"14 December 2014" Archive

Judiciary Appointed, Government Disappointed ‘CA/CMA’

Controversial and debated issue of whether board (CBEC) has power to conduct service tax audit of assessee has gone into various folds recently, but now it has got finality. Department has initiated and conducted Service Tax Audit of many assessees. ...

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Posted Under: Service Tax |

Without receipt of exempted income, Section 14A cannot be invoked

Alliance infrastructure Projects Pvt. Ltd. Vs DCIT (ITAT Bangalore)

Assessee engaged in the business of real estate and construction had filed its return for AY; 2009-10 declaring an income of Rs.55,45,092/-and for AY: 2010-11 and an income of Rs.8,07,253/-. During the course of assessment proceedings...

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Section 14A cannot be invoked when no exempt income was earned

Commissioner of Income Tax Vs M/s Lakhani Marketing Incl. (Punjab and Haryana High Court)

Punjab and Haryana High Court in CIT vs. M/s. Lakhani Marketing Inc, ITA No.970 of 2008 (O&M) , Dated- 02.04.2014 made reference to two earlier decisions of the same Court in CIT Vs. Hero Cycles Limited, 323 ITR 518 and CIT Vs. Winsome Textile Industries Ltd 319 ITR 204 to hold that Section 14A cannot be invoked when no exempt income was ...

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GDP growth not possible without Healthy India

Government keen to partner with industry, says Chemicals and Fertilizers Minister at CII Pharma Summit / ‘GDP growth not possible without Healthy India,’ says industry Government’s keenness and openness to working with industry and making suitable amendments in policies to spur manufacturing activity, the need for industry t...

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Posted Under: Service Tax |

CAs Should act as Catalyst for Evolving Transparent Processes

Chartered Accountants Should act as Catalyst for Evolving Transparent Processes, says Minister Smt Nirmala Sitharaman: Calls for Cutting ‘Huge Undergrowth of Laws and Regulations’ to Carry forth the Economy: Attends 46th Regional Conference of the ICAI in Madurai...

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Posted Under: Service Tax |

Procedures For Availing Excise Duty Exemption On Goods donated to flood effected people J & K

The Central Government has finally come up with a Notification No. 25/2014-C.E dtd 11th Dec 2014 for exempting central excise duty on all goods meant for and donated to the flood effected people in the state of J&K .The manufacturer of such goods and even a person purchasing the goods out of a cash donation for ultimately supplying free ...

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Posted Under: Service Tax |

No Wealth tax on Assets Purchased by Wife out of loan from Husband- Shah Rukh khan gets relief

Mr. Shah Rukh khan Vs Asst. Commissioner of Wealth Tax (ITAT Mumbai)

The facts, in brief, are that the assessee declared net wealth of Rs.2,75,28,460/- in his wealth tax return. The ld. Assessing Officer accepted the wealth declared by the assessee by passing an order u/s 16(3) of the Wealth Tax Act, 1957....

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