"03 November 2014" Archive

CBDT Orders Transferring & Posting Of CIT – Vider Order No. 195 & 196 of 2014

Order No. 195, 196 of 2014 (03/11/2014)

Vide Order No. 195 of 2014 dated 03.11.2014, the Government / CBDT has ordered transfer and posting of several officers in the grade of Commissioner of Income Tax with immediate effect and until further orders....

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HC stays Levy of Interest U/s. 234A on I-T returns filed till extended due date of 30.11.2014

The Madras high court has granted an interim stay on imposing interest under section 234A of the Income Tax Act,1961 on taxpayers who are required to file their income tax (I-T) returns by the extended due date of November 30. The CBDT had issued the notification no. F.No.153/53/2014-TPL (Pt.I) dated 26.09.2014  extending the due date [&...

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Posted Under: Income Tax |

Company Law Board (Fees on Applications and Petitions) Amendment Rules, 2014

Notification No. G.S.R. (E) (03/11/2014)

n exercise of the powers conferred by section 642 read with sub-section (2) of section 637A of the Companies Act, 1956 (1 of 1956) and the removal of difficulty Orders issued by the Central Government under section 470 of the Companies Act, 2013....

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CCI Order Against Indian Jute Mills Association (IJMA) and Gunny Trade Association (GTA) for Contravening Competition Law

The Competition Commission of India(CCI)has imposed a penalty of Rs. 7.68 Lakhs and Rs. 35.16 Thousands(@5% of the average of the turnover for the last 3 financial years)on Indian Jute Mills Association (IJMA) and Gunny Trade Association (GTA) respectively for contravening the provisions of section 3 of the Competition Act, 2002 (‘the A...

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Posted Under: Income Tax |

What is the colour of my money…Black or White?

Krishna, why is there such a lot of confusion over on the colour of money? Supreme Court, Government and citizens are all busy in the discussion of the law pertaining to Black money. Let’s discuss its different aspects. ...

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Posted Under: Income Tax | ,

Excise – Regarding splitting up of rebate claims to avoid pre-audit

F. No. 206/05/2014-CX.6 (03/11/2014)

Instances have been brought to the notice of the Board where the assesses have submitted rebate claims by splitting up the amounts of rebate claims so as to keep each individual claim below Rs. 5 lakhs to avoid pre-audit....

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A mere diference is perception of CIT & AO cannot make the order erroneous & prejudicial to the interest or revenue

Smt. N.K. Vinayak Vs Commissioner of Income Tax (ITAT Delhi)

In sunbeam Auto case Hon’ble Delhi High Court has held that though revision can be made in a case when there is lack of enquiry in the order, however, inadequate inquiries cannot be a basis of revision as it depends on the perception of the officer exercising assessment powers....

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CBDT notifies hierarchy of Transfer Pricing Officers

Notification No. 60/2014-Income Tax (03/11/2014)

Notification No. 60/2014-Income Tax In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India, the Central Board of Direct Taxes number S.O.279 (E), dated the 12th March, 2003, published in the Gazette of India, Extraordinary, Part II, Sec...

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CBDT revises Territorial Jurisdiction of Transfer Pricing Officers

Notification No. 59/2014-Income Tax (03/11/2014)

Notification No. 59/2014-Income Tax 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.O.994(E), dated the 9th September, 2004, published in the Gazette of India, E...

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CBDT Notifies Jurisdiction of income-tax authorities (Transfer Pricing Officers)

Notification No. 58/204-Income Tax (03/11/2014)

Notification No. 58/204-Income Tax (a) the Commissioners of Income-tax specified in column (2) of the Schedule hereto annexed, having their headquarters at the places specified in the corresponding entries in column (3) of the said Schedule, shall exercise the powers and perform the functions in respect of territorial areas or of such per...

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CBDT notifies Income Tax officers on whom CITs can exercise powers related to TDS

Notification No. 57/2014-Income Tax (03/11/2014)

Notification No. 57/2014-Income Tax 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.O.881(E), dated the 14th September, 2001 published in the Gazette of India, E...

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CBDT notifies new hierarchy of CCIT, CIT and DGIT

Notification No. 56/2014-Income Tax (03/11/2014)

Notification No. 56/2014-Income Tax In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendments to the Notification of the Government of India, Ministry of Finance (Department of Revenue), (Central Board of Direct Taxes), numb...

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