"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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