• Sep
  • 17
  • 2014

Clarifications on mandatory pre-deposit for filing appeals under Service tax, Excise and Customs

Added In Service Tax
The Finance Act (No.2), 2014 (the Finance Act) has substituted new Section 35F of the Central Excise Act, 1944 (the Excise Act) which is also applicable for Service Tax vide Section 83 of the Finance Act, 1994 and Section 129E of the Customs Act, 1962 (the Customs Act) to prescribe mandatory pre-deposit of 7.5% or […]

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  • Sep
  • 17
  • 2014

Update on TAR Extension / Deferment Cases Pending before HCs

Added In Income Tax
CA Sandeep Kanoi There was hearing of cases related to Tax Audit Report deferment or ITR Due Date extension on 15.09.2014 and 16.09.2014 – before Delhi and Gujarat High Court. We are giving below the status of these two appeals – Rajni Mangaldas Shah V/S Central Board Of Direct Taxes(Gujrat High Court),   SCA/12571/2014 16.09.2014 […]

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  • Sep
  • 17
  • 2014

Notional interest on interest free security deposit cannot be added to rent for levy of service tax

Added In Service Tax
Notional interest on interest free security deposit cannot be added to the rent for levy of service tax on renting of immovable properties Murli Realtors Pvt. Ltd. and others Vs. Commissioner of Central Excise Pune-II [2014-TIOL-1 728-CESTAT-MUM] Murli Realtors Pvt. Ltd. and others (“the Appellants”) are lessors of immovable property who have leased out their […]

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  • Sep
  • 17
  • 2014

CBI arrests Administrative Office of Income Tax in Bribery Case

Added In Income Tax
The Central Bureau of Investigation has arrested an Administrative Officer/Drawing & Disbursing Officer, Income Tax, Dehradun for demanding & accepting a bribe of Rs. 10,000/- from the Complainant.

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  • Sep
  • 17
  • 2014

B/F unabsorbed depreciation can be set off against Unexplained Income U/s. 68

ACIT Vs. M/s. Shree Raghupati Fibres Pvt. Ltd. (ITAT Ahmedabad), ITA. No. 256/Ahd/2011, Date of Order: 12.09.2014 In the instant case, the Assessing Officer observed that the addition of Rs 13,80,000/- was made u/s. 68 of the Income Tax Act which does not form part of any specific head of income and is also not […]

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  • Sep
  • 17
  • 2014

Reference u/s 142A is exclusive prerogative of AO

Hon’ble Hyderabad ITAT has in the case of Dr. G. Premalatha v/s DCIT has categorically held that the CIT(A) had no jurisdiction in appeal proceedings to call for a valuation report, which is the exclusive prerogative of the AO.

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  • Sep
  • 16
  • 2014

ITR Due date extended to 30.11.2014 for assessees In state of Jammu & Kashmir

Added In Income Tax
Extension of due-date for filing returns of Income From 30-9-2014 To 30-11-2014 By assessees In state of Jammu & Kashmir – Order-Instruction – Dated 16-9-2014 – Income Tax

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  • Sep
  • 16
  • 2014

How Professionals can profit from having a savings account

Added In Finance
Whenever a union budget is realised or the government changes hands, we all believe that the future of working professionals will look better. Particularly, when it comes to saving money, working professionals have their eyes glued-on on every aspect of the budget to see where they can save money. Apart from the changes in the […]

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  • Sep
  • 16
  • 2014

SEBI amendments to Clause 49 of Equity Listing Agreement

Added In SEBI
CS M. Kurthalanathan SEBI has received representations from market participants including companies and industry associations, highlighting certain practical difficulties in ensuring compliance, seeking clarifications on interpretation of certain provisions and suggesting various options to ease the process of implementation.

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