"21 October 2015" Archive

Transfer of capital assets not completes if Terms & Conditions of agreement not performed by both parties

ITO Vs Alok Mukherjee (Individual) (ITAT Jaipur)

ITAT Jaipur held In the case of ITO vs. Alok Mukherjee that where both the parties not performed terms & conditions of the agreement to sale in prescirbed time and prescribed maneeer, it is breach of contract, so it will not be a transfer of property on the date of such agreement....

Non TDS deduction disallowance not sustainable if payee discharges his tax liability

Kurian Ulahannan Moothukuzhiyil Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held in the case Kurian Ulahannan Moothukuzhiyil vs. ITO that in the case of CIT vs. Ansal Land Mark Township (P) Ltd. in ITA 160/2015 & ITA 161/2015 dated 26/08/2015, it was held that there is one thing common to both the provisions to Section 40(a) (ia) and Section 201 (1) is that the as long as the payee has filed its re...

In absence of any material change revenue cannot take a view different from earlier view

M/s. Bajrang Wire Products (India) Pvt. Ltd. Vs The Addl. CIT (ITAT Jaipur)

M/s. Bajrang Wire Products (India) Pvt. Ltd. Vs. The Addl. CIT (ITAT Jaipur) In the present case the matter before the ld. CIT (A) was payment of interest for the A.Y. 2006-07 and also for A.Y. 2008-09. In both the matters, the interest was restricted by the AO to 12%...

Annual Return on Foreign Liabilities and Assets– Reporting by LLPs

RBI/2015-16/210 A. P. (DIR Series) Circular No. 22 21/10/2015

In order to capture the statistics relating to Foreign Direct Investments (FDI), both inward and outward, by Limited Liabilities Partnerships (LLPs) in India, it has been decided that henceforth, all LLPs that have received FDI and/or made FDI abroad (i.e. overseas investment) in the previous year(s) as well as in the current year, shall ...

Amendment in Negative List of Service Tax

Notification No. 20/2015-Service Tax 21/10/2015

Notification No. 20/2015-Service Tax Government exempts the services provided by a business facilitator or a business correspondent to a banking company with respect to Basic Savings Bank Deposit Accounts covered by Pradhan Mantri Jan Dhan Yojana (PMJDY) from Service Tax. ...

Proposed GST Return – Salient Features

The Joint Committee on Business Process for #GST has submitted it’s Report on GST Return. The salient features for proposed #GSTReturn are as below: 1. There will be common E-Return for CGST, SGST, IGST and Additional Tax. 2. Every registered person is required to file a return for the prescribed tax period. A return needs […...

Posted Under: Income Tax |

To avail Section 32(2) depreciation claim it’s not necessary that business carried on in following previous year

The Serendipity Apparels Pvt. Ltd. Vs CIT (ITAT pune)

The Serendipity Apparels Pvt. Ltd. Vs. CIT (ITAT Ahmedabad)- The assessee has derived its lease rental income under the head from other sources. There is no dispute that the same is covered u/s.56(2)(iii) of the Act....

Increase in basic customs duty on import of wheat

Notification No. 51/2015-Customs (ADD) [G.S.R. 804(E)] 21/10/2015

Notification No. 51/2015-Customs (ADD) - seeks to further amend notification No. 12/2012-Customs dated 17.03.2012 so as to increase the basic customs duty on wheat [CTH 1001 19 00 and 1001 99 10] from the present rate of 10% to 25% for a period up to and inclusive of 31.03.2016...

Reduction in export duty on export of Iron Ore by MMTC Limited

Notification No. 50/2015-Customs (ADD) 21/10/2015

Notification No. 50/2015-Customs (ADD) Seeks to further amend notification No. 27/2011-Customs dated 01.03.2011 so as 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. ...

SEBI : Risk management for Regional Commodity Derivatives Exchanges

CIR/CDMRD/DRMP/2/2015 21/10/2015

Margin Collection and Enforcement: All applicable margins shall be collected by Exchanges before start of trading on the next trading day....

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