Amitav Ganguly MANDATING AND MEANING OF DIVERSITY The listing agreement under Securities Contracts {Regulation} Act 1956, for the first time has mandated companies whose shares are listed on stock exchanges to formulate, publish and implement a Board Diversity Policy. The term “diversity” of Board of Directors {Board} has not been defined in the Companies Act […]
Provisions of Sec. 195(6) of the income tax act got amended by the Finance Act 2015 and it comes into force with effect from 1-6-2015. As per the amended provision, the person responsible for paying any sum, whether chargeable to tax or not, to a non-resident shall be required to furnish the information of the prescribed sum in such form and manner as may be prescribed. When the original provision was inserted,
An Assessee cannot be compelled with the quantum of additions as admitted during the course of assessment proceedings if the said additions were not offered to tax in the return of income.
The main issue in both the years relates to whether transaction made in normal course of business can be treated as deemed dividend u/s 2 (22) (e) of the act. The another issue besides the issue above in AY 2007-08 is addition of Rs. 45,00,000/- as unexplained cash credit.
As regards, second issue CIT(A) has rightly adopted the peak credit theory by considering the fact that that there was only rotation of overdraft funds whereby the funds advanced on earlier dates were received back subsequently and there were no fresh deposits.
In our conclusion, neither the payment of license fees nor the management charges, falls within the ambit and purview of section 44C and, accordingly, the nature of adjustment to the total income for the purpose of disallowance is not required. Thus it is held that license fees and management charges do not fall in the nature of head office expenses u/s.
In the present facts of the Case there are three vital issues in which the Hon’ble Tribunal held that expenses like Telephone expenses, Diwali Expenses, Travelling Expenses, Vehicle Running, Event management Expenses
Exchange rate fluctuation arises out of and is directly related to the sale transaction involving the export of goods of the industrial undertaking and, therefore, difference on account of exchange rate fluctuation is entitled to deduction under section 80IB of the Act. This ground of appeal is allowed.
With effect from 01.04.2011, the Government has provided an equipped weapon to Revenue Officers by deletion a word i.e. ‘Setting-up’ from the definition of input services vide Notification No. 03/2011-CE(N.T.) dated 01.03.2011, to dispute the Cenvat Credit of Input Services, availed in relation to ‘setting-up’ a factory. Prior to 01.04.2011
Basic Customs Duty- Goods imported into India are chargeable to basic customs duty (BCD) under Customs Act, 1962. The rates of BCD are indicated in I Schedule (for Imports) of Customs Tariff Act, 1975. Education cess (EC) @2% and secondary & higher education cess (SHEC) @1% are applicable extra.
