"10 October 2015" Archive

Protocol for establishment of the India-Ecuador Joint Economic and Trade Committee (JETCO) signed

The Ambassador of Ecuador to India, H.E. Mr. Mentor Villagomez met Ms. Rita Teotia, Commerce Secretary, Government of India on 9th October, 2015 and discussed measures to enhance bilateral trade and investment relations between both the countries. During the year 2014-15, the bilateral trade between the two countries stood at US $ 1290.77...

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Posted Under: Income Tax |

Why Govt. does retrospective amendment in tax laws?

To win pending cases in tax laws. Indian Govt. has carried out retrospective amendment in tax laws from very inception of tax laws i.e. 1962. The retrospective amendment should be carried out when the cases are pending in Courts. When assessee takes advantages of loopholes in tax laws and win the cases in lower courts […]...

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Posted Under: Income Tax |

Losses cannot be set-off against Bogus /unexplained cash credit Income

M/s Kerala Sponge Iron Ltd. Vs CIT, Trichur (Kerala High Court at Ernakulam)

Kerala High Court in the case of M/s Kerala Sponge Iron Ltd. vs. CIT held that once the income has been assessed u/s 68 as unexplained cash credit it cannot be treated as business income because it is not an income classifiable under any heads of income as per Sec 14....

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Settlement Commission has no jurisdiction to decide smuggling cases of goods specified U/s. 123 of Customs Act

The Additional Commissioner of Customs Vs Shri Ram Niwas Verma (Delhi High Court)

Delhi High Court in the case of Additional Commissioner of Customs vs. Shri Ram Niwas Verma held that acceptance of application by settlement commission in respect of gold which is covered in sec 123 is without jurisdiction as 3rd proviso to Sec 127B (1) provide a clear bar on the applications made in respect of goods covered u/s 123....

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No fresh Income tax notice to Nokia India : CBDT

NA (10/10/2015)

There have been some reports in the media yesterday and today that the Income tax Department has issued fresh demand notice to Nokia India. These reports are erroneous. An assessment order was passed in the case of Nokia India Pvt Ltd for Assessment Year 2010-11 in August 2015. The tax demand raised by this order was primarily based on is...

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AO has to record his satisfaction before proceeding to make addition u/s 14A

I.P. Support Services India (P) Ltd Vs CIT (Delhi High Court)

Delhi High Court Held In the case of I.P. Support Services India (P) Ltd vs CIT that AO cannot invoke Section 14A read with Rule 8D (2) without recording his satisfaction and noted that the recording of satisfaction as to why the voluntary disallowance made by the assessee was unreasonable ...

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