"October, 2015" Archive

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

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 ...

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Posted Under: Company Law |

Service Tax Exemption to Intermediate Production Processes

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 ...

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Posted Under: Company Law |

Service Tax on Education Sector

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...

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Posted Under: Company Law |

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

(12/06/2015)

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 ...

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Posted Under: Company Law |

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

Oracle Systems Corporation Vs ADIT (Delhi High Court) (08/10/2015)

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. ...

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

Umacharan Shaw & Bros. Vs Commissioner Of Income-Tax (Supreme Court of India) (15/05/1959)

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....

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Gift from abroad cannot be taxed on mere suspicion: HC

CIT , DELHI (CENTRAL-2) Vs MRS SUNITA VACHANI (Delhi High Court)

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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Reopening to rectify Mistake committed during Original Assessment not permissible

Jindal Photo Films Ltd. Vs The Deputy Commissioner Of Income Tax (Delhi High Court)

Jindal Photo Films Ltd. vs. DCIT (Delhi High Court) 1998 234 ITR 170- Following the settled trend of judicial opinion and the law laid down by their Lordships of the Supreme Court time and again, different High Courts of the country have taken the view that if an expenditure...

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No addition for Gift from abroad if Donor gives statement before AO regarding his capacity despite non production of any document

CIT Vs Sudhir Budhraja (Delhi High Court)

Delhi High Court held In the case of CIT vs. Sudhir Budhraja that the findings of the Tribunal are based on sufficient material and cannot be stated to be perverse. On the other hand that the AO had no material ...

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Re-opening of assessment not permissible on same set of materials considered in original assessment

Turner Broadcasting Systems Asia Pacific INC. Vs DDIT (Delhi High Court)

Delhi High Court held In the case of Turner Broadcasting Systems Asia Pacific INC. vs. DDIT that the assessing officer has merely intended to revisit the concluded assessments and it is a clear case of change of opinion...

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