"05 October 2015" Archive

No TDS U/s. 194C on Purchase of Goods Manufactured by supplier as per our specification

DCIT Vs Shalimar Chemical Works Ltd. (ITAT Kolkata)

In the case of DCIT vs. Shalimar Chemical Works Ltd. the Hon’ble Kolkata ITAT held that manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from a person other than such customer is not included in the definition of the “Work” ...

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Proviso to Section 2(15) as substituted by Finance Act, 2015 is effective from 01.04.2016

Hoshiarpur Improvement Trust Vs The Income Tax Officer (ITAT Amritsar)

In the case of Hoshiarpur Improvement Trust Vs The Income Tax Officer Ward 1, Hoshiarpur , the assessee being a trust was registered under the Punjab Towns Improvement Trusts Act, 1922. It was providing services under the control and supervision of State Government for development of cities and towns....

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Measurement of Distance to determine if agricultural land is situated within 8 km of municipal limits

CIT Vs Vijay Singh Kadan (Delhi High Court)

Delhi High Court held in the case of CIT vs. Vijay Singh Kadan that to determine whether the agricultural land is situated within 8 km of the municipal limits so as to constitute a capital asset, the distance has to be measured in terms of the approach road and not by the straight line distance on horizontal plane or as per crow's flight....

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AO cannot make changes in accounts certified under Companies Act for Computing book profit

M/s. Forever Diamonds Pvt. Ltd Vs Deputy Commissioner of Income Tax (ITAT Mumbai)

In the cited case, ITAT held that the Assessing Officer does not have power to embark upon the fresh enquiry with regard to the entries made in the books of accounts of the Company when the accounts of an assessee Company is prepared in terms of Part II Schedule VI...

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Govt. notifies conditions for grant of license for cultivation of opium poppy

Notification No. 1/2015-Narcotics Control-1 05/10/2015

The Central Government vide Notification No. 1/2015-Narcotics Control-1 dated 5th October, 2015 has notified the general conditions for grant of license for cultivation of opium poppy on account of the Central Government during the Opium Crop Year commencing on the 1st day of October, 2015 and ending with the 30th day of September, 2016. ...

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CBDT – Highly Unreasonable Authority under Namo Government

CBDT PROVED TO BE VERY UNREASONABLE TOP AUTHORITY EVEN DURING REGIME OF NAMO GOVERNMENT – even after directions from various High Court’s action of CBDT is not only very delayed but also half-hearted, incomplete and wrong- it requires to be rectified and clarified...

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Posted Under: Income Tax |

Govt. increases Custom duty on ghee, butter & butter oil to 40%

Notification No. 49/2015-Customs 05/10/2015

Notification No. 49/2015-Customs - Seeks to further amend notification No. 12/2012-Customs dated 17.03.2012 so as to increase the basic customs duty on ghee, butter and butter oil from the present rate of 30% to 40% for a period of 6 months i.e upto and inclusive of the 31st day of March, 2016. ...

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70% abatement Eligible on services Ancillary to GTA service : CBEC

Circular No.186/5/2015-Service Tax 05/10/2015

Circular No.186/5/2015-ST If ancillary services are provided in the course of transportation of goods by road and the charges for such services are included in the invoice issued by the GTA, and not by any other person, such services would form part of GTA service and, therefore, the abatement of 70%, presently applicable to GTA service, ...

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Place of Effective Management (PoEM): A brief Insight

A new termed introduced by Finance Act, 2015 for determination of residential Status of foreign company is Place of Effective Management, commonly known as PoEM. Though PoEM seems to be new in context of Indian Income Tax Act, the term has already found its aplace under Article 4 of Bilateral Tax treaties entered by India with various oth...

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Posted Under: Income Tax |

Aim & object of expenditure would determine character of payment- HC

M/s. Sandvik Asia Limited Vs Deputy Commissioner of Income Tax (Bombay High Court)

In the case of Sandvik Asia Limited vs. DCIT, Bombay High Court held that the payment made by the Appellant in its nature is different from a payment made to protect the property. In fact, Supreme Court in the case of Assam Bengal Cement Co. Ltd. v/s. CIT 27 ITR 34 ...

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