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 returned by the assesee in response to notice issued u/s 153A
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 implementation […]
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 today I will the story of an economy named Kenya. Well my […]
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-O dividend distribution tax […]
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.
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.
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 on a common sense view, “film production” will have to be considered as a manufacturing activity and the undertaking will have to be considered as an industrial undertaking.
Issue – Whether on the facts and in law, the Hon’ble Tribunal was correct in holding that the investment in tax free securities/investments are represented by assessee’s own funds in the shape of share capital and reserves, ignoring the fact that the assessee is a bank involved in transactions
What the section is designed to strike at is advance or loan to a shareholder and the word shareholder can mean only the registered shareholder. The Hon’ble Supreme Court following the judgment in the case of Commissioner of Income Tax v/s C. P. Sarathy reported in 1972 (83) ITR 170(SC) held that the beneficial owner of shares whose name does not appear in the register of the shareholders of the company cannot be said to be a shareholder though he may be beneficially entitled to the shares but he is not a shareholder.
It may be noted that a rigorous drive has been planned after 30thSeptember 2014 against the return defaulters. Hence all the defaulting dealers are requested to file all the pending returns and pay the applicable tax and interest at the earliest and take benefit of this exemption.
