Audit Reports

of documents 4.2 52 Table of Contents iii Reference to Paragraph Page / Remarks Short levy of stamp duty due to app lication of incorrect rates of immovable property 4.3 53 Short levy of stamp duty due to application of non prime rates on land containing prime khasras 4.4 54 Short realisation.........

The Govern ment replied (December 2015) that serv ice tax on renting of immovable properties was not collected as per the guidelines (April 2009) as the license fee received was treated as inclusive of service tax. The service tax is being claimed with effect from 01 July 2012 as per the revised.........

the shop, pays monthly license fee during the license period and has to bear statutory pa yments viz., Chapter I II-Compliance Audit Observations 49 property tax, service tax, electricity charges and comply with all other statutory levies under Central/State laws issued from time to time. Under.........

issued instructions (May 2010) that such remission was to be confirmed by the District Collec tor (DC) who would determine whether the transfer of immovable property in favour of the charitable institution was eligible for exemption from the levy of stamp duty/r egistration fee or not. Under.........

But these were not registered as per the provisions of the Registration Act, which stipulates that leases of immovable property from year to year, or for any term exceeding one year, or reserving a yearly rent is to be compulsorily registered. Thus, non-registration of these documents resulted.........

48 According to section 65 (90 a) of Chapter V of Finance Act, 1994, service tax is payable only on those rents which are received from the immovable property leased in the course o f furtherance of business or commerce. The BCU -Gorakhpur took (August 2014) a piece of l and on lease from.........

the area to be a development Delay in implementation of Government orders led to non -levy of additional stamp duty on the deeds of transfer of the immovable property situated in the areas notified as developed by the Government. Sale deeds were misclassified as correction deeds and accordingly.........

attachment and sale of assessees’ movable and immovable property, appointment of a receiver for the management of assessees’ properties and imprisonment. Pending demands at the end of the year increased more than 2.4 times during FY 2010-11 to FY 2014-15. Out of total pending demand, the.........

2013-14 Bank Guarantee ` 5 lakh Security deposit and deed of pledge of immovable property obtained but the deeds were not registered. 1. During KMS 2013-14 amount of bank guarantee and security deposit fixed as security deposit of ` five lakh up to two MT per day, ` 10 lakh up to five MT per day.........

(Paragraph 3.2.2) Non-collection of service tax on rental income Renting of immovable property was brought under the purview of service tax in the year 2007 by the Government of India. Delayed payment of service tax also attracts interest thereon. It was observed in audit that the Tourism.........