"26 June 2015" Archive

Notification No. 54/2015-Income tax, Dated: 26.06.2015

Notification No. 54/2015-Income Tax 26/06/2015

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Notification FORM NO. 3CP (F.No. 203/23/2015-ITA.II) Notification No. 54 /2015 Place: New-Delhi Dated: 26/06/2015 Download Full Text of The Notification Read Full Notification Below...

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Notification No. 53/2015-Income Tax, Dated: 30.06.2015

Notification No. 53/2015-Income Tax 26/06/2015

The approved entity shall not accept any amount from the beneficiaries under the eligible agricultural extension project for training, education, guidance or for any material so distributed for the said purposes....

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Notification No. 52/2015-Income Tax, Dated: 26.06.2015

Notification No. 52/2015-Income Tax 26/06/2015

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Notification FORM NO. 3CP Notification No. 52/2015 Dated: 26/06/2015 Download The Full Text of Notification Read Full Notification Below...

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Loans advanced by partner to firm does not fall in the purview of Sec 269SS

M/s Muthoot Financiers group firms Vs CIT (Delhi High Court)

The respondent assessee in all these appeals are partnership firms engaged in the business of banking and registered under the Kerala Money Lending Act. The assessees had filed return of income and the same was accepted in due course....

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Sec 40A(3) disallowance not attracted for payment made as advance for purchasing assets capitalized in books

Madhusudan Buidcon P. Ltd. Vs ACIT (ITAT Delhi)

To make any disallowance under section 40A(3), it is a precondition that the assessee must have claimed deduction, directly or indirectly, for which payment is made in cash exceeding the specified limit....

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Depreciation not allowed on share issue expenses capitalized to the cost of assets

M/s International Computers Vs CIT (Bombay High Court)

The learned counsel for assessee justified the claim for depreciation on the ground that these amounts which were capitalized, represented expenditure incurred in raising finance for the acquisition of and/or for brining into existence capital assets and thus formed part of the cost of fixed assets. ...

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C4 Raffinate eligible for partial Excise exemption under Notification No. 6/2000 dated 01.03.2000- SC

Indian Petrochemicals Corporation Ltd. vs. CCEX, Vadodara (Supreme Court of India)

Even if C-4 Raffinate is treated as Butylene exemption under S. No. 24 of Notification No. 6/2000-C.E., would be available because specification of butylene in the said Sl. No. 24 is not for the purpose of its exclusion, but for the purpose of its specific enumeration and inclusion...

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Discount to distributors by telecom company is not in the nature of commission/brokerage

Bharti Hexacom Limited Vs. ITO (TDS) (ITAT Jaipur)

Discount to distributors by Telecom Company is not in the nature of commission/brokerage and the roaming charges paid to other telecom operators are not in the nature of fee for technical services. ...

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Profits may be recognized on sale even if Assessee follows project completion method if all risk and reward been passed on

ITO Vs M/s Shree Sidhivinayak Developers (ITAT Mumbai)

The assessee firm is a builder and developer and is assessed in the status of AOP. During the year under consideration, the assessee was developing a residential project which involved construction of 182 flats. The assessee did not disclose any income out of these projects on the plea that it was following ‘project completion methodâ...

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A controlled transaction cannot be benchmarked against another controlled transaction (TP)

Dy. Commissioner of Income-tax Vs M/s Deutsche Asset Management (India) Pvt. Ltd. (ITAT Mumbai)

ITAT had given a finding that the services provided to AE, Singapore cannot be equated with the kind of services provided to AE, Germany. Thus by following the order passed by the Tribunal in the hands of the assessee for AY 2006-07, we uphold the order of ld. DRP on this issue. Accordingly, the appeal filed by department is dismissed....

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