"29 October 2015" Archive

Govt. notifies tolerance limit of 1% and 3% under new Transfer Pricing Rule

Notification No. 86/2015 - Income Tax (29/10/2015)

Notification No. 86/2015 - Income Tax Central Government hereby notifies that where the variation between the arm's length price determined under section 92C and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one percent. of the latter in respect of wholesal...

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Tax Audit Report Filing Due Date also extended to 31-10-2015

F.No.225/207/2015/ITA.II (29/10/2015)

Vide order under section 119 of the Income-tax Act, 1961 ('Act') dated 01.10.2015 infile of even number, Central Board of Direct Taxes had extended the 'due-date' for E­ filing Return of Income from 30th September, 2015 to 31st October, 2015 in case of income-tax assessees which are covered under clause (a) of Explanation 2 to sub-sectio...

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CBEC allows Education and SHE cess to be utilized for payment of service tax

Notification No. 22/2015-Central Excise (N.T.) [G.S.R. 818(E)] (29/10/2015)

Notification No. 22/2015-Central Excise (N.T.) Credit of Education Cess and Secondary and Higher Education Cess paid on inputs or capital goods received in the premises of the provider of output service on or after the 1st day of June, 2015 can be utilized for payment of service tax on any output service:...

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Taxation of income from off-shore Rupee Denominated Bonds-reg.

The Reserve Bank of India has recently permitted Indian corporates to issue rupee denominated bonds outside India. The matter of taxation of income from such bonds under Income-tax Act, 1961 has been considered by the Government. In so far as taxation of interest income from these INR off-shore bonds in the case of non-resident investors ...

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Posted Under: Income Tax |

Hamdard eligible for exemption u/s 10(23C) (iv) for business held in trust, as dominant purpose of assessee is charitable

Hamdard Laboratories India And Anr Vs ADIT (E) & DGIT (E) (Delhi High Court)

Delhi High Court held In the case of Hamdard Laboratories India and Anr vs. ADIT (E) & DGIT (E) that Hamdard‟s objects are charitable in nature and its activities relating to manufacture and sale of unani medicines ...

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Regrouping in audited financials is not permitted after signing of accounts: HC

CIT Vs Morgan Securities & Credits Pvt. Ltd. (Delhi High Court)

Delhi High Court held In the case of CIT vs. Morgan Securities & Credits Pvt. Ltd. that any changes in the audited financials like for e.g., the 'regrouping' of shares in the present case, if at all permissible, has to be preceded by a legally acceptable procedure adopted by the Assessee...

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AO is time bound to dispose of objections in response to notice u/s 148 by a speaking order: HC

CIT Vs M/s Multiplex Trading & Industrial Co. Ltd. (Delhi High Court)

Delhi High Court held In the case of CIT vs. M/s Multiplex Trading & Industrial Co. Ltd. that the requirements regarding recording the reasons to believe; communicating the same to the Assessee; permitting the Assessee to file the objections...

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ITAT empowered to allow deduction u/s 80IB (10) even if requirement u/s 80AC is not complied with, in case of conflict of opinions: HC

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

Delhi High Court held In the case of CIT vs. M/s Unitech Ltd. that where there are conflicts of opinions of the various benches of the ITAT on the provision u/s 80AC of requirement of return filing before due date to claim deduction u/s 80IB (10)...

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Mere copy of notice given during reassessment proceedings will not meet mandatory requirement of issue & service of notice

Principal CIT Vs Atlanta Capital Pvt. Ltd. (Delhi High Court)

Delhi High Court held In the case of Principal CIT vs. Atlanta Capital Pvt. Ltd. that the requirement of both the issuance and the service of such upon the Assessee for the purposes of Section 147 and 148 of the Act are mandatory ‘jurisdictional requirements’. ...

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Provision made for liability in terms of proposed recommendation of 6th Pay Commission was to be allowed as deduction

Gujarat Energy Transmission Corpn. Ltd Vs ACIT (ITAT Ahmedabad)

In case of Gujarat Energy Transmission Corpn. Ltd vs. ACIT, assessee-company the company has provided certain sum towards employees cost for arrears payable upto 31st March, 2008 . It debited said sum in respect of 6 th Pay Commission arrears...

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Analysis of Final Rules on ‘Range Concept’ &‘Multiple year data’ in Transfer Pricing provisions

The Government has notified the amended Rules for determining ALP vide S.O. No. 2860 (E) dated 19/10/2015. The amended regime will be applicable for computation of ALP of international transactions and specified domestic transactions undertaken on or after 1/04/2014 i.e. on and after PY 2014-15....

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Posted Under: Income Tax |

HDFC Life Click 2 Retire: The Easiest Way to Plan your Retirement

Everyone is going to retire at some point of time. Different people approach retirement differently. Many prefer to retire early to fulfill their ambitions of a start-up or maybe just to live out a peaceful life. Yet for others who enjoy the financial security, work till they are of the retirement age.   Retirement is early […]...

