"22 October 2015" Archive

Stamp Duty on Shares issued under Indian Stamp Act in Demat Form

Whether shares/securities issued by company or an issuer in demat form are chargeable to stamp duty under Indian Stamp Act? If yes then on what value it will be charged or how consideration would be calculated for the purpose of levy of stamp duty?...

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Posted Under: Corporate Law |

Law relating to deductibility of expenses in Contractual and Statutory liability

Special Bench presided by ITAT President Mr. DD Sud in the case of National Agriculture Co-operative ITA 1999 & 2000/Del/2008 pronounced on 16-10-2015 has touched and dealt at length the issues of deductibility of expenses in case of Contractual ...

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Posted Under: Corporate Law |

Guide On Filing MGT-7 – Form for Filing Annual Return of Company

Every company shall prepare an annual return in the form MGT-7 containing the particulars as they stood on the close of the financial year regarding: its registered office, principal business activities, particulars of its holding, subsidiary and associate companies; its shares, debentures and other securities and shareholding p...

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Posted Under: Corporate Law |

Consideration bifurcated for negative covenants in share purchase agreement is not chargeable to tax

CIT Vs Smt. Usha Saboo & Others (Punjab & Haryana High Court)

Punjab & Haryana High Court held In the case of CIT vs. Smt. Usha Saboo that although the agreement did not bifurcate the consideration towards the various covenants in the agreement, the assessee was entitled to bifurcate the same and apportion a part thereof towards the negative covenants. ...

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Matter not raised before tribunal cannot be raised before High Court

M/s Maken Cement Industries Vs CIT (Punjab & Haryana High Court)

Punjab & Haryana High Court held In the case of M/s Maken Cement Industries vs. CIT that it is settled principle that the substantial question of law would only be based on the documents which were before the authorities below and also which were subject matter of consideration before the Tribunal. ...

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Payment for use of copyright though not registered is allowable expenditure

Principal CIT Vs M/s Mobisoft Tele Solutions Pvt. Ltd. (Punjab & Haryana High Court)

Punjab & Haryana High Court held In the case of Principal CIT vs. M/s Mobisoft Tele Solutions Pvt. Ltd. that Tarun Mohan had obtained the copyright in respect of the artistic work comprised in the name phoneytunes.com. Registration of the copyright is, however, not compulsory. ...

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Reassessment u/s 150(1) due to an appeal not permissible if it’s already time barred

DCIT Vs M/s Scooters India Ltd. (ITAT Lucknow)

ITAT Lucknow held In the case of DCIT vs. M/s Scooters India Ltd. that as per the provisions of section 150(2), the provisions of sub section (1) of section 150 are not applicable if it is found that at the time when the order of CIT (A) was passed...

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Principle of consistency applies if facts and circumstances are same

JCIT Vs M/s Super House Leather Ltd. (ITAT Lucknow)

In the matter of transfer pricing adjustment, no reasons have been given by the present TPO to reject the method of Cost Plus basis adopted by the assessee and accepted by the Department in earlier year(s). ...

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Place of Delivery could not be termed as Place of Removal: SC

CCE Vs M/s Ispat Industries (Supreme Court of India)

In the present case the Hon’ble Supreme Court held that the place of delivery could not be termed as place of removal for the relevant time mentioned in the show cause notices with respect to section 4 of Excise Act and Rule 5 of Excise Valuation Rules. ...

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Depreciation allowable for suspended period of business for reasons not attributable to Assessee

M/s Budge Budge Company Ltd Vs CIT (Calcutta High Court)

Calcutta High Court Held in the case of M/s Budge Budge Company Ltd Vs CIT if the business had been suspended for some period of time without any malice contention of the assesse and the plant was still ready for use during that suspended period also...

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