"December, 2014" Archive - Page 36

Addition U/s. 50C for mere variance with Stamp Duty Valuation without investigation not justified

Inderlok Hotels Pvt. Ltd. Vs Income Tax Officer (ITAT Mumbai)

No addition can be sustained in this case, as, neither there is any investigation whatsoever made by the Assessing Officer nor was any evidence gathered by him. Merely because the market value as per the stamp valuation authorities and the sale price are at variance, no addition can be made to the business income....

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BEPS- Base Erosion and Profit Shifting

What is BEPS -BEPS refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity, resulting in little or no overall corporate tax being paid....

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Posted Under: Income Tax |

CIT (E) authorised for approval U/s. 10(23C) to Trusts educational institutions/hospitals

Notification No. 76/2014-Income Tax 01/12/2014

Notification No. 76/2014-Income Tax Central Board of Direct Taxes hereby authorises the Commissioners of Income-tax (Exemptions), to act as 'prescribed authority' for the purposes of sub-clause (vi) and sub-clause (via) of clause (23C) of section 10 with effect from the 'specified date'. NOTIFICATION NO. 76/2014 Dated - 1st December, 201...

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CIT (E) authorised for approval U/s. 10(23C) to Trusts

Notification No. 75/2014-Income Tax 01/12/2014

Notification No. 75/2014-Income Tax Central Board of Direct Taxes hereby authorises the Commissioner of Income-tax (Exemptions), to act as ‘prescribed authority’ for the purposes of sub-clause (iv) and sub-clause (v) of clause (23C) of section 10 with effect from the ‘specified date’....

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HC imposes exemplary cost of Rs. 1 lakh on department for ‘gross abuse of process of Court’

Commissioner of Income Tax Vs M/s. Kisan Ratilal Choksey Share & Securities Pvt. Ltd. (Bombay High Court)

It is unfortunate that the Revenue insists in arguing Appeals in this manner and for subsequent Assessment Years. The Revenue ought to have been fair and brought to the notice of this Court the fact that its Appeal challenging the very findings and conclusions for prior Assessment Years has been dismissed by this Court on merits....

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Income Tax Due Dates for the Month of December 2014

7 December 2014 –​Due date for deposit of Tax deducted/collected for the month of November, 2014 15 December 2014 –​Second instalment (in the case of an assessee other than a company) or third instalment (in the case of a company) of advance income-tax for the assessment year 2015-16 22 December 2014 –Due date for is...

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Posted Under: Income Tax |

Hussh…Finally Income Tax Return e-filed – Now Face Revamped Income Tax Department

Arjuna, the last date for such income tax return filling is 30th September but this year due to several changes in tax audit report various high courts have extended the due date to 30th November. Almost all taxpayers i.e. Salaried, Business, Professional and Company, etc. have completed their responsibility by filling income tax Return f...

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Posted Under: Income Tax | ,

ICAI invites comment on Draft AS on Property Plant and Equipment

Invitation to comment on the Exposure Draft of the Accounting Standard (AS) 10 (Revised), Property Plant and Equipment issued by the Accounting Standards Board (ASB) of the ICAI The Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) at its 207th meeting considered for the upgradation of existing Acc...

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Posted Under: Income Tax |

Deferment in date of effect of procedure for export of certified organic products

Public Notice No. 77 (RE-2013)/2009-2014, 01/12/2014

Now it has been decided to grant some transition time to make the Public Notice No. 73 (RE-2013)/2009-2014 dated 18.11.2014 effective. Accordingly, the procedure notified vide Public Notice No. 73 (RE-2013)/2009-2014 dated 18.11.2014 would come into effect from 18/12/2014....

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Modification to Offer for Sale (OFS) of Shares through stock exchange mechanism

Circular No. CIR/MRD/DP/ 31 /2014 01/12/2014

To make it easier for retail investors to participate in OFS, it has been decided that seller may give an option to retail investors to place their bid at cut-off price in addition to placing price bids. In order to do so, following conditions shall be applicable:...

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