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Archive: 30 October 2014

Posts in 30 October 2014

Transfer Posting of Pr. CCIT / Pr. DGIT / DGIT / CIT

October 30, 2014 3069 Views 0 comment Print

The following officers in the grade of Pr. Chief Commissioner / Pr. Director General of Income Tax and Chief Commissioner / Director General of Income Tax are, hereby, transferred and posted as indicated against names of each of them with immediate effect and until further orders:

Bullet Repayment – Gold Loan Limit Increased to 2 Lakh

October 30, 2014 1451 Views 0 comment Print

2. Based on the representations received from UCBs and National/State Federations, it has been decided to increase the quantum of loan that could be granted under the scheme, from Rs. 1.00 lakh to Rs. 2.00 lakh subject to the following conditions:

S. 148 Reopening based on re-appreciation of same material on record not valid

October 30, 2014 1018 Views 0 comment Print

In the present case also, there exist no grounds for re opening the assessment after the expiry of 4 years from the relevant assessment year. The notice under section 148 of the said Act is based on re-appreciation of the same material on record.

CBEC clarifies that ‘the place where property in goods passes on to the buyer’ is relevant to determine place of removal

October 30, 2014 2343 Views 0 comment Print

In order to avail Cenvat credit on outward transportation, any service received up to ‘the place of removal’ should qualify as input service under the definition of ‘input service’ as defined in Rule 2(l) of the Cenvat Credit Rules, 2004 (the Credit Rules). Prior to July 11, 2014, the term, ‘place of removal’ was not […]

CBDT revises territorial jurisdiction, powers and functions of CITs (TDS)

October 30, 2014 4328 Views 0 comment Print

Notification No. 55/2014-Income Tax S.O. 2793(E)- In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), and in supersession of the notification of the Government of India, Central Board of Direct Taxes number S.0.1386(E), dated the 10th August, 2007 and in partial suppression of the notification number S.O. 2752 dated 22nd October,2014 published in the Gazette of India, Part-II, sub-section (ii), in so far as it relates to the persons or classes of persons mentioned in column (5) of the Schedule of this notification, except as respects things done or omitted to be done before such supersession, the Central Board of Direct Taxes, hereby,-

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