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Posted Under: Income Tax |

Transfer of shares of loss-making company by shareholder-company to its subsidiary not hit by section 79

CIT Vs AMCO Power Systems Ltd (Karnataka High Court)

CIT vs. AMCO Power Systems Ltd (Karnataka High Court) Whether the Tribunal was correct in holding that the assessee would be entitled to carry forward and setoff of business loss despite the assessee not owning 51% voting powers in the company as per Section 79 of the Act by taking the beneficial share holding of M/s. Amco Properties & In...

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Educational Materials on Indian Accounting Standards (Ind ASs)

The Ministry of Corporate Affairs (MCA) has recently notified IFRS-converged Indian Accounting Standards (Ind AS) and the roadmap for its applicability for certain class of companies from the financial year 2015-16 voluntarily and from 2016-17 on mandatory basis....

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Posted Under: Income Tax |

Maharashtra VAT- Discontinuance of Issue of Bill on Thermal Paper Reg.

Trade Circular No. 15T of 2015 (29/10/2015)

As per the provisions of section 86(3) of the MVAT Act 2002 a dealer, liable to pay tax under the Act, is required to issue to the purchaser either a tax invoice or a bill or a cash memo. Such tax invoice, bill or cash memo should be serially numbered, signed and dated by him or his servant, manager or agent....

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Share Transaction in Kolkata Shares cannot be held Bogus on mere suspicion

D.C.I.T, C.C-I, Kolkata Vs Sunita Khemka (ITAT Kolkata)

D.C.I.T. Vs. Sunita Khemka (ITAT Kolkata)- AO has treated the transactions as bogus only on the basis of the suspicion that the difference in purchase and sale price of these shares are unusually high. It is a settled law that assessment cannot be made on the basis of suspicion or surmise....

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Expense on medical treatment of eyes is Personal Expenditure: HC

Dhimant Hiralal Thakar Vs The Commissioner of Income Tax (Bombay High Court)

Dhimant Hiralal Thakar vs CIT (Bombay High Court)- Eyes are thus essential not only for the purpose of business or profession but for purposes other than these which are so many. It is therefore clear that the said expenditure as claimed by the applicant is not in the nature of the expenditure wholly...

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A liaison office of a foreign co identifying suppliers/ material is not a permanent establishment under Article 5 of India-USA DTAA

Columbia Sportswear Company Vs DIT (Karnataka High Court)

Columbia Sportswear Company vs. DIT (Karnataka High Court)- A liaison office of a foreign company which identifies a manufacturer in India, negotiates the price, helps in choosing raw material to be used, ensures compliance with quality,...

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KYC- Change in name on account of marriage or otherwise

RBI/2015-16/213 DBR. AML.BC. No. 46/14.01.001/2015-16 (29/10/2015)

Reserve Bank has been receiving references/representations from banks and individuals regarding the problems faced by persons who change their name due to marriage or otherwise, in submitting an ‘Officially Valid Document’ (OVD) while opening a new bank account or during periodic updation exercise or incorporating the name change in t...

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MEIS Additions/amendments Table 2 [containing ITC (HS) code wise list of products with reward rates] of Appendix 3B

Public Notice No. 44/2015-2020 (29/10/2015)

Public Notice No. 44/2015-2020 Additions/amendments in Table 2 [containing ITC (HS) code wise list of products with reward rates] of Appendix 3B under the Merchandise Exports from India Scheme (MEIS) are notified....

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Education Society can claim depreciation in respect of assets, cost of which is claimed by them as application

M/s. Kamineni Educational Society Vs Joint DIT (Exemptions) (ITAT Hyderabad)

M/s. Kamineni Educational Society vs. Joint DIT (Exemptions)-Issue- The common issue involved in these appeals is about the disallowance of depreciation claimed by assessee in respective assessment years on the reason that the cost of assets had been claimed as application of income by assessee ...

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Two days Conference of Chief Commissioners/Pr. Commissioners of Central Excise in Chandigarh concludes

Two days Conference of Chief Commissioners/Pr. Commissioners of Central Excise in Chandigarh concludes; resolves most of the issues to bring-out certainty in assessment, uniformity in practice across the country and clarity in understanding the legal issues. A two days conference of Chief Commissioners/Principal Commissioners of Central E...

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Posted Under: Income Tax |

No fresh permission/ renewal of permission to LOs of foreign law firms- SC’s directions

RBI/2015-16/215 A. P. (DIR Series) Circular No. 23 (29/10/2015)

The Hon’ble Supreme Court vide its interim orders dated July 4, 2012 and September 14, 2015, passed in the case of the Bar Council of India vs A.K. Balaji & Ors., has directed RBI not to grant any permission to any foreign law firm, on or after the date of the said interim order, for opening of Liaison Office (LO) in India....

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Subscription to National Pension System by Non-Resident Indians (NRIs)

RBI/2015-16/216 A.P. (DIR Series) Circular No. 24 (29/10/2015)

With a view to enabling NRIs’ access to old age income security, it has now been decided, in consultation with the Government of India, to enable National Pension System (NPS) as an investment option for NRIs under FEMA, 1999. Accordingly, NRIs may subscribe to the NPS governed and administered by the Pension Fund Regulatory and Develop...

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