29 Jun 2011 08:57 AM PDT DCIT Vs M/s Sapient Corporation Pvt Ltd. (ITAT Delhi) - It is by now well-settled that if the expenditure incurred by the taxpayer is of revenue nature, the same is entirely deductible even if there accrues an advantage of enduring nature in favour... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

When the issue of siphoning off of funds is settled by the CIT(A), review proceedings u/s 263 cannot be initiated Posted: 29 Jun 2011 08:38 AM PDT Rambagh Palace Hotels Pvt Ltd Vs ITO (ITAT Delhi) - In this case ld CIT(A) had adjudicated upon on all the issues. Therefore, the assessment order has merged in the order of CIT(A). Hence, ld. CIT was debarred to assume jurisdiction u/s 263 of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FBT is payable even in the absence of any taxable income Posted: 29 Jun 2011 08:23 AM PDT DCIT Vs M/s Mcleod Russel India Ltd (ITAT Kolkata) - Whether FBT is payable even in the absence of any taxable income – Whether provision of section 115-O & 115WA are pari-materia and hence FBT is leviable only to the extent of those expenses... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

When assessee submits the relevant details in respect of share application money such as PAN Number, confirmation and the bank particulars it can be said that the assessee has discharged its burden Posted: 29 Jun 2011 08:10 AM PDT ITO Vs M/s Kailashpati Overseas Pvt Ltd (ITAT Delhi) - Whether when assessee submits the relevant details in respect of share application money such as PAN Number, confirmation and the bank particulars it can be said that the assessee has discharged... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

While exercising his power under sec. 263 of the Act, CIT is not permitted to substitute his own view about the computation of income in place of the income assessed by the A.O. Posted: 29 Jun 2011 07:35 AM PDT J L Morison (India) Ltd Vs ACIT (Kolkata ITAT) - It is now settled law that if, while making the assessment, the AO examines the accounts and other details, makes enquiries, applies his mind to the facts and circumstances of the case and determines... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Provisions of s. 80IB(10) of the Act not subscribed that assessee was required to begin the construction work after obtaining approval from local authorities Posted: 29 Jun 2011 06:55 AM PDT DCIT Vs. Akshay Eminence Developers Pvt. Ltd. (ITAT Bangalore) - The provisions of s. 80IB(10) of the Act have not subscribed that the assessee was required to begin the construction work after obtaining the approval from the local authorities and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tender for CPC (TDS) for processing of TDS statements Posted: 29 Jun 2011 06:01 AM PDT Income Tax Department invites response to the RFP floated for selection of MSP for setting up, operating and maintenance of CPC (TDS) for processing of TDS statements. Overview of scope of work for Managed Service Provider (MSP). The following... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI – Credit Mobilisation Targets under the Swarnajayanti Gram Swarozgar Yojana (SGSY) for the year 2011-12 Posted: 29 Jun 2011 05:43 AM PDT RPCD. GSSD. CO. No.14360 / 09.01.01 CM / 2010 - 11 We advise that the State - wise targets indicated may be allocated among the banks working under the jurisdiction of the SLBC Convenor bank of the State, under advice to us. The SLBCs should... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI – Shareholding of promoter/promoter group to be in dematerialized mode Posted: 29 Jun 2011 05:18 AM PDT In order to moderate sharp and destabilizing price movements in shares of companies, to encourage better price discovery and to increase transparency in securities market SEBI had issued a circular on "trading rules and shareholding in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FEMA – Discussion Paper on FDI Policy-Rationale and Relevance of CAPS Posted: 29 Jun 2011 05:14 AM PDT As part of its inclusive approach to the formulation of various policies, this Department has been engaging in prior public consultations on important issues on which policy reform is contemplated. These structured discussions are triggered by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Issue of Certificates by Digital Signature – General Circular No. 39/2011 Posted: 29 Jun 2011 05:05 AM PDT GENERAL CIRCULAR NO. 39/2011, DATED 21-6-2011- The Ministry has issued a General Circular No. 29/2011, dated 20-5-2011 wherein it was informed that in order to cut timelines and an another step towards 'Green Initiative' it has been decided that... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance – Portability of Health Insurance – Policyholders have to wait Posted: 29 Jun 2011 04:53 AM PDT IRDA had earlier required that portability of health insurance policies across non-life insurance companies including stand alone health insurance companies would be introduced with effect from 1st July, 2011. The modalities of such portability to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DRP is required to pass proper and speaking order under s 144C after giving proper consideration to the submissions made on behalf of the assessee Posted: 29 Jun 2011 01:38 AM PDT DHL Lemur Logistics (P) Ltd. v DCIT (ITAT Mumbai) - A well reasoned and well discussed order also facilitates appreciation when the same is called in question before the superior forum. Keeping in view the decision of the Hon'ble Delhi High Court in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CIC Asks SBBJ to direct its branches to the Reasons for Turning Down Applications Made Under Pradhan Mantri Rozgar Yojana (PMRY) Posted: 28 Jun 2011 10:20 PM PDT Central Information Commission (CIC) has drawn the attention of the CMD of the State Bank of Bikaner & Jaipur to the issue of sanctioning of applications under Pradhan Mantri Rozgar Yojana (PMRY) and to revisit the matter and direct branch... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Overseas Direct Investment- Liberalisation/ Rationalisation – A.P. (DIR Series) Circular No. 73 Posted: 28 Jun 2011 09:53 PM PDT Transfer by way of sale of shares of a JV / WOS - An Indian Party, without prior approval of the Reserve Bank, may transfer by way of sale to another Indian Party which complies with the provisions of Regulation 6 of FEMA Notification 120/RB-2004... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Authority for Advance Rulings (Central Excise, Customs and Service Tax) Procedure Amendment Regulations, 2011 – Amendment in regulation 2 Posted: 28 Jun 2011 09:40 PM PDT NOTIFICATION G.S.R. 475(E) [NO. 1/2011-AAR], In exercise of the powers conferred by section 28M of the Customs Act, 1962 (52 of 1962), section 23H of the Central Exercise Act, 1944 (1 of 1944) and section 96H of the Finance Act, 1994 (32 of 1994),... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Custom – Rate of exchange of conversion of each of the foreign currency with effect from 1st July, 2011 Posted: 28 Jun 2011 09:30 PM PDT Notification No.41/2011-Customs (N.T.) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Preliminary transcript of the Q & A session between the PM and Newspaper Editors and PM's opening remarks at the interaction with newspaper editors Posted: 28 Jun 2011 09:30 PM PDT – I did not expect the effect of shock injection of liquidity into the system by the United States. I could not anticipate that the Middle East would once again go into turmoil. Commodity prices, food prices, energy prices are variables over which... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Constitution Of New DRP At Delhi Posted: 28 Jun 2011 09:30 PM PDT ORDER NO. 5/FT&TR/2011 [F.NO. 500/15/2011-FTD-1], DATED 27-6-2011 -In partial modification of Order No. 4/FT&TR/2011, and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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