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Archive: 14 August 2015

Posts in 14 August 2015

Section 11A not mandatory to be invoked for recovery of wrong refund- HC

August 14, 2015 1329 Views 0 comment Print

In the case of The Commissioner Customs & Central Excise V/s M/s. Panyam Cements & Minerals Industries Ltd. it was held that invoking Section 11A is not mandatory for recovering the wrong refund granted.

Lesser of loss brought forward or unabsorbed depreciation shall be reduced from net profit in computation of book profit- S. 115JB

August 14, 2015 13651 Views 0 comment Print

In the case of M/s. Kailash Vahan Udyog Ltd. Vs. DCIT Pune Bench of ITAT have held that according to the provisions of section 115JB Explanation 1 Clause (iii) while computing book profit, the amount of loss brought forward (before depreciation) or unabsorbed depreciation

HC empowered to entertain writ petition beside alternate remedy of appeal in case of gross violation of natural justice

August 14, 2015 481 Views 0 comment Print

Karnataka High Court held In the case of M/s Kothari Metals vs. ITO that in this case it is clear that the assessee was not provided reasons for re-opening and also the statement recorded by the AO was not available to the assessee.

Initiation of Proceedings u/s 153A not valid if no incriminating material found during search

August 14, 2015 1303 Views 0 comment Print

In the case of INTAS pharmaceuticals Ltd. Vs. DCIT Ahmedabad Bench of ITAT have held that initiation of proceedings u/s 153A in absence of any incriminating material found in search conducted after finalization of regular assessments is not sustainable.

Security services by Trust in confirmation to its objects for general public utility will be considered as “charitable” in Nature

August 14, 2015 507 Views 0 comment Print

In the case of Gujarat Industrial Security Force Society v Dy. DIT (Exemption) it was held that the activity related to providing security services whose objective was to provide employment to youth and retired army personnel will not be treated as business activity but an activity which is charitable in nature.

Cancellation of Registration U/s 12AA(3) should be based on activities of Trust and not of Trustees

August 14, 2015 3661 Views 0 comment Print

In the case of Friends of WWB India Vs The Director of Income Tax (Exemption) Ahmedabad, it was held that registration u/s 12AA cannot be cancelled under the provision of section 12AA(3) unless the activities of trust are not found in accordance with the provision rather than the trustees.

Sec.68- No addition where creditability of creditors established

August 14, 2015 1804 Views 0 comment Print

no addition on account of cash credits be made, where assessee had given PAN of creditors, their confirmation and their bank statement which established their creditability. By following the same judgment, direction issued to AO to delete the addition.

CBDT Directive Regarding Representation Before Authority For Advance Rulings

August 14, 2015 641 Views 0 comment Print

No. 50088/2015-FT&TR-V Dated: 14th August, 2015 I am directed to refer to the above-mentioned subject and to state that as per Advance Ruling (Procedure) Rules, 1996;if a Commissioner desires to be heard, he can appear personally or may nominate his authorised representative before the Authority of Advance Rulings.

Notification No. 75/2015-Customs (N.T.), Dated: August 14, 2015

August 14, 2015 574 Views 0 comment Print

Notification No. 75/2015 – Customs (N.T.), Dated: August 14, 2015 In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India

SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2015

August 14, 2015 1768 Views 0 comment Print

No. SEBI/LAD-NRO/GN/2015-16/009.- Dated- 14.08.2015 In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, namely:-

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August 2015