"13 August 2015" Archive

China s currency war, not double but triple whammy for India: ASSOCHAM

The back to back depreciation of Yuan by China s Central Bank for two days in a row, is the portent full-fledged currency war between competing and powerful economies of the world. Ironically, this war would catch Emerging Economies like India in the middle, the ASSOCHAM commented on the surprise move by China which has […]...

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Posted Under: Finance |

Charging of High Premium on issue of shares can’t be ground for addition u/s 68

Commissioner of Income Tax Vs Anshikha Consultants Pvt. Ltd. (Delhi High Court)

In the case of CIT vs Anshikha Consultants Pvt Ltd, Delhi High Court held that whether the assessee company charged a higher premium or not, should not have been the subject matter of the enquiry in the first instance. ...

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Forgive Others – Liberate Yourself

Urja Mahesh Karia I’ve always heard people say, ‘Forgive your enemies but never forget their names’. What I always wonder is, Why not? Why would I want to carry excess baggage with me all my life? Why would I want to feel angry, be sad and create stress in my life? When you hate someone, […]...

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Posted Under: Finance |

Notification No. 68/2015 – Income Tax Dated 13/8/2015

Notification No. 68/2015 - Income Tax (13/08/2015)

Notification No. 68/2015 - Income Tax the 11.1ot-11m-tax. Act, 1961 (43 of 196] the Central Government hereby notifies hr the purposes_ of the said clause. "Kerala shops and Commercial .Establishments Workers' Welfare Fund Board'', a Board established under the Kerala Shops and Commercial ...

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Activities of CSR and Its Spending

After the enactment of the Companies Act, 2013, amongst a no. of core areas, CSR is the one which is much debated and discussed by the Ministry and Law Chambers. This is the area, where the Government has kept an eye since the Draft CSR rules be released. Government is emphasizing on CSR Initiatives by […]...

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Posted Under: Finance |

Notification No. 67/2015 – Income Tax Dated 13/8/2015

Notification No. 67/2015 - Income Tax (13/08/2015)

Notification No. 67/2015 - Income Tax the Income-tax Act, 1961 (43 of 196 l), the Central Government hereby notifies for the PurPoScs of the said clause, 'Kerala Abkari Workers Welfare Fund Board', established by the Government of Kerala, in respect of the following specified income arising to the ...

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Decision on a debatable point of law is not a apparent mistake & cannot be rectified u/s 154

DCIT Vs Loknath Pd. Gupta (ITAT Kolkata)

Assessee claimed deductions on account of excise duty paid and interest thereon which was originally allowed by AO but subsequently rectified u/s 154 by making addition of the same. ITAT examined the facts...

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Advances paid for purchase of assets would amount to utilization of capital gains u/s 54G- SC

Fibre Board Pvt. Ltd. Vs CIT (Supreme Court of India)

In this case assessee with an intention to shift its industrial undertaking from urban to non-urban area sold its land, plant & machinery, building etc. and out of capital gain earned he made advance payments to various persons to purchase land, plant & machinery, building etc. ...

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AO cannot go beyond the directions/ orders of CIT (A) while working under the order

State Bank of Hyderabad Vs DCIT (ITAT Hyderabad)

In this case AO made certain addition being disagreed from the submissions of the assessee. Being aggrieved from the assessment order assessee filed appeal before CIT (A). After considering submissions of the assessee and noticing that the provisions of Section 14A has to be invoked...

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Power u/s 18 of Customs Act cannot be exercised arbitrarily without a good reason to subject goods to any test – SC

M/s Tata Chemicals Ltd. Vs. Commissioner of Customs (Preventive), Jamnagar (Supreme Court of India)

The Hon’ble Supreme Court in the case of Tata Chemicals Ltd. held that the power given to custom authorities u/s 18 of Customs Act,1962 can be exercised only when the proper officer deem it necessary to subject the goods to further tests. ...

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