"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 |

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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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 |

CA Slapped by service Tax Official- Online Petition- CAs Soft target?

In a series of attacks on Chartered Accountants latest is been alleged by A CA from Pune that he has been slapped by a Service Tax Official when he visited his office with his Assistant and client in respect of reset of password of his clients Service Tax Account on online portal of Service Tax Registration....

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Posted Under: Fema / RBI |

Notional interest not eligible for deduction u/s 10A: HC

Thomson Press (India) Ltd Vs CIT (Delhi High Court)

Thomson Press (India) Ltd vs. CIT (Delhi High Court), ITA 83/2003, Dated-09.10.2015 Claim that notional interest on funds placed by the s. 10A eligible unit with the H.O. is allowable as a deduction to the H.O. and is exempt in the hands of the s. 10A unit is an unsustainable view....

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Cenvat Credit Disclosure In Service Tax Return- Practical Aspects: Part 2

Once eligible credit has been availed, it becomes part of a pool out of which credit can be utilised to pay output liability. There is no correlation required between availment and utilisation of credit. The disclosure requirement of utilisation/reversal of credit is as below:...

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Posted Under: Fema / RBI |

Cenvat Credit Disclosure In Service Tax Return- Practical Aspects: Part 1

Tax credit in any value added taxation is the second most important aspect after the levy as it goes to reduce the basic cost. If credits are not available fully, it adds to the cost of the product or service resulting in cascading effect of taxes. It becomes imperative for assessee to ascertain the credit availability and to ensure that ...

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Posted Under: Fema / RBI |

Tower & blades used in Wind Operated Electricity Generators eligible for excise duty exemption

Circular No. 1008/15/2015-Central Excise 20/10/2015

Circular No. 1008/15/2015-CX A large number of references have been received from the trade as well as the field formations to clarify whether exemption Notification No. 12/2012-Central Excise, dated 17.03.2012 covers part/components of Wind Operated Electricity Generators (WOEG). ...

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