"28 August 2015" Archive

View taken on the basis of law prevailing on the date of order cannot be termed as erroneous

CIT Vs V. S. Dempo & Company Ltd. (Bombay High Court at Goa)

High Court of Bombay at Goa held in the case of CIT vs. V. S. Dempo & Company Ltd. Held that view taken by the Assessing Officer or by the Commissioner has to be on the basis of the law prevailing on the day the view was taken. ...

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All three conditions of 5(1)(ccv) are to be satisfied cumulatively by a society for being termed as co-operative bank

The Quepem Urban Co-operative Credit Society Ltd Vs ACIT (Bombay High Court at Goa)

In the case of The Quepem Urban Co-operative Credit Society Ltd vs. ACIT High Court of Bombay at Goa held that All three conditions of 5(1)(ccv) are to be satisfied cumulatively by a society for being termed as co-operative bank. ...

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Interest cannot be disallowed for interest free loan given to sister concerns for business purpose

Vassantram Mehta & Co.(P) Ltd. Vs Joint Comm. of Income Tax (Bombay High Court at Goa)

High Court of Bombay at Goa has held in the case of Vassantram Mehta & Co. (P) Ltd. vs. JCIT that Interest not to be disallowed if interest free advance granted to sister concern due to commercial expediency and is for business purpose of assessee....

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An issue of jurisdiction can be raised at any time even in appeal or execution

M/s Mavany Brothers Vs CIT (Bombay High Court at Goa)

High Court of Bombay at Goa has held in the case of In the case of M/s Mavany Brothers vs. CIT that that it is settled position that conferment of jurisdiction is a legislative function and cannot be conferred by consent of petitioner....

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Start Writing Now and Make Your Words Count!!!

We all as a Professionals and students of Professional Course have to write daily by compulsion or by passion. Then why not to make it a passion!!! Each day, we are writing some or the other official letters / emails, writing in various audit report, or a writing a reporting to seniors. No matter what our reason for writing may be, develo...

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Posted Under: Income Tax |

Assessee agreed to furnish BG as security in lieu of attachment order u/s 281B, HC directed to issue refund

Sociedade de Fomento Industrial Pvt. Ltd. Vs The ACIT (Bombay High Court at Goa)

In view of the petition filed by the assessee above, the court directed the respondent would vacate the attachment of the refund of Rs.105,95,04,390/- done u/s 281B of the act, as the petitioner was furnishing a Bank Guarantee of a Nationalised Bank for the equal amount ...

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India and Germany to Continue to Exchange Tax Related Information

Both Countries Agreed to Explore Other Possibilities of Enhancing Exchange of Information; They Agreed to Resume Negotiations on Partial Revision of the DTAA Between the two Countries with a View to Bring the Provisions Relating to Exchange of Information to International Standards ...

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Posted Under: Income Tax |

ICAI making efforts for extension of due date of filing Income-tax returns for AY 2015-16

As you are aware, the Direct Taxes Committee of ICAI has already made a representation for extension of due date for filing return of income and is very vigourously pursuing the same. The Direct Taxes Committee of ICAI with the help of the President, ICAI , the Vice-President, ICAI...

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Posted Under: Income Tax |

Clarifications on some commonly asked queries pertaining to elected representatives of ICAI and general members of ICAI

It is permissible for the elected representatives of the ICAI to reply to the general queries of members on email, mentioning their respective designation(s) held in ICAI at present and/or in past along with their photograph as signature of the email. Likewise, it is also permissible for the general members to reply to the members’ quer...

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Posted Under: Income Tax |

Reporting requirement under Foreign Account Tax Compliance Act and Common Reporting Standards

RBI/2015-16/165 DBR.AML.BC.No.36/14.01.001/2015-16 28/08/2015

Government of India has notified the amendments to Income Tax Rules (Rules) vide notification dated August 7, 2015 (copy attached) and have added Rule 114F (definitions), 114G (Information to be maintained and reported) and 114H (due diligence requirement) for operationalisation of IGA and CRS. ...

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