"22 June 2015" Archive

No right of appeal provided under the statute against order passed u/s. 264 of Income Tax Ac t,1961

Gausia Cold Storage Pvt. Ltd, Mumbai Vs. ACIT (ITAT Mumbai)

There is no right of appeal provided under the statute against the order passed u/s. 264 of the Act. In fact a party to litigation can move to an appropriate forum only when the statute provides for such a right. As can be noticed from section 253 of the Income-tax Act, 1961 an order passed by the Commissioner of Income Tax (‘CIT’) u...

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Income determined on estimate basis, penalty u/s 271(1)(c) cannot be imposed

Rajiv Kumar Garg Vs ITO (ITAT Delhi)

The Hon'ble Calcutta High Court in case of Durga Kamal Rice Mills Vs. CIT (2004) 265 ITR 25 (Cal.) has held that quantum proceedings are different from penal proceedings. The Hon'ble Kerala High Court in CIT Vs. P.K. Narayanan (1999) 238 ITR 905 (Ker.) has held that despite the addition being confirmed by Tribunal in quantum proceedings, ...

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CBDT notifies ITR-1, ITR-2, ITR-2A and ITR-4S to be filed for AY 2015-16

Notification No. 49/2015 - Income Tax (22/06/2015)

Notification No. 49/2015 - Income Tax Dated: June 22, 2015 S.O. 1660 (E).– In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-...

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‘Success fee’ payable by Indian company to foreign company for financial advisory services attract TDS

GVK Industries Vs Income Tax Officer (Supreme Court Of India)

On behalf of the revenue a counter affidavit was filed contending, inter alia, that the NRC was very actively associated not only in arranging loan but also in providing various services which fall within the ambit of both managerial as well as consultancy services ,thus, It was urged that it squarely falls within the ambit of Section 9(1...

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Sterilization of syringes and needles not amounts to manufacture

M/s Servo-Med Industries Private Limited Vs. CCE (Supreme Court of India)

The process of sterilization does not mean that such articles are not complete in themselves . Surgical instruments continue to be the same even after sterilization and if the contention of department is accepted, every time such instruments are sterilized, the same surgical instruments are manufactured again & again when the same is ster...

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Testing and Consultancy Services provided for a fees without profit motive not falls within the ambit of Section 2(15)

Association of State Road Transport Vs CIT (ITAT Delhi)

Assessee association was established with the main object of improving public transport system in the country and its objects as per memorandum of association clearly reveals that the objects of the assessee association are dedicated towards improving road safety standards ...

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Reporting of fraud u/s 143(12) of Companies Act

Without causing harm to anything contained in this section, if an auditor of a company, in the course of the performance of his duties as auditor, has reason to believe that an offence involving fraud is being or has been committed against the company by officers or employees of the company, he shall immediately report the matter to the C...

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Posted Under: Income Tax |

Deduction U/s. 80I on Gross Income Is Allowed Without Excluding Deduction U/s. 80HH

Unipatch Rubber Ltd. Vs Commissioner Of Income Tax (Delhi High Court)

It was stated that in J.P.Tobacco Products Pvt. Ltd vs Commissioner of Income Tax; (1998)229 ITR 123, the Madhya Pradesh High Court, after noticing that sub-Section 9 of Section 80-HH was amended by Act No.30 of 1981, Section 80-HH and Section 80-I were independent and consequently...

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File Tax Audit Report and Don’t Wait For Introduction of ITRs- A.Y. 2015-16

The Tax Audits u/s 44AB for the assessment 2015-16 pertaining to the financial year 2014-15 are under progress and in some cases audit report are complete and ready for uploading. Generally we are accustomed to file TAR and ITR simultaneously but since the law makers are still not able to introduce the formats of most of the ITRs and furt...

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Posted Under: Income Tax |

What’s next for CA firm Practice?

Fewer opportunities for the profession will definitely going to pose challenges to both individual Chartered Accountants and to their regulator, the Institute of Chartered Accountants Of India. There is a phenomenal growth of Chartered Accountants in the last one decade and a new trend is shaping up that a considerable number of members h...

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Posted Under: Income Tax |