"06 February 2014" Archive

Regulation of pay on imposition of a penalty under CCS (CCA) Rules, 196

Notification No. 6/3/2013 (06/02/2014)

Consequent upon implementation of the recommendations of 6 th CPC under the CCS (RP) Rules, 2008 pay scale of a post/grade for below HAG level means the Pay Band and Grade Pay specified for that post. Under the CCS (RP) Rules, 2008 a Pay Band may cover Government servants in more than one Grade Pay or posts in the hierarchy. As per Rule 9...

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Invitation of suggestions forby the sales tax department in view of revamping of automation system of Sales Tax Department

Circular No. 5 T of 2014. (06/02/2014)

The existent automation system of the sales tax department encompasses various functional modules of automation like Registration, Returns, Recovery, Refunds and Assessment etc. Each of the Modules has been developed on the concept of automation of physical processes underlying each of the functionalities. The Department has also establis...

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SEBI : Individual scrip wise price bands on non-F&O eligible scrip’s in Index Derivatives

CIR/MRD/DP/04/2014 (06/02/2014)

Vide circular no. SMDRPD/Policy/Cir-37/2001 dated June 28, 2001, stock exchanges had been advised to implement appropriate individual scrip wise price bands in either direction....

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No disallowance U/s. 40(a)(i) on payment to non residents where "deduction neutrality non-discrimination" violated

DCIT Vs Gupta Overseas (ITAT Agra)

The issue is covered against the revenue by the Special Bench decision in Rajeev Sureshbahi Gajwani’s case (supra) and this decision binds this division bench. The theory of differentiation vs discrimination was relevant, relevant if it was, only for the India US tax treaty...

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S. 14A Recording of satisfaction is pre-requisite for invoking rule 8D

Kalyani Steels Ltd. Vs Addl. Commissioner of Income Tax (ITAT Pune)

In this case, assessee has earned by way of dividends a sum of Rs.5,45,58,685/-, which is exempt u/s 10(38) of the Act and thus the same does not form part of the total income under the Act. In the computation of income, assessee having regard to section 14A of the Act...

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Amendment class Finance Act 2013 – Surcharge and its effects on MMR and TDS Part 1

Kaushal Agrawal This is our first lecture series of amendments made by Finance Act 2013. This video covers 1. Changes made in surcharge. 2. Present rates of surcharge. 3. Why surcharge was imposed, 4. What is effect of increase in surcharge. 5. How Maximum marginal rates of tax has changed. 6. Will surcharge and education […]...

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Posted Under: Finance |

Disallowance U/s. 14A is to Be Made For Computing Book Profits U/s. 115JB

CIT Vs Goetze (India) Ltd (Delhi High Court)

These appeals by the Revenue relates to Assessment Year 2001-02. The respondent-assessee, as noticed above, namely, Federal-Mogul Goetze (India) Limited, had filed return of income on 31st October, 2001 declaring „nil‟income after setting for brought forward losses and depreciation. ...

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Tribunal cannot be a silent spectator to illegal coercive recovery of taxes in Defiance Of Law – HC

DIT Vs Maharashtra Housing & Area Development Authority (Bombay High Court)

Contention of the Assessee :- The action of the petitioner revenue in not only attaching the petitioner's bank account but also withdrawing the amount of Rs.159.84 crores on 18 November 2013 when the stay application was already fixed for hearing before the Tribunal on 22 November 2013...

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Additions for undisclosed investment could without doubting the genuineness of documents produced not justified

Commissioner of Income Tax Vs M B Patel (Gujarat High Court at Ahmedabad)

Assessee in his return submission dated 6.11.2009 had explained that the purchase of 2 JCB machines were made from Yantraman Automac Pvt.Ltd., Baroda and both these purchases were on hypothecation with Centurion Bank of Punjab. ...

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Sec. 40A(3) is to curb / reduce black money transactions not business expediencies

Anupam Tele Services Vs ITO (Gujarat High Court)

n the present case, neither the genuineness of the payment nor the identity of the payee were in any case doubted. These were the conclusions on facts drawn by the Appellate Commissioner. The Tribunal also did not disturb such facts but relied solely on Rule 6DD (j) of the Rules to hold...

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