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"14 February 2017" Archive

Post sale discounts shall not form part of the turnover

The Appellant raised the tax invoices on the purchasers as per the policy of manufacturers of vehicles to maintain uniformity in the price thereof. After the sales were completed, credit notes were issued to the customers granting discounts, in order to meet the competition in the market and for allied reasons. ...

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GST- Section 33: Furnishing details of inward supplies

1. Nonresident taxable person, input service distributor, person paying tax under composite levy scheme, deducting TDS/collecting TCS are not required to furnish the details regarding of input supply of goods & services....

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Allotment of PAN through a common application form

Notification No. 09/2017-Income Tax (09/02/2017)

An applicant may apply for allotment of permanent account number through a common application form notified by the Central Government in the Official Gazette, and the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall specify the classes of persons, forms and formats along with procedure f...

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Capital Infusion and Reporting Requirements

Capital infusion refers to the process whereby funds are injected into startup companies or large companies by an investor with a financial interest in the company. Capital infusion also refers to the process of transferring money from a successful unit, division or subsidiary of a company to another unit that is not doing well with the a...

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Allowability of Interest / Service Charges on Funds raised to Subscribe Debentures for acquiring controlling interest

Commissioner of Income Tax vi Vs m/s Virat Investment & Mercantile co. (Delhi High Court)

In this case, the expenditure clearly is not towards acquisition of the capital nor is it an integral part of it, it is only the service alone. It is of a similar kind that would otherwise have been permitted under Section 37 of the Income Tax Act. ...

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Transaction not bogus for mere non-filing of objection by Assessee

Tvl. Sun Powers Vs The Commercial Tax Officer (Madras High Court)

Assessing Officer, could have only come to a conclusion that the subject transactions were bogus, based on substantive material, and not that because objections were not filed by the petitioner, the assertions made in the pre-assessment notice would have to be deemed to be correct....

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Section 14A applicable even if motive of assessee in acquiring shares is to obtain controlling interest in a company

United Breweries Limited vs. DCIT (Karnataka High Court)

The learned Counsel for the appellant relied upon various decisions of the High Court and of the Apex Court, but in none of the decisions, the question arisen before the respective Court as to whether the finding of fact recorded by the Tribunal can be disturbed or upset at the stage of appeal before this Court, which is limited to the qu...

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Submission of Monthly Reports by Custodians of Securities

Circular No. IMD/FPIC/CIR/P/2017/12 (14/02/2017)

In partial modification of Para 2 of the circular IMD/FII&C/30/2008 dated July 21, 2008, it has been decided that the custodians shall submit the monthly reports latest by either the end of the third working day of the succeeding month or the 5th of the succeeding month, whichever is later....

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Sec. 35(1)(ii) CBDT approves Christian Medical College Vellore Association

Notification No. 08/2017-Income Tax (31/01/2017)

It is hereby notified for general information that the organization M/s Christian Medical College Vellore Association, Vellore (PAN:- AAATC/ 278N) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax R...

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Sec. 35(1)(ii) CBDT approves Center of Innovative & Applied Bio-processing

Notification No. 07/2017-Income Tax (31/01/2017)

It is hereby notified for general information that the organization M/s Center of Innovative & Applied Bio-processing(`CIAB') (PAN:- AABAB8297N) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5D of the Income-tax Ru...

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