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Archive: 10 August 2015

Posts in 10 August 2015

Rules not within the limits of Parent Act are unsustainable and bad in law – SC

August 10, 2015 904 Views 0 comment Print

The appellant contented that such a notional fixation of the handling charges with the addition of one per cent of free on board value of the value of goods, irrespective of the nature of goods, size of the cargo

TP- operating cost should be calculated by adjusting abnormal cost incurred on account of Start-up Company

August 10, 2015 10234 Views 2 comments Print

In the case of HCL Technologies BPO Services Ltd vs. ACIT, ITAT has held that for transfer pricing only amount retained by associates from end user is to be taken into account for transfer pricing adjustment, and to adjust operating cost by excluding abnormal cost incurred on a/c of Startup Company like salary, rent, and depreciation.

No exemption u/s 10(23C) if institution exists apparently for philanthropic purpose and in reality for profits

August 10, 2015 721 Views 0 comment Print

The contention of the revenue was that the intention of the Legislature is to benefit those institutions which cater to variety of illness and suffering as a service to the society and solely for philanthropic purpose and not for the purpose of profit.

Hire Purchase Installments received to be taken as income by allowing corresponding expenditure as deduction

August 10, 2015 811 Views 0 comment Print

In the cited case, ITAT directed AO inter-alia to include installments received on sale of various houses and flats under hire purchase agreement and at the same time allow corresponding expenditure which has been expended by the assesses in cash (including through cheque).

No TDS u/s 194C for payments of reimbursement of expenses

August 10, 2015 5815 Views 0 comment Print

In the cited case, ITAT inter-alia held that since the payments have been made as reimbursement of expenses to the agents of the appellant, therefore, appellant was not obliged to deduct TDS under section 194C of the Act and as such, no disallowance is warranted u/s 40(a)(ia) of the IT Act.

Deduction for PF and ESI contribution cannot be disallowed if paid before due date of filing return

August 10, 2015 6026 Views 0 comment Print

ITAT held that (i) International recruitment service operations conducted from STPI, Noida are held to be eligible for benefit of deduction u/s 10A. (ii) The deduction of payment of employees’ contribution towards provident fund and ESI cannot be disallowed under section 43B

Mere fact that an entity makes extremely high profits/losses does not lead to its exclusion from list of comparables for ALP determination

August 10, 2015 832 Views 0 comment Print

, High Court inter-alia held that mere fact that an entity makes high/extremely high profits/losses does not, ipso facto, lead to its exclusion from the list of comparables for the purposes of determination of ALP.

Procedure for Verification of Answer Books of CA Examinations

August 10, 2015 1446 Views 0 comment Print

Procedure for Verification of Answer Books of Chartered Accountants Students Examinations and Post Qualification Courses Examinations. – (10-08-2015) A- STUDENTS EXAMINATIONS An examinee of CA examinations can apply for verification of his/her answer books/OMR Answer Sheet, either physically in his/her own handwriting, or on-line from (except for CPT, for which only physical applications are […]

List of pending Rectifications u/s 154 of Income Tax Act in demand cases as on 22.07.2015-reg

August 10, 2015 483 Views 0 comment Print

From time to time, Board has issued directions to the field formations to rectify the cases within time limit as specified in the citizen charter to reduce infructuous demands existing on the System. The directions are aimed at achieving twin objectives of redressal of assessees’ grievances by timely disposal of rectification application as well as reduction of infructuous demand existing on the System.

Availment of Cenvat Credit Based on Bogus Invoices of Car Dealers by Insurance Companies

August 10, 2015 1799 Views 0 comment Print

Chennai Zonal Unit of the Directorate General of Central Excise Intelligence Conducts Investigation under Summons Against 16 Insurance Companies Engaged in Providing Motor-Vehicle Insurance Policies, for Wrongly Availing Cenvat Credit to the Tune of Rs. 1200-2500 Crore on the Bogus Invoices of the Car Dealers.

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