"02 August 2014" Archive

Mid-year Changes in Tax Audit Report / Form 3CD Undesirable

There is no dispute about the right of our lawmakers (here the CBDT) to draft these formats and ask the information which in their opinion is required for the task in hand but the timing of introduction of these changes is not only crucial and sudden but irritating also....

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Posted Under: Income Tax | ,

PSF, PFY and Tow- Ache din aa gaye hai

Earlier there was dispute on duty liability and classification of Polyester Staple Fiber (PSF) and Polyester Filament Yarn (PFY) manufactured from plastic waste or scrap or plastic waste including waste polyethylene terephthalate (PET) bottles. ...

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Posted Under: Income Tax |

ITAT deletes Addition for unexplained cash credit in the form of Share Capital & Share Premium

ACIT Vs M/s Bahubali Dyes Limited (ITAT Delhi)

In the case of the assessee, summons issued by the Assessing Officer to the shareholder companies were duly served upon them and the shareholder companies responded to the Assessing Officer by affirming the investment made ...

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For imposition of Penalty U/s. 271(1)(c) in Assessment U/s. 153A, original return of income filed u/s 139 cannot be considered

Pawan Kumar Gupta Vs ACIT (ITAT Delhi)

Tribunal has come to the conclusion that for the purpose of imposition of penalty u/s 271(1)(c) as a result of search assessments made u /s 153A, original return of income filed u/s 139 cannot be considered. It was held that concealment of income has to be seen with reference to additional income brought to tax over and above the income r...

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​​Need for Shedding the ‘GAAR’ Weight

At present, the General Anti-Avoidance Regulations (GAAR) in India are set to kick in effective April 1, 2015. The Budget 2014 which was expected to recast and defer GAAR has remained silent. However, the subsequent announcement by the Finance Minister to revisit GAAR provisions in its current form and the effective date of its implementa...

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Posted Under: Income Tax |

Cost Management & Costing methods…Kenya 2030 Series 3

I don’t how much my last two articles have been eye open for the Indian government and for my cost accounting friends about the practices of the Costing Methods and Cost Management across the globe. Well in continuation to my previous series https://taxguru.in/chartered-accountant/costing-methodscost-management-automobileseries-2.html ...

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Posted Under: Income Tax |

Grossing up of Dividend for distribution tax

Grossing up of Dividend for distribution tax –  increase in effective Dividend Distribution tax rate of 3.47% The Finance (No.2) Bill, 2014 proposes to levy dividend distribution tax by grossing up the dividend payable for the purpose of computing liability towards dividend distribution tax. As per the existing provision of Section 115...

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Posted Under: Income Tax |

Textile Machinery Corporation vs The Commissioner Of Income-Tax -Supreme Court of India

Textile Machinery Corporation Vs The Commissioner Of Income-Tax (Supreme Court of India)

Section 15C of the Indian Income-tax Act 1922, which deals with exemption from tax of newly established industrial undertakings, provides in sub-s. 2(i) that the section applies, among others, to any industrial undertaking which is not formed by the splitting up, or the reconstruction of business already in existence....

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MCA advertisement for awareness of general public who invest in Deposit Scheme of Companies- A Welcome measure

Recently, MCA came out with an advertisement in national dailies apprising the investors of the new regulations which the Companies should follow while inviting deposits from general public. ...

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Posted Under: Income Tax |

Production of cinematograph film amounts to manufacture by industrial undertaking

Commissioner Of Income-Tax Vs D.K. Kondke (Bombay High Court)

If the production of cinematograph film amounts to manufacture of an article or goods within the meaning of section 104(4)(a) as it then stood, it follows that the said activity must be treated as an industrial undertaking within the purview of section 80J of the Income-tax Act, 1961. Apart from the circular, we are satisfied that, even ...

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