"25 July 2014" Archive

Rejection of books of accounts merely for inconsistent GP ratio is bad in law: HC

CIT Vs M/s Swastik Food Products (Himachal Pradesh High Court)

The Hon'ble Himachal Pradesh High Court in the case of CIT vs. Swastik Foods held that the rejection of basis by merely expressing a doubt about the correctness of profit declared taking inconsistent GP ratio as basis cannot be a said to be rejection of books for incompleteness or incorrectness....

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Second Proviso to sub-section (1) of Section 203 of Companies Act, 2013

Notification No. S.O. 1913(E) 25/07/2014

For the purposes of this notification, the paid-up share capital and the annual turnover shall be decided on the basis of the latest audited balance sheet....

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Notification No. 36/2014-Customs (ADD) Dated: 25.07.2014

Notification No. 36/2014-Customs (ADD) 25/07/2014

The anti-dumping duty imposed under this notification shall be levied for a period not exceeding six months (unless revoked, amended or superseded earlier) from the date of publication of this notification in the Gazette of India and shall be paid in Indian ...

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CBDT Notifies new Form 3CA, 3CB & 3CD – Format of Tax Audit Report Revised

Notification No. 33/2014-Income Tax 25/07/2014

Notification No. 33/2014-Income Tax S.O. 1902 (E).. In exercise of the powers conferred by section 295 read with section 44AB of the Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income Tax Rules, 1962, namely:- 1. (1) These rules may be called the Income Ta...

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CBDT Releases ITR 6 e-filing Utility for A.Y. 2014-15

After a Wait of  almost 4 Months CBDT has finally released ITR 6 Java Utility required for online filing of Income Tax Returns of Companies other than a company claiming exemption under section 11 for Assessment year 2014-15 i.e. Financial Year 2013-14. CBDT has Yesterday released only Java Utility, which means we have to wait […]...

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Posted Under: Income Tax |

Appointment of key managerial person – class of company

Section 203 of the Companies Act 2013 requires appointment of whole-time key managerial personnel for the prescribed class of companies. MCA has notified that public companies having paid-up share capital of rupees one hundred crore or more and annual turnover of rupees one thousand crore or more which are engaged in multiple businesses a...

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Posted Under: Income Tax |

CBI arrests Excise Superintendent and an Inspector from Vadodara (Gujarat) in bribery case

            The Central Bureau of Investigation has arrested a Superintendent and an Inspector, both of Central Excise, Vadodara (Gujarat) in a bribery case.             It was alleged in the complaint that the Superintendent had originally demanded a bribe Rs. 15,000/- for issue of Central Excise Registration number...

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Posted Under: Income Tax |

Sec 153A cannot be used to re-agitate concluded assessment in absence of any incriminating material

DCIT Vs Kalyani Chaturvedi (ITAT Agra)

Sec 153A cannot be used to re-agitate concluded assessment in the absence of any incriminating material. Hon'ble Agra ITAT Bench has in the order of DCIT V/S Kalyani Chaturvedi has held that assessments that have attained finality don't abate at the time of search and they cannot be done de-novo u/s 153A of the Income Tax Act, 1961 in th...

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