CIRCULAR NO. 16/2015 it is clarified that Rule 9A does not apply to abandoned feature films and that the expenditure incurred on such abandoned feature films is not to be treated as a capital expenditure. The cost of production of an abandoned feature film, is to be treated as revenue expenditure and allowed as per the provisions of Section 37 of the Income-tax Act.
The Hon’ble Kerala High Court in the case of Parayil Balan Nair vs. CIT held that the change in statement made by a party on whose original statement the notice was issued to assessee cannot be relied without proper reasoning produced in support of such change.
Kerala High Court in the case of M/s Asianet Satellite Communications Ltd. held that passing assessment order without examining expenses by Assessing Officer which ought not to allowed is a clear case of an assessment order erroneous in so far as prejudicial to the interests of revenue.
The Government is at an advanced stage in considering the requirement of furnishing PAN card details if cash transactions beyond a certain limit are undertaken. The monitoring regime of the income tax has been strengthened and its capacity to access information and apply technology driven analytical tools to expose evasion, has been enhanced.
REPORT OF THE HIGH LEVEL COMMITTEE (to suggest measures for improved monitoring of the implementation of Corporate Social Responsibility policies) Content of the Report- Chapters 1- Introduction Chapters 2 – Discussion on Terms of Reference Chapters 3- Issues Relating to CSR provisions of the Act Chapters 4- Summary of Recommendations Annexure-I- Section 135 of the […]
CIRCULAR No. 07/2015 The CBDT, vide circular No. 17/2015 dated 6th October 2015 has clarified that amendment regarding measurement of distance aerially u/s 2(14)(iii) would be prospective and therefore not apply to cases prior to amendment. The department is also directed to withdraw appeals pending before the courts/tribunal. CBDT has issued the Circular in compliance of decision of Nagpur bench of Bombay High Court in the case of CIT Vs. Nitish Rameshchandra Chordia or CIT Vs. Smt. Maltibai R. Kadu.
The Tariff Item HS Code of 1-Phenyl-2- Propanone against Sl. No. 124 in Chapter 29 of Schedule 2 of ITC (HS) Classification of Export and Import Items notified vide Notification No. 55(RE-2013)/2009-14 dated 03.12.2013 is amended to read as ‘29143100’. Accordingly, the entry at Sl. No. 124 in Chapter 29 of Schedule 2 of ITC (HS) Classification of Export and Import Items may be read as under.
This is to inform you that due date for filing Quarterly TDS/TCS statement for Q2 of FY 2015-16 is fast approaching. Do submit the quarterly TDS/TCS statement on or before due dates (as mentioned below) to avoid late filing fee under section 234E of Income Tax Act.
Admit cards- 6th October 2015 Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final November 2015 examination, with their photographs and signatures on them, are hosted on www.icai.nic.in. Candidates may print their admit cards from the said website. For downloading/printing of the admit cards, candidates will have to enter the following […]
The Hon’ble Kerala High Court in the case of Grihalakshmi Vision held that the penalty proceeding under Sec 271D and 271E can be initiated by Joint commissioner only and the limitation period of six months to be reckoned from the end of month of initiation of penalty proceedings by Joint
