"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 method...

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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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Checklist for SWEAT Equity Shares Under Companies Act, 2013

Section 2(88) defines “Sweat Equity Shares” so as to mean such equity shares as are issued by a company to its directors or employees at a discount or for consideration, other than cash, for providing their know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called ...

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Posted Under: Income Tax |

Omission of concluding sentence doesn’t amount to non-furnishing of reasons for reassessment

M/s. R. W. Promotions Pvt. Ltd. Vs ACIT (ITAT Mumbai)

On facts, the Tribunal had clearly stated that the assessee had been in fact supplied the verbatim copy of the reasons, reproducing the same at paragraph 2 (page 2) of its order. The tribunal’s findings appear at paragraph 2.8 of the impugned order. ...

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SEBI : Review of Offer for Sale (OFS) of Shares through Stock Exchange Mechanism

CIR/MRD/DP/12/2015 (26/06/2015)

It would be mandatory for sellers to provide the option to retail investors to place their bids at cut off price in addition to placing price bids....

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TP adjustments not applicable on transactions between Head Office & Branch Office

Aithent Technologies Pvt. Ltd. Vs DCIT (ITAT Delhi)

Whether the transactions between the head office in India and branch office in Canada can be considered as international transactions? The assessee had entered into certain transaction with his branch office in Canada. The AO had taken these transactions also into sweep for the purposes of making the transfer pricing adjustment....

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Mere TDS certificate not conclusive evidennce for determining nature of payments

M/s Zelan Projects Pvt. Ltd. Vs Dy. Commissioner of Income-tax (ITAT Hyderabad)

As can be seen from the terms of the relevant agreement between assessee and LAPPL, assessee is to receive 15% of the total contract amount as mobilization advance. Though, it may be a fact that in the TDS certificate, deductee has mentioned it as payment towards professional charges but...

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Penalty cannot be imposed on preponderance of probabilities

Sh. Jagjit Singh Vs. ITO (ITAT Chandigarh)

It is well settled that the parameters of judging the justification for addition made in the assessment case of the assessee is different from the penalty imposed on account of concealment of income or filing of inaccurate particulars of income and that certain disallowance/addition could legally be made in the assessment...

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CBDT invite Suggestions on augmenting tax collections

401/7/2015-ITCC (26/06/2015)

Kind reference is invited to the deliberations during the 31st Annual Conference of Pr. Chief Commissioners of Income Tax/Chief Commissioners of Income Tax and Pr. Directors General of Income-tax/ Directors General of Income-tax held on 25th & 26th May 2015 and this Division communication in this regard dated 12.06.2015....

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Delhi VAT- Quarterly Return prescribed for persons engaged in e-commerce

F.3(515)/Policy/VAT/2015/330-41 (26/06/2015)

All such persons engaged in the business of e-commerce shall have to enrol themselves by logging on to the web-site of the department (www.dvat.gov.in ) at first by clicking on the relevant link in the Menu. Basic information has to be filed online in Form EC-I. A unique ID would be generated after successful submission. This ID should be...

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Secretarial Standards are applicable w.e.f. 1st July 2015

I/SSB/2015 (26/06/2015)

These Secretarial Standards (SS-1 and SS-2) shall apply to Board Meetings and General Meetings, in respect of which Notices are issued on or after 1st July, 2015....

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Order Should Be Passed after Affording Adequate Opportunity with clear findings

Shri Vikramendra Prasad Bhalla Vs Income Tax Officer (ITAT Lucknow)

This is an appeal filed by assessee against the order of Ld. CIT (A) dated 18/11/2013 for the assessment year 2003-2004.The grounds of assessee was that CIT (A) did not afford the assessee sufficient time and opportunity to make necessary submission and to adduce relevant details and documents...

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Export of onions will be subject to a MEP of US$ 425 F.O.B. per MT.

Notification No. 13/2015-2020 (26/06/2015)

Export of onion for the item description at Serial Number 51 & 52 of Chapter 7 of Schedule 2 of ITC (HS) Classification of Export & Import Items shall be permitted subject to a Minimum Export Price (MEP) of US$ 425 F.O.B. per Metric Ton or as notified by DGFT from time-to-time....

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No disallowance of Interest if assessee has own fund more than interest free advance

Adani Properties Pvt Ltd Vs DCIT (ITAT Ahmedabad)

In his first fold of submission, he contended that assessee has sufficient interest free funds available which were used for the purpose of giving interest free advances, therefore, ld. Assessing Officer ought to have not disallowed any amount out of the interest expenses claimed on the borrowed funds....

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Revenue can’t file appeal to ITAT, if tax not exceeds Rs 4,00,000/-

Income-tax Officer Vs Shri Om Prakash (ITAT Delhi)

Assessing officer has made few additions in his assessment order which were later on deleted by the CIT (A) on merits. Revenue preferred an appeal to the Tribunal against an order of CIT(A). However in this case the tax effect was less than Rs 4 lacs. ...

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Mere declaration of supplier as ‘Hawala dealer’ by Vat Authorities not sufficient to made addition U/s. 69C

ITO Vs Paresh Arvind Gandhi (ITAT Mumbai)

Brief Facts:Assessee, an individual,proprietor of M/s. Hydro Pure System,is engaged in the business of installation,erection and servicing of water purifying systems.He is deriving income from business and other sources. He filed his return of income on 28.9.10,declaring total income of Rs.18.40 lacs ....

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Retention Money taxable when right to receive accrues not on mere billing

ACIT Vs Naranlala Pvt. Ltd (ITAT Ahmedabad)

The assessee submitted that the retention money which was payable after expiry of plant performance guarantee period is over, did not accrue to it on the supply of plant / equipment, hence the same cannot be considered as income of the assessee as the amount did not accrue or become due at that time....

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