Fwd: TaxGuru : “All about service tax on Restaurant Service” plus 27 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Mon, Jul 4, 2011 at 10:21 AM
Subject: TaxGuru : "All about service tax on Restaurant Service" plus 27 more
To: palashbiswaskl@gmail.com

TaxGuru : "All about service tax on Restaurant Service" plus 27 more

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• All about service tax on Restaurant Service
• Service Tax on Hotel, Inn, Club and Guest House Service
• ICAI accounting format for parties to ensure transparency
• Decision on FDI in multi-brand retail likely in July
• Govt streamlines FDI proposals' filing for approval
• Mutual funds may face Sebi fury over casual voting
• Major PSU banks may raise lending rates soon
• Facebook may launch Skype-powered video chat
• Assessee entitled to deduction u/s 10A on conversion of existing DTA unit into STP unit
• Exemption under section 54F and purchase of share of husband in plot
• Payment for use of disk space is not royalty
• If defects in Form 15H are curable then AO to provide opportunity to the Assessee before making any disallowance for non deduction of TDS
• Whether in the case of Government securities, interest accrues on day to day basis or only on the coupon dates?
• Pre-operative expenses and registration fee paid to SEBI are allowable as intangible asset and assessee can claim depreciation on the same
• Whether when the title of the assessee on the impugned land is not clear, income arising from transfer of such land is to be treated as capital gain or income from other sources?
• For making additions, FIR is contemporaneous evidence and the contents of the same cannot be ignored in the light of self-serving documents
• Where no proof of gifts received on surrender of tenancy rights penalty imposable u/s. 271(1)(c)
• Top Law Colleges in India – Can the legal profession in India embrace all this young talent?
• The assessee entitled to exemption under s 54F on investment of net consideration from transfer of depreciable asset under Capital Gains Deposit Account Scheme
• Retrospective or prospective applicability of a provision cannot be decided simply on the basis of the view taken by CBDT ignoring the plain statutory language
• No Tax on on transfer of shares of Indian subsidiary to Singapore subsidiary without consideration on account of reorganisation by American company
• Once the refund becomes due, the interest is payable as per the provisions of section 244A of the Income Tax Act, 1961
• Mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars
• Differences between IFRS AND Ind AS
• Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 -
• Chartered Accountant gets 7-yr RI for forging I-T returns
• Indian Bank Request for Proposal for Information Systems Audit of Core Banking / Net Banking / Mobile Banking / ATM / Data Centre / D R Site / Networking Infrastructure and Other Integrated systems
• No disallowance can be made u/s. 14A if assessee has no tax-free income

