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Archive: 27 January 2015

Posts in 27 January 2015

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 561 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7500 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

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

January 27, 2015 3495 Views 0 comment Print

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.

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

January 27, 2015 1476 Views 0 comment Print

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.

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

January 27, 2015 1985 Views 0 comment Print

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.

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

January 27, 2015 2996 Views 0 comment Print

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

Benefit of SFIS cannot be denied only on ground that companies were subsidiaries of foreign companies

January 27, 2015 1504 Views 0 comment Print

DGFT denied the benefit of SFIS, as framed under the FTPto the Petitioners and separate communications were sent to the Petitioners withdrawing/recalling the said benefits on the ground that they were subsidiaries of foreign companies

FM Calls for Non Adversarial Tax Administration

January 27, 2015 718 Views 0 comment Print

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

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

January 27, 2015 4026 Views 0 comment Print

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

SAFETY ACTS – Indian & International perspective

January 27, 2015 8436 Views 0 comment Print

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 undergone change. 5.From home to factory and again to home is the scenario of business.

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

January 27, 2015 577 Views 0 comment Print

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 exclusively on such exchanges, while taking care of the interest of Investors.

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

January 27, 2015 2362 Views 0 comment Print

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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