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ITAT Hyderabad held In the case of M/s. KNR Constructions Ltd. vs. DCIT that no such adverse inference however was drawn by the A.O. in the case of the concerned two sub-contractors and in the assessments completed under section 143(3) in their cases
Notification No. 50/2015-Customs Seeks to reduce the export duty on export of Iron Ore by MMTC Limited (only NMDC origin) to Japan and South Korea under the Long Term Agreement (LTA), from 30% to 10%, upto and inclusive of 31.03.2018.
Smt. Shakeera Begum vs. ITO (ITAT Hyderabad) In the instant case, as the municipal approvals, completion certificates and authentic plans were not available, the ITAT could not conclude whether assessee had constructed new independent house and there was no evidence that the old building was ever demolished.
Instruction No. 15/2015 The provisions relating to transfer pricing are contained in Sections 92 to 92F of the Income-tax Act (hereinafter referred to as ‘the Act’). These provisions came into force w.e.f. Assessment Year 2002-2003 and have seen a number of amendments over the years, including the insertion of Safe Harbour and Advance Pricing Agreement provisions and the extension of the applicability of transfer pricing provisions to Specified Domestic Transactions.
In the case of Pegasystems Worldwide India Pvt. Ltd. Vs. ACIT Hyderabad Bench of ITAT directed the AO to reduce communication cost not only from export turnover but also from the total turnover for the purpose of computation of deduction as per Explanation 2 to section 10A.
The CESTAT Chennai in the case of Ansaldo STS Transportation Systems India Pvt. Ltd vs. Commissioner of Customs, Chennai held that if the importer had entered into transaction with related persons and failed to prove that the price had not been influenced by the relationship
Interest is levied on the assessee when he delays the payment of service tax which is due and payable. If payment of service tax is delayed in accordance with the provisions of Section 68, Interest is charged at the rate not below ten per cent and not exceeding thirty-six per cent per annum. (Please Refer Section 75 of Finance Act, 1994)
Articles explains Rates of income-tax in respect of income liable to tax , Minimum Alternative Tax Rate, Securities Transaction Tax (STT), Commodities Transaction Tax (CTT) and Dividend Distribution Tax (DDT) Rates for Financial Year 2015-16 i.e. Assessment Year 2016-17.
Income from display of rough diamonds in Special Notified Zone carried-out on or after 1st April, 2015 not to be taxable under the provisions of the Income-tax Act, 1961.
CBI ARRESTS A PRINCIPAL COMMISSIONER OF INCOME TAX AND AN INCOME TAX OFFICER IN AN ALLEGED BRIBERY CASE OF Rs.10 LAKH The Central Bureau of Investigation has today arrested a Principal Commissioner of Income Tax, Thiruvananthapuram and an Income Tax Officer, Thiruvananthapuram in an alleged bribery case of Rs.10 lakh (approx ). A case was […]
