"12 March 2017" Archive

Macroeconomic Impact of Demonetisation – A Preliminary Assessment

Demonetisation announced on November 8, 2016 was aimed at addressing corruption, black money, counterfeit currency and terror financing. Although demonetisation holds huge potential benefits in the medium to long-term, given the scale of operation, it was expected to cause transient disruption in economic activity....

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Posted Under: Fema / RBI |

15 FAQs replied at various sessions of Quest Assist – ICSI

Q. 1 How the subscriber sheet should be signed in case of foreign subscribers. Ans: In case of the foreign subscriber, the subscriber sheet needs to be physically signed and witnessed there. Also ensure to follow the process of Notarisation & Apostille for all documents as required under the Act. The complete MOA and AOA along with the su...

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Posted Under: Fema / RBI |

CBEC Master Circular on Show Cause Notice, Adjudication & Recovery

Circular No. 1053/02/2017-CX (10/03/2017)

The master circular is divided into four parts. Part I deals with Show Cause Notice related issues, Part II deals with issues related to Adjudication proceedings, Part III deals with closure of proceedings and recovery of duty and Part IV deals with miscellaneous issues....

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Holi of GST in four colours. Enjoy It!

Krishna, In India, the colourful festival of holi is celebrated with lots of joy and excitement. Children are waiting for this festival eagerly. So is the finance world waiting for GST. Let's discuss about these beautiful and knowledgeable topic GST and Holi ....

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Posted Under: Fema / RBI | ,

Transfer Pricing additions not eligible for Exemption U/s 10A

M/s. Wissen Infotech Private Limited Vs Dy. Commissioner of Income Tax (ITAT Hyderabad)

The learned Counsel for the assessee submitted that the assessee is a concern which is eligible for claiming exemption u/s 10A of the Act and therefore, all of its income is exempt from tax in India and hence there is no intention to shift its profit outside India and more so, when the tax rates in USA, where the AEs are located, is highe...

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Assessment u/s 153A is Limited to search related income only

Principal Commissioner of Income Tax Vs Dipak J Panchal (Gujarat High Court at Ahmedabad)

It is held that the Assessing Officer while framing the assessment under Section 153A of the Act for the block period may make addition considering the incriminating material found for the year under consideration only which was collected during the search....

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Borrower can Appeal to DRT even If Mortgaged property belongs to Guarantor

Manik Mehta Vs UCO Bank (Chhattisgarh High Court)

This petition under Article 227 of the Constitution of India has been preferred for quashment of the recovery and auction proceedings initiated against the petitioner by the respondent UCO Bank (the Bank henceforth); for quashing the appellate order dated 9-11-2011 passed by the Debts Recovery Appellate Tribunal, Allahabad...

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HC slams cavalier fashion working of UP VAT Department

Flipkart India Pvt. Ltd Vs State of U.P. & Others (Allahabad High Court)

If in this cavalier fashion the Commercial Tax Department functions and withdraws huge sums of money without valid service, it would be difficult for big business houses to carry on their business. Such business houses would be forced to shift their business outside the State of Uttar Pradesh....

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Writ of quo-warranto cannot be issued, if appointment is temporary

Mohan Mishra "Mrityunjay", Vs State of Chhattisgarh, (Chhattisgarh High Court)

The High Court in a quo warranto proceeding should be slow to pronounce upon the matter unless there is a clear infringement of the law....

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Deficit incurred in earlier years by a Trust can be treated as application of Income in Subsequent year

Devi Kamal Trust Estate Vs. Director of Income Tax (Exemption) Kolkata & Ors. (Calcutta High Court)

Deficit incurred by a trust could not be treated in the same way as that of a loss sustained by an assessee under the head ‘profits and gains of business or profession‘ for such deficit to be furnished in a return and verified. The same was to be allowed to be set off against surplus […]...

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