• Sep
  • 04
  • 2015

CA FINAL- Service Tax Case Law Relevant For Nov 2015 Exams

Added In CA CS ICWA
The case laws are summarized from supplementary study material issued by The Institute of Chartered Accountants Of India for the Final Examination held in May 2015. For detail case study, please visit http://220.227.161.86/35311scasesp7.pdf .The case laws in italics are fresh addition in current supplementary module.

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  • Sep
  • 04
  • 2015

Date extension for taxpayers required to e-file Income Tax Return

Added In Income Tax
Date extended till 7th September for taxpayers required to e-file their Income Tax Return for Assessment Year 2015-16   CBDT has extended due date date till 7th September for taxpayers required to e-file their Income Tax Return for Assessment Year 2015-16 vide F.No.225/154/2015/ITA.II dated 02.09.2015. In case you were unable to efile your return on […]

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  • Sep
  • 04
  • 2015

Which is the best place to do CA articleship?

Added In CA CS ICWA
Chartered Accountancy course is undoubtedly one of the most prestigious courses a commerce student can opt for. It’s a very difficult task to choose among the various ca firms for joining articleship. After the results of CA-IPCC are announced, every student who qualify for at least the group-1 is eligible for doing their articleship.

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  • Sep
  • 04
  • 2015

A settled issue cannot be considered afresh by authority who settled the same- HC

Added In Excise Duty
In the case of CCE V/s M/s. Seagull Threads (India) Ltd., it has been held by Goa High Court that it is not permissible in law to consider the issue afresh in a proceeding which has already been settled by the same authority by its earlier order and had attained finality for want of any appeal against the original/earlier order, as no party to the litigation has challenged in any appellate forum.

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  • Sep
  • 04
  • 2015

Mens Rea need not to be proven in case of mandatory penalty–HC

Added In Excise Duty
CA Urvashi Porwal Case Law Citation Commissioner of Central Excise V/s Nazareth Alloys (High Court of Bombay at Goa) – EXCISE APPEAL NO. 25 OF 2008; Date of Decision: 07th January, 2015 Brief of the Case In the case CCE V/s Nazareth Alloys (High Court of Bombay at Goa), it has been held that by […]

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  • Sep
  • 03
  • 2015

Clarifications on Tax Compliance for Undisclosed Foreign Income and Assets

Added In Income Tax
Circular No. 15 of 2015 – Vide circular No. 13 of 2015 dated 6th July, 2015 CBDT provided clarifications to 32 queries related to Undisclosed Foreign Income and Assets. Subsequently, further queries have been received from the public about the tax compliance provisions under Chapter VI of the Act. The Board has considered the same and the following clarifications are issued.-

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  • Sep
  • 03
  • 2015

Income from shares – whether capital gains or income from business or profession

Added In Income Tax
Sanjeev Mittal Vs CIT (Delhi High Court) The assessee was a medical practitioner with professional income and income from capital gains as returned income. The A.O. contended the income from capital gains to be the income from business or profession as he noticed that the professional receipts turned to be equivalent to merely 1/37th of the gains from share transactions.

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  • Sep
  • 03
  • 2015

CIT cannot interfere with discretion exercised by AO without any Plausible Reason 

Added In Income Tax
ITAT Ahmedabad held In the case of Shri Isharbhai Chotabhai Patel Vs. CIT that ld. Commissioner not justified in interfering in the discretion exercised by the AO without any plausible reason. The estimated opinion formed by the AO can only be interfered, if it is established on record that such an opinion was formed by the AO on misinterpretation or misconstruction of facts or based on extraneous reasons.

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  • Sep
  • 03
  • 2015

Section 43B: Conversion of interest into shares amounts to payment

Added In Income Tax
In the case of CIT vs Rathi Graphics Technologies Ltd. Delhi High Court inter-alia held that the conversion of a portion of interest into shares should be taken to be “actual payment” within the meaning of Section 43B of the IT Act.

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  • Sep
  • 03
  • 2015

A party who has not appealed cannot be permitted to raise a ground

Added In Income Tax
In the cited case, Delhi High Court reiterated its own order in case of CIT vs. Edward Keventer (Successors) Pvt. Ltd that it would not be open to a respondent to travel outside the scope of the subject matter of the appeal under the guise of invoking Rule 27 of the Income Tax (Appellate Tribunal) Rules, 1963.

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