"20 October 2015" Archive

RBI seeks Comments/Feedback on Report of Working Group on Implementation of Ind AS by Banks in India

The Reserve Bank of India has today placed on its website the Report of the Working Group on the Implementation of Indian accounting standards (Ind AS) by Banks in India (Chair: Shri Sudarshan Sen, Principal Chief General Manager, Department of Banking Regulation). Suggestions/comments, if any, on the Report may be sent by post to the Pri...

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Posted Under: Fema / RBI |

AO not empowered to refer matter to DVO without rejecting books of accounts: HC

CIT Vs M/s Freedom Board & Paper Mills (Punjab & Haryana High Court)

Punjab & Haryana High Court held In the case of CIT vs. M/s Freedom Board & Paper Mills that it is not open to the AO to refer the case to DVO without rejecting books of accounts on the basis of rejection of the books of account on some legal or justified basis....

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Deduction u/s 80IC not available on Sales Tax Rebate or on Ancillary activity Income: HC

The CIT Vs M/s H. M. Steels Ltd. (Punjab & Haryana High Court)

Punjab & Haryana High Court held In the case of The CIT vs. M/s H. M. Steels Ltd that on an analysis of section 80IC, it must be held that any industrial undertaking or enterprise would be entitled to deduction under sub-section (1) only to the extent of profits derived from such an industrial undertaking and not on account of any rebate ...

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Some procedural omission/ mistake will not make the whole proceedings invalid

CIT Vs Shri Shyamal Sarkar (Calcutta High Court)

Calcutta High Court held In the case of CIT vs. Shri Shyamal Sarkar that there is a presumption in law that all official and judicial acts were regularly performed. In this case, this presumption is supported by the fact that the assessee had paid the fees of the auditor. ...

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CIT can reject registration of society u/s 12AA if charitable objects are missing: HC

CIT Vs Sri Guru Gorakh Nath Charitable Educational Society. (Punjab & Haryana High Court)

Punjab & Haryana High Court held In the case of CIT vs. Sri Guru Gorakh Nath Charitable Educational Society that power of the Commissioner to look into the objects of the Society and the genuineness of the same cannot be doubted when the basis is of non-supply of information. ...

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Warranty expense provision based on past experience & trend is allowable expense

The CIT vs. M/s Carrier Air-Conditioning and Refrigeration (Formerly known as Aircon Limited) (Punjab & Haryana High Court)

Calcutta High Court held In the case of The CIT vs. M/s Carrier Air-Conditioning and Refrigeration that provision for warranty based on personal experience and past trends is an allowable expenditure. The division bench judgment in the case of Commissioner of Income Tax v. Majestic Auto Ltd. ...

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Cutting of jumbo rolls into smaller sizes and printing on them does not amount to manufacture

Commissioner of Central Excise and Customs Vs M/s Rasmi Wax Coated Paper & Printing Industry (Andhra Pradesh High Court)

In the case of CCE&C vs. M/s Rasmi Wax Coated Paper & Printing Industry it was held by Andhra Pradesh High Court that the subject processes viz., printing, slitting and winding Cork Tipping Paper does not amount to manufacture and no subject processes undertaken by the assessee was bringing ...

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In absence of intention to deal in land on regular basis, income earned from sale of land is taxable as capital gain

CIT Vs Edward Keventer (Successors) Private Limited (Delhi High Court)

Delhi High Court in case of CIT Vs. Edward Keventer (Successors) Private Limited held that factors like intention of the assessee in purchasing the property, duration of time property was kept by assessee, lack of any transactions of sale or purchase of property throughout relevant period of time...

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Notification No. 84/2015 – Income Tax Dated 20/10/2015

Notification No. 84/2015 - Income Tax 20/10/2015

Notification No. 84/2015 - Income Tax The Infrastructure Debt Fund shall be set up as Non-Banking Financial Company conforming to and satisfying the conditions provided by the Reserve Bank of India in the Infrastructure-Debt Fund - Non-Banking Financial Companies (Reserve Bank) Directions, 2011, vide notification No. DNBS.233/CGM (US)-201...

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Access to Service Tax Assessee’s Premises

Central excise officers are empowered to pay visits to the premises of the assessees. Such visits shall be subject to the following rules: (i) All visit to the premises of service tax assessees will be made by central excise officers only after giving a notice in writing explaining therein the purpose of such visit. (ii) The officers will...

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Posted Under: Fema / RBI |

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