"27 October 2015" Archive

SEBI (Issue of Capital and Disclosure Requirements) (Seventh Amendment) Regulations, 2015

Notification No. SEBI/LAD-NRO/GN/2015-16/025 (27/10/2015)

(I) Information as is material and appropriate to enable the investors to make an informed decision shall be disclosed in the abridged prospectus. (II) An issuer making a public issue of specified securities shall make the disclosures in the abridged prospectus as per the format specified by the Board from time to time....

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FM Lanuches e-Sahyog project of Income-tax Department

The Income-tax Department is committed to the ‘Digital India’ initiative of the Government of India.The Finance Minister today launched an e-Sahyog pilot project which furthers the Department’s commitment to work in an e-environment and reduces the need for the taxpayer to physically appear before tax authorities....

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Posted Under: SEBI |

Govt set up Committee to Simplify Provisions of Income Tax Act, 1961

The Terms of Reference (ToR) of the Committee shall be as follows: i) To study and identify the provisions/phrases in the Act which are leading to litigation due to different interpretations; ii) To study and identify the provisions which are impacting the ease of doing business; iii) To study and identify the areas and provisions of th...

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Posted Under: SEBI |

Non Appealable order of Commissioner (Under Service Tax)

We all know that, were an amount had been collected in the name of Excise Duty/Service Tax, which was collected in excess or was not required to be collected at all, has to be paid to the credit of Central Government. The respective Covering Sections are 11D of Central Excise Act, 1944 & 73A of The Finance Act, 1994. Under both the sectio...

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Posted Under: SEBI |

Lease cannot be termed as sale if ownership rights not extinguished

Teletube Electronics Ltd Vs Commissioner Of Income Tax (Delhi High Court)

The Delhi High Court in case of Teletube Electronics Ltd Vs CIT held that there has to be an extinguishment of ownership rights in order that a Lease transaction can be said to be a 'sale'. The leasehold right is only for a period of ten years and at the end of that period the leased facilities revert to the owner....

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Exemption u/s 10 (23C) (vi) available only to approved educational institutions in existence

Ram Piyari Devi Charitable Trust Vs Director General Of Income Tax (Delhi High Court)

In case of Ram Piyari Devi Charitable Trust Vs. Director General Of Income Tax, Delhi High Court held that in order to claim exemption u/s 10 (23C) (vi) , there should be existence of educational institution and approval of prescribed authority....

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Installation of plant and machinery in building would amount to use of building to claim depreciation u/s 32

Stitchwell Qualitex (RF) Vs Income Tax Officer (Delhi High Court)

The Delhi High Court has held in case of Stitchwell Qualitex (RF) Vs. ITO that Installation of plant and machinery in building would amount to use of the building and therefore assessee is eligible to claim for depreciation u/s 32 on said building ....

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Discount on issue of ESOP is allowable expenditure u/s 37: ITAT

HDFC Bank Limited Vs DCIT (ITAT Mumbai)

HDFC Bank Limited vs. DCIT (ITAT Mumbai)- Also the judgment of Biocon Ltd vs. Dy. CIT [2013] 25 ITR (Trib) 602 (Bang) (SB) in which it was held that discount on the issue of shares to employee under the ESOP is an allowed expenditure u/s 37 is binding on us....

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Benefit of exemption notification only for goods covered in notification & cannot be extended to similar goods: SC

M/s Larsen & Toubro Limited Vs CCE (Supreme Court of India)

Supreme Court in the case of M/s Larsen & Toubro Limited v CCE held that the particular product which has been manufactured by the assessee for captive consumption will only be considered for any kind of exemption if covered by any exemption notification. ...

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Execution of outsourced transportation work by third parties without assistance of outsourcer is sub-contract liable to TDS

M/s Palam Gas Service Vs Commissioner of Income Tax (Himachal Pradesh High Court)

Himachal Pradesh High Court in the case of M/s Palam Gas Service Vs. CIT held that execution of outsourced transportation work without any assistance from the outsourcer is a clear case of sub-contracting making the person outsourcing his contract liable to deduct tax on the payments made to sub-contractors u/s 194C....

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