"08 September 2015" Archive

Gain on transfer of capital assets to wholly own subsidiary is not INCOME at all in Income Tax Act. Hence, even MAT is not applicable

Shivalik Venture Pvt. Ltd Vs Dy. Commissioner of Income Tax (ITAT Mumbai)

In the case of Venture Pvt.Ltd vs. DCIT, ITAT Mumbai has held that (1) the Net profit shown in the Profit and loss account should be adjusted with the items given in Notes to accounts, meaning thereby, ...

Read More

Whenever order of Re-assessment is passed, Period of Limitation will start from the date of Re-assessment order and not from Original Assessment order

Rastriya Ispat Nigam Limited Vs Asst. Commissioner of Income Tax (Telangana and Andhra Pradesh High Court)

Rastriya Ispat Nigam Limited v. ACIT In this case the writ petition was filed by the Assessee in which the AP High Court while dismissing the writ petition held that whenever an order is made under the re-assessment...

Read More

Necessary Documents should be filed to prove bonafide intention when money received from overseas

Sri Som Dutt Vs ACIT (ITAT Kolkata)

ITAT Kolkata held In the case of Sri Som Dutt v ACIT that whenever, the money has been received from overseas, then the onus is on the Assessee to prove that all the transactions are bonafide when he is claiming that the amount has been received as Capital Receipt....

Read More

Non-furnishing of any explanation itself will lead to Penal Consequences

Radha Nutirents Ltd. Vs ACIT (ITAT Chandigarh)

In the case of Radha Nutirents Ltd. Vs. ITO the Hon’ble ITAT held that the assesse has failed to provide the loan confirmation of the loan received from Shri Kathirase Kumar and was also unable to provide an explanation as to why such confirmation could not be filed. ...

Read More

FEMA provisions of Finance Act, 2015 effective from 09.09.2015

Notification S.O. 2454(E) (08/09/2015)

S.O. 2454(E).—In exercise of the powers conferred by clause [A] of section 138 of the Finance Act, 2015 (20 of 2015), the Central Government hereby appoints the 9th day of September, 2015 as the date on which the provisions of clause [13] of the said section, sections 140,141, 142 and clause (ii) of section 143 of the said Act shall com...

Read More

There Is Rate Change # Return Utility # No More Utility

History of problems in return utility:- In 2012-2013, the return utility (July-Sept) had the facility of inserting an additional row and mentioning that differential rate of tax; thereby showing the additional tax to be paid in a particular month for a particular service....

Read More
Posted Under: Income Tax |

Service tax under reverse charge mechanism on renting of passengers motor vehicle

The extent of service tax in case of renting of any motor vehicle designed to carry passengers is depend on whether the provider of service has availed abatement or not. The condition to avail abatement is provided vide notification 26/2012 dated 20th June, 2012. ...

Read More
Posted Under: Income Tax |

Capital Gain in case Cost of Acquisition of Capital Asset is Indeterminable

The Supreme Court in the case of CIT v. B. C. Srinivasa Setty, 128 ITR 294, held that no capital gains tax is payable by an assessee where it was not possible to compute the capital gains u/s.48 of the Act. It held that capital gains could not be computed in cases where the cost of acquisition could not be conceived at all....

Read More
Posted Under: Income Tax |

TNVAT – Forklift – Rate of Tax

CA V. Sundararajan A dealer is engaged in importing and selling fork lift. For selling of fork lift the dealer is collecting taxes @5% (Capital goods-commodity code no -2025). However the assessing officer is of the view that fork lift will fall under the category of motor vehicles-and are liable to tax @14.5% under the […]...

Read More
Posted Under: Income Tax |

Conditions & Procedure for Export under Bond without Payment of Duty

Dipesh Murarka Rule 19 of the Central Excise Rules, 2002 places following conditions and procedures for export of goods under bond without payment of duty. Let us see the conditions first:- CONDITIONS Any goods may be exported without payment of duty from a factory of the manufacturer or producer or warehouse or any other premises, [&hell...

Read More
Posted Under: Income Tax |