All about service tax on Restaurant Service Posted: 03 Jul 2011 08:16 PM PDT Taxable Restaurant Service, means any service provided or to be provided to any person by a restaurant, by whatever name called, having the facility of air-conditioning in any part of the establishment, at any time during the financial year, which... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on Hotel, Inn, Club and Guest House Service Posted: 03 Jul 2011 08:11 PM PDT Taxable service, means any service provided or to be provided to any person by a hotel, inn, guest house, club or campsite, by whatever name called, for providing of accommodation for a continuous period of less than three months. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI accounting format for parties to ensure transparency Posted: 03 Jul 2011 07:11 PM PDT In a bid to ensure transparency in their functioning, a format for accounting and auditing of income and expenditure of political parties has been submitted to Election Commission by the Institute of Charted Accountants of India (ICAI). The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Decision on FDI in multi-brand retail likely in July Posted: 03 Jul 2011 07:08 PM PDT A decision on the contentious issue of allowing foreign direct investment (FDI) in multi-brand retail is likely to be taken before the Monsoon session of Parliament, sources said. However, there will be tough riders on the global retail chains for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt streamlines FDI proposals' filing for approval Posted: 03 Jul 2011 07:07 PM PDT New Delhi: Investors seeking government approval for Foreign Direct Investment (FDI) will now have to obtain electronically generated unique number from the concerned authorities before filing requests with the Foreign Investment Promotion Board.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mutual funds may face Sebi fury over casual voting Posted: 03 Jul 2011 07:05 PM PDT Mutual funds may soon face some tough questions from market regulator Sebi regarding the exercise of their vote on key business proposals of the companies in whose shares they have put in investors' money. The market watchdog is irked by the casual... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Major PSU banks may raise lending rates soon Posted: 03 Jul 2011 07:01 PM PDT Major public sector banks, including State Bank of India, Punjab National Bank and Bank of Baroda, are likely to soon raise lending rates making home, auto and commercial loans expensive. As many as a dozen banks, including private sector leader... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Facebook may launch Skype-powered video chat Posted: 03 Jul 2011 06:59 PM PDT Social networking site Facebook is planning to launch a video chat function next week for its millions of users in association with Skype, says a report. Facebook will launch a new video chat product, powered by Skype, that works in browser,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Assessee entitled to deduction u/s 10A on conversion of existing DTA unit into STP unit Posted: 03 Jul 2011 09:02 AM PDT E2 Solutions India Pvt. Ltd., Vs ITO- Learned CIT(A) has passed a very detailed order in the assessment year 2002-03 and rightly came to the conclusion that the assessee is entitled to exemption u/s 10A of the IT Act. From the assessment order, we... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exemption under section 54F and purchase of share of husband in plot Posted: 03 Jul 2011 08:51 AM PDT Sita Jain &Ors. v. ACIT & Anr. (ITAT Delhi) - We have duly considered the rival contention and gone through the record carefully. The Hon'ble Punjab & Haryana High Court in the subsequent decision has upheld grant of exemption u/s 54B... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Payment for use of disk space is not royalty Posted: 03 Jul 2011 08:19 AM PDT Atos Origin IT Services Singapore Pte Ltd. Vs. Asstt. Director of Income tax (ITAT Mumbai)- Assessee who was tax resident of Singapore had entered into a hubbing agreement for providing data processing support to Standard Chartered Bank (SCB) a non... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If defects in Form 15H are curable then AO to provide opportunity to the Assessee before making any disallowance for non deduction of TDS Posted: 03 Jul 2011 08:15 AM PDT Industrial Thermoplastics Vs ITO (ITAT Mumbai) - Whether the disallowance is warranted u/s 40(a)(ia) for non-deduction of tax on interest payment by the assessee to a concern covered u/s 40A(2) though the assessee has explained that there is no... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether in the case of Government securities, interest accrues on day to day basis or only on the coupon dates? Posted: 03 Jul 2011 08:04 AM PDT Indusind Bank Ltd Vs ACIT (ITAT Mumbai) - Whether interest on government securities will become taxable on the date of coupon date as the assessee receives the right of the interest in the said securities only on the said date and it does not... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pre-operative expenses and registration fee paid to SEBI are allowable as intangible asset and assessee can claim depreciation on the same Posted: 03 Jul 2011 07:57 AM PDT HSBC Asset Management (India) Private Limited Vs DDIT (ITAT Mumbai)- Pre-operative expenses and registration fee paid to SEBI are allowable as intangible asset and assessee can claim depreciation on the same and AO cannot question the allowability... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether when the title of the assessee on the impugned land is not clear, income arising from transfer of such land is to be treated as capital gain or income from other sources? Posted: 03 Jul 2011 07:53 AM PDT Bachhraj Factories Pvt Ltd Vs ITO (ITAT Mumbai)- in regard to 14 bighas, the assessee was found to be a trespasser. The law does not recognize the rights of a trespasser. Ordinarily, it is said that the possession is the nine point of ownership.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

For making additions, FIR is contemporaneous evidence and the contents of the same cannot be ignored in the light of self-serving documents Posted: 03 Jul 2011 07:34 AM PDT DCIT Vs Mr Sanjeev R Kanwar (ITAT Mumbai) - For making additions, FIR is contemporaneous evidence and the contents of the same cannot be ignored in the light of self-serving documents. Human conduct and human probabilities are to be given weightage... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Where no proof of gifts received on surrender of tenancy rights penalty imposable u/s. 271(1)(c) Posted: 03 Jul 2011 07:27 AM PDT Harish P. Mashruwala v. Asst. CIT (ITAT Mumbai)- In this case, tax sought to be evaded is very clear as the tax rate applicable is 30% whereas the assessee has paid 20%. The tax sought to be evaded was because of the lower rate of tax paid and not... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Top Law Colleges in India – Can the legal profession in India embrace all this young talent? Posted: 03 Jul 2011 01:33 AM PDT Though I had to face inevitable struggles in legal profession even after having the required qualities to succeed in profession, I always feel that the legal profession is one of the noble professions which can contribute alot to the society apart... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

