"29 September 2015" Archive

Sec. 271(1)(c) No Penalty for addition U/s. 50C if Assessee furnishes all details

Bhavya Anant Udeshi Vs The Income Tax Officer (International Taxation) (ITAT Hyderabad)

In the case of Bhavya Anant Udeshi Vs ITO (International Taxation) it was held by ITAT Hyderabad that provision of section 50C being a deeming provision, it cannot be used for the purpose of imposition of penalty under section 271(1)(c) unless it is proved that Assessee has received any amount over...

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SEBI : Registration of Members of Commodity Derivatives Exchanges

CIR/MIRSD/4/2015 (29/09/2015)

The application for registration shall be made in the manner prescribed in the Stock Broker Regulations, through the commodity derivatives exchange, of which it holds membership,...

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Form No.15G / 15H & related procedures wef 01.10.2015

Notification No. 76/2015 - Income Tax (29/09/2015)

Notification No. 76/2015 - Income Tax S.O. 2663 (E). - In exercise of the powers conferred by section 295 read with section 197A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely...

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Refund/Claim of Safeguard Duties as Duty Drawback

Circular No. 23/2015-Customs Duty (29/09/2015)

Circular No. 23/2015- Customs Duty Where imported goods subject to Safeguard Duties are exported out of the country as such, then the Drawback payable under Section 74 of the Customs Act would also include the incidence of Safeguard Duties as part of total duties paid, subject to fulfilment of other conditions....

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Guajrat HC also Directs CBDT to extend due date to 31st October 2015

All Gujarat Federation of Tax Consultants Vs CBDT (Gujarat High Court at Ahmedabad)

After Punjab & Haryana High Court the Gujarat High Court also directs CBDT to extend the due date for Filing of ITR to October 31st in its Judgement today. ...

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FAQs for members of Commodity Derivatives Exchanges

Q1. What are the registration requirements for existing members of commodity derivatives exchanges? Ans: Existing members of commodity derivatives exchanges are required to satisfy the registration related requirements of the exchange of which it holds membership, at the time of making an application for registration to SEBI. They can app...

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Posted Under: Income Tax |

Extend ITR due date to 31st October 2015- P&H HC to CBDT

Vishal Garg & Ors. Vs Union of India & Anr. (Punjab & Haryana HC)

In the case of Vishal Garg & Ors. Vs. Union of India & Anr., Punjab & Haryana HC instructed CBDT extend due date of Tax Audit cases to 31st October 2015 from existing 30th September 2015. Its not clear if the due date for non audit cases also been extended ...

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Incomes chargeable to tax U/s. 172 cannot be subject to TDS under chapter XVII-B

CIT Vs Dempo and Co. Private Limited (Bombay High Court)

The Hon'ble Bombay HC in the case of CIT vs. Dempo and Co. P. Ltd that when the non- resident payee is assessable under special provisions contained in Sec 172 , then the payer cannot be made responsible for deducting tax at source on the payments made to non-resident. ...

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Section 194C- Casual labourer are not sub-contractor : HC

Principal Commissioner Of Income Tax Vs Shri Tulsi Ram Modi (Rajasthan High Court at Jaipur)

In the case of Pr. CIT Vs. Shri Tulsi Ram Modi, HC of Rajasthan at Jaipur has held that labourer hired by the assessee employed as casual labourers could not be considered to be sub- contractor and therefore provisions of Section 194C and Section 40(a)(ia) of the Act were not applicable....

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Rectification order u/s 154 cannot be made on debatable issue: HC

K.K.J. Foundations Vs The Assistant Director of Income (Kerala High Court at Ernakulam)

In the case of KKJ Foundations vs. ADIT it was held by High court of Kerala that It is a settled proposition of law that rectification is a process by which a mistake is set at right. It thus means correcting an error which was apparent from record ...

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