ACIT disallowed expenses on the ground that assessee could not produce the person to whom the payment was made. However the expenses made were genuine and same reflected in bank statements of both parties and TDS was also made on the same. ACIT disallowed stating that mere payment does not satisfy the truness of transactions.

Now we are going to file appeal agaist the order of ACIT. So pleas provide me some caselaws in support of such situation. and if possible suggestion regarding statement of facts to be filed.

What is the definition of SPECIFIED EDUCATIONAL INSTITUTES under service tax on which service tax is leviable from 01.04.2013 for services provided for renting of immovable property & auxiliary educational services ?

Consider the situation
1 ) Purchase order for 2 Motor Pumps 12/11/2011
1.5 Yen/ Re.
2 ) Supplier Acknowledged...Invoice Date 26/12/2011 20000 Yen at 10000 each...1.7/ Re.
3 ) Despatch Date 27/12/2011 1.85 Yen/ Re.
4 ) First Payment Date 27/02/2011...paid 10000 Yen at 2 Yen/ Re...price of once pump...both of them still in transit...
5 ) Customs and VAT clearance 26/06/2011...2.25 Yen/ Re.
6 ) Reached Factory 30/06/2011....2.5 Yen/ Re.
When should I capitalise the asset and at what values ?

I have done this.....
1 ) Capitalise both the assets on the date it reached the factory...
2 ) Value of the pump for which the price is paid before it reaches the factory is value at cash value...that is the amount paid..
3 ) Value of the second pump for which the price is still payable is valued using the exchange rate on the date it reached the factory....

Partnership firm can claim deducation of principal Repayment of loan against purchased property, if yes under which section.

Dear Experts,on of my client claimed the long term capital loss based on the Fair Market Value of the property as on 01.04.1981, taken as Rs.19 lacs,(before indexation) but the AO rejecting the valuation report submitted by the assesse, adopted the FMV of the property as on 01.04.1981 as Rs.330000/-(before indexation). Thereby there is a tax demand of Rs.30lacs,

I request the experts to highlight any case in favour of the assesee to file the appeal.

A company has raised 'Advance against Share Capital'. What is the correct treatment of this account for the purpose of calculating earnings per share.

Please give some reasons for the answer.

Filed my return online for 2011-12 fy and applied for refund of excess tds deducted by my employer by erroronously nt incorporating the hra exemption in my form 16.

When i finally applied for refund for excess tax deducted to that effect...to my surprise a demand order has been issued for the amount of tax that i showed in my itrv and they ignored the tds already reducted. Form 26 a is showing the tds receipt of the deducted amount....

Pls suggest how to go about this...

We have currently exchanged commercial units to our nearest neighbor for the our conveyance of our existing office. We have possessed Gala no 8 & 10. We have exchanged Gala no 10 and got exchanged & how having Gala no 9. So now it is easy for our conveyance to access Gala no.9.with 8 Is this transaction called transfer u/s 2(47) of Income tax Act 1961.

Hi
my query is:
a dealer Q from haryana want to purchase 200 tonnes of tea from a seller ,say P, in assam. goods will be delivered by 10 to 12 trucks each billed on different dates (means delivery would be in parts). P will raise a bill (for each truck) as Q as consignee. transport will make delivery challan/bilty in which Q will be consignee. After receiving a truck Q will sale the truck to another consumer/dealer in haryna say R,S,T.
P will charge 5%CST on Q.
1:) will further sale by Q will be exempted from tax?
2:) P will issue E1 for every truck?
3:) Q will issue E2 fro every truck?
4:) P will issue E1 after or bbefore receiving form 'C' from Q?

Dear friends,

any body help me for filing new ST3 return?
we are only serivice receiver and how to put values and taxes under ACES file?

for works contract service how to put tax percentage?

thanks
karthik