"27 January 2015" Archive

Section 14A & Rule 8D disallowance cannot be made if there is no exempt income

CIT Vs Holcim India P. Ltd. (Delhi High Court)

On the issue whether the respondent-assessee could have earned dividend income and even if no dividend income was earned, yet Section 14A can be invoked and disallowance of expenditure can be made, there are three decisions of the different High Courts directly on the issue and against the appellant-Revenue....

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In absence of exempt income, Section 14A disallowance cannot be added to Section 115JB book profits

Minda Sai Limited Vs Income Tax Officer (ITAT Delhi)

Learned counsel for the assessee has invited our attention to Hon’ble Delhi High Court’s decision in the case of CIT Vs Holcim India Pvt Ltd [ 2014 TIOL 1586 HC DEL IT] wherein it is held that unless there is an exempt income, disallowance under section 14A cannot be invoked....

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Disallowance u/s 14A in cannot be made in respect of Audit Fees

ITO Vs Pioneer Radio Training Services Pvt. Ltd. (ITAT Delhi)

The auditor's remuneration and legal & professional charges incurred for maintenance of statutory books and its audit etc. were required to be incurred irrespective of whether the Company had any income or not and hence, there was absolutely no basis for considering a part of such expenditure towards earning of exempt income....

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S. 14A No disallowance towards exempt income earned on strategic investments

Interglobe Enterprises Ltd. Vs DCIT (ITAT Delhi)

The assessee had made significant investments in the shares of subsidiary companies which are definitely not for the purpose of earning exempt income. The Hon'ble Tribunal in I.T.A. No.3349/Del/2011 in the case of Promain Ltd., after relying upon a Kolkatta judgment of Tribunal in I.T.A. No.1331...

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FM Calls for Non Adversarial Tax Administration

FM: Investors Showing Huge Curiosity and Interest in India; We Can’t Afford to Miss this Opportunity; Ordinarily Everything is Going in our Favour Including Better Growth Prospects, Good Reserves, Fiscal Deficit and Cad Under Control; Calls for Non Adversarial Tax Administration ...

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Posted Under: Income Tax |

RBI reviews ODI provisions by a proprietorship concern/ unregistered partnership firm in India

Subsequent to amending the FEMA (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2004 (ODI guidelines) with respect to Overseas Direct Investments by proprietorship concern / unregistered partnership firm in India ...

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Posted Under: Income Tax |

SAFETY ACTS – Indian & International perspective

Safety Acts - Safety, occupational safety & Indian laws 1.‘Safety’ is a state of being safe and protected from danger or harm. (Oxford Dictionary) 2.Our focus on the discussion is occupational safety vis a vis business. 3.Occupational safety in business enjoys support of Government through legislations. 4.Business scenario has undergo...

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Posted Under: Income Tax |

SEBI issues Exit Order In Respect of Gauhati Stock Exchange (GSE)

Press Release No. 21/2015 (27/01/2015)

SEBI vide Circular dated May 30, 2012 had issued the Guidelines for exit of stock exchanges. This contained details of the conditions for exit of de-recognised/non-operational stock exchanges interalia including treatment of assets of de-recognised/non-operational exchanges and a facility of Dissemination Board for companies listed exclus...

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Rate of exchange of conversion of Danish Kroner & Euro with effect from 28.01.2015

Notification No. 13/2015-Customs (N.T.) (27/01/2015)

In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance ...

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Depreciation under Companies Act, 2013 – A Practical Approach

Reference sections: 123(2) and Schedule II Schedule II to the Companies Act, 2013 requires depreciating the asset over its useful life unlike Schedule XIV of the Companies Act, 1956 which specifies minimum rates of depreciation to be provided by a company. Normally, prescribed companies who have to follow the accounting standard prescribe...

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Posted Under: Income Tax |

Section 14A of Income Tax Act, 1961 – Controversial Provision

Section 14A was enacted vide Finance Act, 2001 w.r.e.f. 1-4-1962, so that net taxable income is actually taxed and no deduction is allowed against taxable income for expenditure incurred in earning exempt income. It was enacted to overcome the Supreme Court decision in the case of Rajasthan State Warehousing Corporation v. CIT [2000] 242 ...

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Posted Under: Income Tax | ,

Download 8 Free e-books on Service Tax

Download Free e-book/ Background Material on Service tax on 1. Works Contract 2. Insurance Sector 3. Transportation Sector 4. Job Work Sector 5. Construction 6 .Telecommunication Sector 7. Entertainment Sector and 8. Technical Guides on CENVAT Credit Rules...

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