"22 December 2014" Archive

HC warns dept. against filing appeal on covered matters

CIT Vs Kirloskar Oil Engines Ltd. (Bombay High Court)

We are afraid that if the Revenue persists with such stand and as has been turned down repeatedly, that would defeat the very object and purpose of the schemes and packages devised by the States. That would also result in frustrating the entrepreneurs and defeating the purpose...

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Threshold limits for reporting of fraud by the auditor

The Companies Act, 2013 had specified a new reporting requirement for the statutory auditors of companies. Under Section 143(12) of the Companies Act, 2013 the auditor was required to report on frauds/ suspected frauds in certain situations laid down in the section. Considering the challenges for the auditors in reporting under this secti...

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Posted Under: Income Tax |

Tendency of not accepting any adverse verdict on facts results in frivolous Appeals

CIT Vs Sairang Developers and Promoters Pvt.Ltd (Bombay High Court)

We do not find how Officers lower down in the hierarchy can take decisions to file Appeals and that too against the decision of the Tribunal. The tendency not to accept any adverse verdict on facts results in frivolous Appeals being filed in this Court....

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Even Transfer fees in excess of limits, received by Co-op Housing Society is exempt on mutuality ground

CIT Vs Darbhanga Mansion CHS Ltd (Bombay High Court)

Issue- Whether on the facts and circumstances of the case and in law, the ITAT was justified in upholding the CIT(A)'s order and rejecting the departmental appeal in accepting the Assessee's plea that the contribution of Rs.39,68,000/- paid towards 'heavy repair fund' is covered by the principle of mutuality and is not chargeable to tax....

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Conversion of Private Limited / Unlisted Public Company into LLP

Krishna Govardhan Conversion of Private Limited Company/ Unlisted Public Company into Limited Liability Partnership Key Benefits: 1. One of the most important reasons for the conversion of a Company into a Limited Liability Partnership is derived from the Income Tax Act. The Income Tax Act, 1961 provides for Minimum Alternate Tax and paym...

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Posted Under: Income Tax |

Most of the States to benefit from GST from day one:-FM

Most of the States to benefit from GST from day one; Provisions have been Made in the Constitution Amendment Bill on GST to Ensure that none of the States Lose any Revenue after the Implementation of the GST: FM...

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Posted Under: Income Tax |

FM Statement on Recent Changes in Companies Act, 2013

CA Sandeep Kanoi In this article we have analyzed the Speech of Minister of Finance Mr. Arun Jaitley given in Lok Sabha on 17.12.2014 during debate on Bill to amend the Companies Act, 2013. Lok Sabha has passed the Companies (Amendment) Bill 2014 on 17.12.2014 and the bill can be accessed at the following link:-...

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Posted Under: Income Tax |

Guideline- Levy of charges for non-maintenance of minimum balance in savings bank account

RBI/2014-15/363 DBR.RRB.BC.No.55/03.05.33/2014-15 (22/12/2014)

(i) In the event of a default in maintenance of minimum balance/average minimum balance as agreed to between the bank and customer, the bank should notify the customer clearly by SMS/ email/ letter etc. that in the event of the minimum balance not being restored in the account within a month from the date of notice, penal charges will be ...

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SC grants stay on Delhi HC verdict on service tax audits

Union of India & ORS. Vs M/S Travelite (India) (Supreme Court of India)

In August,2014, Hon'ble High Court of Delhi in the matter of UNION OF INDIA & ORS. v. M/S TRAVELITE (INDIA) pronounced that the service tax audits conducted u/r 5A(2) of Service tax rules, 1994 are not valid in law....

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Abuse of process of law –filing of appeals/revisions by the Tax Authorities in ‘covered’ matters

It has become a custom not to accept decisions of the Appellate Authorities/Tribunals in Tax matters although they are covered by the binding decisions of the Apex Court/ Jurisdictional High Court. Knowing very well that the matters are covered by the binding ‘precedents’, the Tax Department/Revenue have made it a ‘convention’ to ...

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Posted Under: Income Tax |

Measures for classifying/declassifying a borrower as non-cooperative borrower

RBI/2014-15/362 DBR.No.CID.BC.54/20.16.064/2014-15 (22/12/2014)

Banks/FIs should take the following measures in classifying/declassifying a borrower as non-cooperative borrower and reporting information on such borrowers to Central Repository of Information on Large Credits (CRILC):...

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Review of Accredited Clients Programme (ACP) – Reg

Circular No. 18/2014-Customs (22/12/2014)

Board has received a number of representations from the ACP clients whose ACP status has either been withdrawn or not extended on account of them having been served a show cause notice in terms of the amended para 7(iii) of the said Circular dated 24.11.2005....

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