"16 June 2015" Archive

ITAT Orders related to appeal filing & Seeking Adjournment Kept In Abeyance

Order dated 14th May 2015, order dated 20th May 2015 (16/06/2015)

Order dated 14th May 2015 with respect to pagination and order dated 20th May 2015 with respect to adjournments are held in abeyance till further orders. [Justice (Retd.)...

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Repayment of interest on loan by conversion does not amount to actual payment u/s 43B

CIT, Delhi Vs M.M. Aqua Technologies Ltd (Delhi High Court)

That debentures are securities within the meaning of the expression understood in Section 2 (ac) and (h) of the Securities Contract Regulation Act, 1956 and freely tradable. The moment the debentures were issued to ICICI, the latter could realize the money value thereof. ...

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Concept of indexation while computing the LTCG cannot be imported to the computation of book profit u/s. 115JB

Dharmayug Investments Ltd. Mumbai Vs ACIT (ITAT Mumbai)

Section 1115JB is non-obstante section and a complete code by itself, which provides that in case of a company, the income tax payable on the total income is computed under the Income tax Act in respect of any previous year is less than 7.5% (which percentage has been increased from time to time) of its book profit, ...

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‘Loan Arranger Service’ not liable for Deduction of TDS U/s. 195

Idea Cellular Limited. Mumbai Vs Asst. Director of Income Tax Mumbai (International Taxation) (ITAT Mumbai)

Regarding the treatment of Arranger fees as fees for technical services, we find that the ld. CIT(A) had treated it to be in the nature of service fee for managing and arranging the finance and, hence, it is the consideration for rendering managerial and consultancy services....

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Sec. 37 Commission paid to agents for procurement of order for supply of liquor not allowable

Premier Breweries Ltd. Vs CIT (Supreme Court of India)

Whether assessee is entitled to the benefit of disallowance of commission purportedly paid by assessee to its commission agents for procurement of order for supply of liquor. Whether High Court can exercise jurisdiction in absence of any question of perversity of the finding of the tribunal....

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Reg-Non-acceptance of correspondence and letters by Sales Tax Department

Trade Circular No. 8 T of 2015 (16/06/2015)

It has recently come to notice through representations and letters that Authorities refuse to accept correspondence and applications addressed to their office, result being that such letters and correspondence then are readdressed to the office of the Commissioner of Sales Tax. It should be noted that the practice of not accepting or refu...

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Is Loss from derivative trading is a speculation loss & can it be set-off against normal business profits

ITO Vs Emperor International Ltd (ITAT Delhi)

In the present case, it is an admitted fact that the assessee was engaged in the business of dealing in shares & securities and has incurred loss from dealing in derivatives (shares futures). It is not the case of the AO that the share futures in which the assessee was dealing were not recorded in recognized Stock Exchange, the loss incur...

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Notification No. 39/2015-Customs Dated-16th June, 2015

Notification No. 39/2015-Customs (16/06/2015)

Amendment in Notification no. 12/2012 - Customs,dated 17/03/2012 - Change in scope of entry No. 330 & 334 in given table related to certain scrap of iron and steel products. -Notification No. 39/2015-Customs Dated-16th June, 2015...

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Release of Beta Version of online ANF 3A with facility to upload supporting documents

Trade Notic No. 5/2015 (16/06/2015)

The Government is committed to improving ‘ease of doing business’ and move towards paperless submission and processing of various applications under Foreign Trade Policy (FTP). Trade is informed that a Beta version of online ANF 3A has now been released and it is now possible to not only apply online for claiming rewards under MEIS bu...

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Requirements specified under SEBI (Share Based Employee Benefits) Regulations, 2014

Circular No. CIR/CFD/POLICY CELL/2/2015 (16/06/2015)

. This has reference to the SEBI (Share Based Employee Benefits) Regulations, 2014 (the Regulations) notified on October 28, 2014. The Regulations provide for certain processes / disclosure requirements to be specified by SEBI. Accordingly, necessary guidelines are ...

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Implementation of CIT(A) module in new Income Tax Business application

279/misc/93/2015-SO(ITJ) (16/06/2015)

The income Tax Business Application (ITBA) is planned to be launched shortly and the CIT(A) module is amongst the first modules to be rolled out. This would enable the office of CIT(A) to work on the ITBA system. The CIT(A) module is expected to enhance the efficiency of the CsIT(A) in terms of the ease in handling the appeal workload and...

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ABC of Companies Amendment Act, 2015

Companies Amendment Act, 2015 which came into effect from 29th May, 2015 principally aimed at the ease of doing business and brought some landmark changes with it in the newly effected Companies Act, 2013. Some of these amendments will provide the necessary relief to Corporates, and also bring certainty to certain other relaxations that w...

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Posted Under: Income Tax |

Free Statutory Compliance Handbook for F.Y. 2015-16 A.Y. 2016-17

India is a land of laws. We have to comply with various Acts, Laws, Rules and Regulations in a normal course of business such as Income Tax, Companies Act 2013, Service Tax, Limited liability Partnership Regulations, Partnership Act, Wealth Tax, Value Added Tax (VAT), XBRL etc. While carrying out day to day business operations, it [&helli...

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CAG Hiring Chartered Accountants on Short Term Contract Basis

Applications are invited from Chartered Accountants who are willing to work in this office against the vacancies in the cadre of Assistant Audit Officers on short term contract basis. Job description, remuneration payable and other terms and conditions are given below :...

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Posted Under: Income Tax |

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