"28 October 2015" Archive

MCA extends last data of filing of ADC-4, AOC-4 XBRL and MGT-7 E-Forms to 30.11.2015

General Circular No. 14/2015 (28/10/2015)

In continuation of this Ministry's General Circular No. 10/2015 dated 13.07.2015, keeping in view the request received from various stakeholders, it has been decided to relax the additional fee payable on forms AOC-4 and AOC-4 XBRI upto 30th November, 2015, The additional fee requirement for MGT-7 E-Form is also relaxed for all such form...

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Self Assessment Tax explained in simple manner with charts and diagrams

Self Assessment Tax  alongwith interest is required to be deposited before furnishing the return of income and the proof of such payment should be attached with the return of income. Note 1: Where the amount paid by the assessee under section 140A is less than the amount required to be paid under section 140A, then […]...

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Posted Under: Company Law |

Analysis of materials after reopening of assessment is post mortem exercise which is not permitted u/s 147 : HC

Principal CIT Vs G & G Pharma India Ltd. (Delhi High Court)

Delhi High Court held In the case of Principal CIT vs. G & G Pharma India Ltd. that this is basic requirement of law u/s 147 that before reopening of assessment, AO must have apply his mind to the available materials ...

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Allegation against Counsel of Revenue prima facie constitutes criminal contempt of court

CIT Vs M/s. Escorts Ltd. (Delhi High Court)

Delhi High Court held In the case of CIT vs. M/s Escorts Ltd. that in view of the nature of the conduct displayed by Sh. Gupta, i.e. preferring an application for intervention which was rejected, being Intervener Application No. 5779/2008...

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Revenue not authorized to rewrite terms of agreement & adjudge Commercial expediency: SC

M/s. Mangalore Ganesh Beedi Works Vs CIT (Supreme Court of India)

Supreme Court held In the case of M/s. Mangalore Ganesh Beedi Works vs. CIT that Act does not clothe the taxing authorities with any power or jurisdiction to re-write the terms of the agreement arrived at between the parties with each other at arm’s length...

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Netting of interest paid on borrowed fund against interest income earned on same fund is permitted

Vodafone South Ltd. (Formerly known as M/s Vodafone South Essar and Hutchison Essar South Ltd.) Vs CIT (Delhi High Court)

Delhi High Court held In the case of Vodafone South Ltd. vs. CIT that the netting of the interest paid on the borrowed sum against the interest income earned is allowed. There was a direct nexus between the earning of interest on the loan advanced by the Assessee and payment of interest to the bank. ...

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Reopening after 4 years not permissible if all accounts & records were made available at the time of original assessment – HC

Consultating Engineering Services (India) Ltd. Vs DCIT (Delhi High Court)

Delhi High Court held In the case of Consultating Engineering Services (India) Ltd. vs. DCIT that for reassessment as per first proviso of section 147, it is pre- condition that the assessee has not made a full and true disclosure of the material particulars necessary for the assessment....

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Aftermath of National Judicial Commission

Supreme Court Advocates-On-Record Association and Anr. Vs Union of India (Supre Court of India)

In conclusion, it is difficult to hold, in view of the factual position expressed above, that the wisdom of appointment of Judges, can be shared with the political-executive. In India, the organic development of civil society, has not as yet sufficiently evolved. ...

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Posted Under: Company Law |

Commission based on profit per cent taxable in year in which profits of company gets finalized

Assistant Commissioner of Income Tax Vs Sri Sandip Somany (ITAT Kolkata)

ACIT Vs. Sri Sandip Somany (ITAT Kolkata)- We find that the assessee being a Joint Managing Director of M/s Hindustan Sanitary Ware and Industries Ltd was in receipt of commission based on net profits of the company determined and finalized in the subsequent year ...

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Taxation of Works Contracts under TN VAT Vs Profit maximization in project execution

Meaning of Works Contract in TN VAT: Sec 2(43) defines as Works Contract includes any agreement for carrying out for cash, deferred payment or other valuable consideration, building construction, manufacture, processing, fabrication, erection, installation, fitting out, improvement, modification, repair or commissioning of any movable or ...

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Posted Under: Company Law |