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Archive: 21 July 2014

Posts in 21 July 2014

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 16, 2024 3876 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 3501 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Amends Notification No. 61/94-Customs (N.T.), dated the 21st November, 1994

July 21, 2014 547 Views 0 comment Print

In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India

Notification No. 2/2014-Income Tax Dated 21/7/2014

July 21, 2014 427 Views 0 comment Print

Notification No. 2/2014-Income Tax In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to Section 35AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below

Notification No. 1/2014-Income Tax Dated 21/7/2014

July 21, 2014 331 Views 0 comment Print

Notification No. 1/2014-Income Tax In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to Section 35AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below

CPC Charges 60% Tax on LTCG & not rectified, ITAT orders rectification

July 21, 2014 3662 Views 0 comment Print

First of all it is to be mentioned that the rate of tax at what rate long term capital gains is to be charged, the assessee has declared long term capital gain and charged tax on the same at 20% as is evident from the acknowledgment of return filed before us.

Entire Central Council of Cost Accountants of India Resigns

July 21, 2014 8580 Views 0 comment Print

On a short notice myself and Vice President had a meeting with Additional Secretary and other officials of Ministry of Corporate Affairs and Cost Audit Branch, wherein s preliminary discussion on different issues, as pointed out in annexure I&II of the letter dated 2nd July 2014 addressed to Secretary, MCA, was held.

Expenditure on education of director is personal expenses and not allowable

July 21, 2014 6537 Views 0 comment Print

Cousel fo the Assessee submits that , the ITAT had erred in confirming the disallowance of expenditure on remuneration and training of a working Director of the Appellant-Assessee that was incurred legitimately for the efficient management

Even if section 201 do not prescribe any limitation period, proceedings must be completed within a reasonable period

July 21, 2014 1544 Views 0 comment Print

Though Section 201 does not prescribe any limitation period for the Assessee being declared as an Assessee in Default yet the Revenue will have to exercise the powers in that regard within a reasonable time.

Notice U/s. 148 notice and order on objections cannot be challenged by Writ Petition

July 21, 2014 6133 Views 0 comment Print

The power of the assessing Officer under Section 147 of the Act is not in dispute. A challenge made to an order passed on the objections of the assessee would in effect is a challenge made to a notice under Section 148 of the Act. Such an order passed by the assessing officer is only at the stage of process of determination and not a determination by itself. The process of assessment is not required to be challenged before Court of law, as it is a still born child.

Crowd-funding: The Emergence of a New Channel of Fund Raising

July 21, 2014 2047 Views 0 comment Print

Securities and Exchange Board of India Press Release No. 70/2014 Jul 21, 2014 The fourth meeting of the International Advisory Board (IAB) of the Securities and Exchange Board of India (SEBI) was held on July 18 & 19, 2014. Major issues discussed during the meeting were: i) Corporate Governance Norms in India In the context […]

AO cannot object submission of additional evidence if same is accepted by CIT(A)

July 21, 2014 3138 Views 0 comment Print

After considering the rival submissions and perusing the relevant material on record, it is noticed that though the assessee did not extend co-operation to the AO during the assessment proceedings, but such deficiency was made good by submitting the relevant evidence before the ld.

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