The assessee entitled to exemption under s 54F on investment of net consideration from transfer of depreciable asset under Capital Gains Deposit Account Scheme Posted: 03 Jul 2011 01:20 AM PDT CIT v Rajiv Shukla (High Court of Delhi) Assessing Officer rejected the claim of the assessee under section 54F on the ground that the assessee had not produced any evidence showing investment in Capital Deposit Account Scheme under section 54F and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Retrospective or prospective applicability of a provision cannot be decided simply on the basis of the view taken by CBDT ignoring the plain statutory language Posted: 03 Jul 2011 01:14 AM PDT iPolicy Network (P) Ltd. v ITO (ITAT, Delhi)- If the difference in the ALP price determined by the TPO in international transaction and the revenue received by the assessee does not exceed the safe harbour of -/+ 5 per cent as per proviso (2) of s... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Tax on on transfer of shares of Indian subsidiary to Singapore subsidiary without consideration on account of reorganisation by American company Posted: 03 Jul 2011 12:46 AM PDT Deere and Co., In re (Authority for Advance Rulings)- American company is not liable to pay any capital gain under s 45 read with s 47(iii) on transfer of shares of Indian subsidiary to Singapore subsidiary without consideration on account of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Once the refund becomes due, the interest is payable as per the provisions of section 244A of the Income Tax Act, 1961 Posted: 03 Jul 2011 12:29 AM PDT ADIT (IT), Circle 2(2) v Taj TV Ltd. (ITAT Mumbai) -The assessee was entitled to interest under s 244A in respect of the excess payment of tax in response to the order passed under s 201 read with s 195, 201(1A) and 250. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars Posted: 02 Jul 2011 10:18 PM PDT ADIT v Fidelity Management Trust Co (ITAT Mumbai) The mere making of a claim, which was not sustainable in law, by itself, would not amount to furnishing inaccurate particulars when the assessee had made a bona fide claim relying on the advance... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Differences between IFRS AND Ind AS Posted: 02 Jul 2011 10:00 PM PDT This note is issued by the Institute of Chartered Accountants of India (ICAI) to bring out the differences between the IFRSs1 as applicable on 1st April, 2011 and the corresponding Indian Accounting Standards (Ind ASs) placed by the Ministry of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 - Posted: 02 Jul 2011 09:49 PM PDT Notification No. 42/2011 - Customs (N.T.)- New Delhi, 30th June, 2011 S. O……… (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Chartered Accountant gets 7-yr RI for forging I-T returns Posted: 02 Jul 2011 09:32 PM PDT A chartered accountant has been sentenced to seven years of rigorous imprisonment by the additional chief metropolitan magistrate (EOI), Egmore, for forging his income tax returns. L Vijayaraghavan had forged the figure and words on his challan for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Indian Bank Request for Proposal for Information Systems Audit of Core Banking / Net Banking / Mobile Banking / ATM / Data Centre / D R Site / Networking Infrastructure and Other Integrated systems Posted: 02 Jul 2011 09:32 PM PDT Indian Bank Request for Proposal for Information Systems Audit of Core Banking / Net Banking / Mobile Banking / ATM / Data Centre / D R Site / Networking Infrastructure and Other Integrated systems-Download RFP Indian Bank ISA Audit [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No disallowance can be made u/s. 14A if assessee has no tax-free income Posted: 02 Jul 2011 09:15 PM PDT Siva Industries & Holdings Ltd vs. ACIT (ITAT Chennai) -Once there is no claim of income which does not form part of the total income under the Act, there cannot be any disallowance in relation to an investment which may or may not give rise to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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