"19 October 2015" Archive

Penalty U/s. 271(1)(c) cannot be imposed for mere non-application of Rule 8D by assessee

ACIT Vs Ms Shyam Basic Infrastructure Pvt. Ltd. (ITAT Delhi)

ITAT held in ACIT Vs Ms Shyam Basic that if the assessee had made a wrong claim in the return of income but had furnished full particulars in its return of income then it would not amount to concealment if income and penalty u/s 271(1)(c) could not be levied....

Read More

Deduction cannot be allowed merely on consistency or on the basis of mere Footnote in Audited Balance Sheet

Indo Count Industries Ltd. Vs DCIT (ITAT Delhi)

ITAT New Delhi held in Indo Count Industries Ltd Vs DCIT( ITAT New Delhi) that it all depends upon the facts of the case that whether the assesse was eligible to claim exemption u/s 10B for all the units as a single entity or every unit was independently eligible to claim exemption u/s 10B as a separate unit. ...

Read More

Service Tax not to be included while calculating the gross receipts for sec 44BB

M/s Sundowner Offshore International (Bermuda) Ltd. Vs ADIT (International Taxation) (ITAT Delhi)

ITAT Delhi held in M/s Sundowner offshore International (Bermuda) Ltd Vs ADIT (International Taxation, Dehradun) that for calculating the gross receipts for sec 44BB, reimbursement of service tax not to be included in gross receipts and 10% of the total gross receipts without considering the service tax would be taken as taxable income of...

Read More

Search will be deemed to be concluded for completion of assessment from the date when keys were handed over to assessee

Navin Kumar Agarwal Vs CIT(A) (Kolkata High Court)

Kolkatta High Court held in Navin Kumar Agarwal Vs CIT(A) that for the conclusion of search, date of last panchnama was to be seen provided keys had been handed over to the assessee. If the keys were still with the department it meant that department could resume the search any time if necessary irrespective of the fact that only restrain...

Read More

Cenvat credit available on capital goods/inputs used in manufacture of exempted goods & cleared without payment of duty on Job work basis: HC

The Commissioner of Central Excise, Chennai Vs Customs Excise & Service Tax, Appellate Tribunal (Madras High Court)

In the case of Commissioner of Central Excise Vs. CESTAT, it was held by Madras High Court that the assessee is entitled to Cenvat credit on the capital goods/inputs used in the manufacture of goods which are exempted and which are cleared without payment of duty on Job work basis....

Read More

No refund application required for refund of Extra Duty Deposit made pending finalisation of provisional assessment: HC

Commissioner of Customs (Exports) Vs M/s. Sayonara Exports Pvt. Ltd. (Madras High Court)

In the case of Commissioner of Customs (Exports) Vs M/s.Sayonara Exports Pvt. Ltd., it was held by High Court of Madras that the assessee is entitled for automatic refund of the Extra Duty Deposit made pending finalisation of the provision assessment without filing an application for refund under Section 27 of the Customs Act, 1962....

Read More

Empanelment of CA Firms for Concurrent Audit of Bank of Baroda for FY 2016-17

Bank of Baroda- The draft application format to apply for Concurrent Audit of Branches/Offices for FY 2016-2017. NOTE/GUIDELINES: 1. No columns of application are to be kept blank. 2. Incomplete applications and / or applications not in format may be rejected without any further reference. 3. Since large number of applications are receive...

Read More
Posted Under: Income Tax |

CBDT to initiate Paperless Scrutiny Assessment in 5 Cities

F. No. 225/267/2015-ITA-II 19/10/2015

In order to improve the taxpayer services, enhance the efficiency and to usher in a paperless environment for carrying out the assessment proceedings, CBDT has decided to initiate the concept of using email for corresponding with taxpayers and sending through emails the questionnaires, notice etc. at the time of scrutiny proceedings and g...

Read More

CBDT notification on Transfer Pricing Rules to incorporate range concept and use of multi-year data

Notification No. 83/2015 - Income Tax 19/10/2015

Notification No. 83/2015 - Income Tax In exercise of the powers conferred by section 92C read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (16th Amendment),...

Read More

Govt. exempts Excise duty on RBD Palm Stearin, Methanol and Sodium Methoxide used in manufacture of such biodiesel

Notification No. 42/2015-Central Excise [G.S.R. 791(E)] 19/10/2015

Notification No. 42/2015-Central Excise Specified biodiesel is exempt from central excise duty. However, its inputs namely, RBD Palm Stearin, Methanol and Sodium Methoxide are chargeable to central excise duty leading to CENVAT credit accumulation. Central excise duty has been exempted on RBD Palm Stearin, Methanol and Sodium Methoxide u...

Read More