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Archive: October, 2015

Posts in October, 2015

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 609 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7503 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Tribunal Power to grant stay is confined only to appellate order

October 31, 2015 1955 Views 0 comment Print

The Hon’ble (P&H) High Court in the case of Pr.C.I.T. vs ITAT Delhi Bench, New Delhi and anothers while dealing with the scope of power of Tribunal for grant of stay against the prosecution proceedings held that once

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

October 31, 2015 75505 Views 0 comment Print

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

Filing fees for belated filing under Companies Act, 2013 – opportunity or advantage

October 31, 2015 22863 Views 0 comment Print

Section 611 of the Companies Act, 1956 provided for payment of filing fees in accordance with Schedule X to that Act. There is no Schedule in the Companies Act, 2013 for ‘filing fees’. Accordingly, section 403 of the Companies Act, 2013 provides for payment of filing fees as prescribed by rules made under the Companies Act, 2013. Rule 12 and Table annexed to Companies (Registration Offices & Fees) Rules, 2014, prescribed the Fee.

Service Tax Exemption to Intermediate Production Processes

October 31, 2015 103322 Views 5 comments Print

Certain job work and production processes have been exempted from service tax. Carrying out an intermediate production process as job work in relation to –(a) agriculture, printing or textile processing; (b) cut and polished diamonds and gemstones; or plain and studded jewellery of gold and other precious metals, falling under Chapter 71 of the Central Excise Tariff Act, 1985.

Service Tax on Education Sector

October 31, 2015 8723 Views 0 comment Print

Education sector is one of the most important sectors in our country. Service tax has become an important source of revenue collection for Indian Government. Since all the services are taxable w.e.f. 01.07.2012 except services covered under Negative List

Liability to pay interest on issue of supplementary invoice owing price variation

October 31, 2015 5268 Views 1 comment Print

The respondent was engaged in manufacture of cables and it entered into a contract with customer for supply of such cables & incorporated price variation clause in the agreement entered between them. The respondent paid duty provisionally at the time of removal of goods from the factory

Reopening of assessment not permissible where charges on Assessee are not specific: HC

October 31, 2015 1306 Views 0 comment Print

Delhi High Court held In the case of Oracle Systems Corporation vs. ADIT that it is clear that when a regular assessment is completed in terms of Section 143(3), a presumption can be raised that such an order has been passed upon a proper application of mind.

Prosecution – made more simpler for revenue

October 31, 2015 2749 Views 0 comment Print

A perusal of this order reveals that the Tribunal has recorded a finding that it is empowered by Section 254 of the Act to stay prosecution. The said finding is the bone of contention between the parties. Pr. Commissioner of Income Tax Vs. Income Tax Appellate Tribunal, Delhi Bench (Punjab & Haryana HIgh Court at Chandigarh),

Conclusions based on suspicion cannot take the place of proof : SC

October 31, 2015 2250 Views 0 comment Print

Umacharan Shaw & Bros v. CIT: (1959) 37 ITR 271 (SC)- there was no material on which the Income-tax Officer could come to the conclusion that the firm was not genuine and further observed that the conclusion is the result of suspicion which cannot take the place of proof in these matters.

Gift from abroad cannot be taxed on mere suspicion: HC

October 31, 2015 1412 Views 0 comment Print

In our opinion, the Tribunal had, on merits, come to the conclusion that the gifts were genuine. This is a pure question of fact. The Tribunal has examined the evidence which was available on the record and has arrived at the aforesaid finding.

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