"26 February 2014" Archive

Calcutta HC Ruling on Section 93 of I-T Act,1961–Rising of Phoenix

The decision of the Calcutta High Court in the case of Maersk Line UK Ltd, which reiterates the fact that business transactions having commercial substance and bona fide business purpose are permissible as long as there is no misuse of the provisions, assumes importance since the same is the first (and probably the last) judicial pronounc...

Posted Under: Income Tax |

Extension of time-limit for filing of ITR-V Forms for refund case of AY 2009-10, 2010-11, 2011-12

Press Release 01/01/1970

The Central Board of Direct Taxes has extended the time-limit for filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12 till 31.03.2014 for returns e-filed with refund claims within the time allowed under section 139 of the Act....

Posted Under: Income Tax |

Part of Residential Premises can be used by Doctors, Lawyers etc. – SC

R.K. Mittal & Ors. Vs State of U.P. & Ors. (Supreme Court of India)

That the Doctors, Lawyers and Architects can use 30 per cent of the area on the ground floor in their premises in residential sector for running their clinics/offices. ...

S. 195 AOs to tax taxable part of sum paid to NR for TDS default

Instruction No. 02/2014 26/02/2014

Sub: Deduction of tax at source under Section 195 read with Sections 201 of the Income-tax Act, 1961 relating to payment made to a non-resident-reg. Section 195 of the Income-tax Act (hereafter referred to as 'the Act') provides that any person, responsible for paying to a non-resident not being a company or to a foreign company, any s...

Whether a member can utilize residential place for commercial purpose?

For utilizing entire residential place for commercial purposes means to change in utilization.  And it can be done by prior permission of the committee.  In the development rule there is a provision that members are allow to utilize some percent of his residential place for the profession based on their professional education (C.A., Adv...

Posted Under: Income Tax |

Exposure Draft on Defined Benefit Plans: Employee Contributions (Amendments to Ind AS 19)

The ICAI has issued this exposure draft on Defined Benefit Plans: Employee Contributions which includes amendments to Ind AS 19 Employee Benefits. The exposure draft is open for public comments till March 25, 2014. To Read more Download the Attchment...

Posted Under: Income Tax |

ITAT has no power to grant stay beyond 365 Days

Commissioner of Income Tax- II Vs M/s Maruti Suzuki (India) Limited (Delhi High Court)

Recently Delhi High Court has held in the case of CIT Vs. s Maruti Suzuki (India) Limited (WP (Civil) no. 5003/2013 dated : 21.02.2014 that ITAT has no power to grant stay beyond 365 days in light of third proviso to Sec. 254(2A) inserted by Finance Act, 2008. High Court further held that Courts must respect legislative mandate....

Safeguard duty on imports of Sodium Nitrite into India

Notification No. 01/2014-Customs (SG) 26/02/2014

Central Government after considering the said findings of the Director General (Safeguards), hereby imposes on Sodium Nitrite falling under tariff item 2834 10 10 of the First Schedule to the Customs Tariff Act, when imported into India, a safeguard duty at the following rate,-...

CBEC rescinds notification No. 18/2013 – Central Excise (NT), dated 31.12.2013

Notification No. 07/2014–Central Excise (N.T.) 26/02/2014

Notification No. 07/2014–Central Excise (N.T.) G.S.R. (E). - In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby rescinds the notification of the Government of India, Ministry of Finance ...

CBEC rescinds notification No. 17/2013 – Central Excise (NT), dated 31.12.2013

Notification No. 06/2014–Central Excise (N.T.) 26/02/2014

Notification No. 06/2014–Central Excise (N.T.) G.S.R. (E). - In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue)...

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