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Archive: 27 October 2015

Posts in 27 October 2015

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

October 27, 2015 549 Views 0 comment Print

(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.

FM Lanuches e-Sahyog project of Income-tax Department

October 27, 2015 1788 Views 0 comment Print

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.

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

October 27, 2015 643 Views 0 comment Print

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 the Act for simplification in the light of the existing jurisprudence; iv) To suggest alternatives and modifications to the existing provisions and areas so identified to bring about predictability and certainty in tax laws without substantial impact on the tax base and revenue collection; and

Non Appealable order of Commissioner (Under Service Tax)

October 27, 2015 1702 Views 0 comment Print

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 sections the Central Excise Officers had been provided power to issue Show Cause Notice and there upon determine the amount due after considering the representations made.

If there is no loss to revenue then there would be no Disallowance and Rule 8D is not applicable for A.Y. 2007-08

October 27, 2015 3827 Views 0 comment Print

M/s Trident Limited vs. The Addl. CIT (ITAT Chandigarh) Assessee company made an investment of Rs. 5038.88 lacs and Rs. 4575.77 Lacs as on 31.03.2006 & 31.03.2007 in various tax free equity funds, from which assessee company gain an dividend of Rs. 46,91,849/-.

Lease cannot be termed as sale if ownership rights not extinguished

October 27, 2015 3536 Views 0 comment Print

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.

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

October 27, 2015 1447 Views 0 comment Print

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.

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

October 27, 2015 5958 Views 0 comment Print

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 .

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

October 27, 2015 1727 Views 0 comment Print

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.

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

October 27, 2015 3036 Views 0 comment Print

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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