"18 October 2015" Archive

No Penalty U/S 271 (1)(c) Levied on Excess Claim of Depreciation

The assessment u/s 143(3) made disallowing to excess claim of depreciation. Penalty proceedings u/s 271(1)(c) has been initiated on disallowance of excess depreciation claimed. The assessee confronted this fact, He is agree to disallow excess depreciation. No penalty u/s 271(1)(c) is levied upon the assessee. The Department can not presum...

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Posted Under: Income Tax |

Uniform Listing Agreement by SEBI

Securities and Exchange Board of India (SEBI) by exercising its power under 11(1) and 11A of the Securities and Exchange Board of India Act, 1992 issued a circular dated 13th October, 2015 for uniform format of listing agreement incorporating revised disclosures and regulatory requirements applicable for listed entities....

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Posted Under: Income Tax |

Point wise coverage of draft process of GST registration

CA Deepak Aggarwal Report of the Joint Committee on Business Processes for GST Registration Processes in GST Regime ♣ All existing registered persons, whether with the Centre or State under any of the tax statues being subsumed in GST, would be allotted a GST registration number called Goods and Services Tax Identification Number (GSTIN...

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Posted Under: Income Tax |

How we can Save Energy in our Daily Life ?

Climate change is a man-made issue. Vigorous, indiscriminate, and selfish exploitation of the earth's resources for human development has led to this embarrassing situation. The unmindful and self-centered approach has not only affected the climate but the survival of the self. Cold wars and rebellions are the ploys used to take control o...

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Posted Under: Income Tax |

Slot Charter Operation will be Included in Deemed Tonnage even if ship is not qualifying ship

Trans Asian Shipping Services Private Limited Vs Commissioner of Income Tax (Kerala High Court)

Trans Asian Shipping Services Private Limited Vs. CIT ( kerala High Court) It was held in the case of the income derived from slot charter operations of a tonnage tax company is not liable to be excluded while determining the tonnage income under the tonnage tax scheme on the ground that such operations are carried on in ships which are n...

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Non-disclosure of precise material relied on transferring the case from one jurisdiction to other is against principles of natural justice

Anand Chauhan & Others Vs CIT (Himachal Pradesh High Court)

Himachal Pradesh High Court in the case of Anand Chauhan & others held that not providing assessee with the precise reason for transfer of his case from one jurisdiction to other amounts to violating the principles of natural justice as non-disclosure take away his right of putting forward his objections effectively....

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Assessee cannot be compelled to claim depreciation as Exp. 5 to Sec 32(1)(ii) is not retrospective

CIT Vs M/s Shree Triveni Foods (Himachal Pradesh High Court)

Himachal Pradesh High Court in the case of CIT vs. M/s Shree Triveni Foods held that the claim of depreciation for assessment years under dispute was not mandatory and therefore, the assessee could not be compelled to exercise the option as an obligation....

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S. 43B No disallowance for Electricity duty collected on behalf of state government but not paid: HC

CESC Ltd. Vs CIT (Calcutta High Court)

Calcutta High Court held In the case of CESC Ltd. vs. CIT that Section 43B of the Income Tax Act is attracted to a case where payment is to be made to the State Government in the capacity of the State as a sovereign and not to a case where payment is to be made to the State Government in its capacity ...

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S. 194H Discount by telecom companies to distributors on recharge coupons is commission, liable for TDS: HC

Hutchison Telecom East Ltd. Vs CIT (Calcutta High Court)

Calcutta High Court held In the case of Hutchison Telecom East Ltd. vs. CIT that the discount allowed to the distributors in respect of starter packs and recharge coupons for its prepaid services will be covered under commission or brokerage, liable to TDS u/s 194H....

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Burden of proof on assessee to prove creditworthiness & genuineness of creditors: HC

CIT Vs Mihir Kanti Hazra (Calcutta High Court)

Calcutta High Court held In the case of CIT vs. Mihir Kanti Hazra that it is well settled that creditworthiness of the alleged creditors and the source of the source are relevant enquiries. In the case of CIT Vs Precision Finance Pvt. Ltd. reported in (1994) 208 ITR 465...

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