"30 October 2015" Archive

Sec 2(29BA) Process of drawing wire of thinner gauge from thicker gauge would amount to manufacture

Commissioner of Income Tax Vs Pawan Agarwal and others (Himachal Pradesh High Court)

Himachal Pradesh High Court in the case of CIT vs. Pawan Agarwal and others that the activity of drawing wires of thinner gauges from wires and rods of thicker gauges amount to manufacture as the paper insulated wires ...

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Rejection of books of accounts merely for inconsistent GP ratio is bad in law: HC

CIT Vs M/s Swastik Food Products (Himachal Pradesh High Court)

The Hon'ble Himachal Pradesh High Court in the case of CIT vs. Swastik Foods held that the rejection of basis by merely expressing a doubt about the correctness of profit declared taking inconsistent GP ratio as basis cannot be a said to be rejection of books for incompleteness or incorrectness....

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SEBI : Disclosures in Abridged Prospectus and Price Information of past issues handled by Merchant Bankers

CIR/CFD/DIL/7/2015 (30/10/2015)

It has been observed that the abridged prospectus has become voluminous and thereby defeats the very purpose of abridged prospectus....

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No liability on Flipkart under KVAT as no clear finding to held sale as Interstate sale which already taxed under CST Act: HC

Flipkart Internet (P.) Ltd. Vs State of Kerala (Kerala High Court)

Kerala High Court held In the case of Flipkart Internet (P.) Ltd. vs. State of Kerala that It is well settled that show cause notices issued by statutory authorities particularly in case of imposition of penalty on an assessee, cannot pre-determine the guilt of an assessee. ...

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Loan To Directors under Section 185 of Companies Act, 2013

CS Santosh Pandey As per the provision of Section 185 of the Companies Act, 2013- No Company shall directly or indirectly give loan to any of its directors or any other person in whom the director is interested, or provide any guarantee or security in connection with the loan taken by him or other person. […]...

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Posted Under: Income Tax |

All about Income Computation And Disclosure Standards (ICDS)

CBDT constituted Accounting Standard Committee in 2010.The committee has submitted its final report in August 2012. And on March 31st 2015 i.e. after two years, 10 Income Computation & Disclosure Standards (‘ICDS’) notified by the CBDT under section 145(2) of the income tax act 1961(the act) vide ‘notification No. 32/2015 [F.NO.134/...

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Posted Under: Income Tax |

Credit of EC & SHEC can be used for payment of Service tax

CG vide Notification No. 22/2015-Central Excise (N.T.) dated October 29, 2015 (“the Notification”) has amended the Credit Rules once again to allow use of Credit of Cess charged on Inputs, Input Services and Capital Goods received on or after June 1, 2015 for payment of output liability of Service tax on or after June 1, 2015 on simil...

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Posted Under: Income Tax |

Penalty u/s 271E not maintainable if notice is issued after the period specified in Section 275(1)(c)

Principal CIT Vs JKD Capital & Finlease Ltd. (Delhi High Court)

Delhi High Court held In the case of Principal CIT vs. JKD Capital & Finlease Ltd. that in terms of the provision u/s 275 (1) (c), there are two distinct periods of limitation for passing a penalty order, and one that expires later will apply....

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Issue of notice u/s 143(2) before finalisation of reassessment order is mandatory

Principal CIT Vs Shri Jai Shiv Shankar Traders Pvt. Ltd. (Delhi High Court)

Delhi High Court held In the case of Principal CIT vs. Shri Jai Shiv Shankar Traders Pvt. Ltd. that the failure by the AO to issue a notice to the Assessee under Section 143(2) subsequent to 16th December 2010 ...

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Ad-hoc provision for transit breakage is contingent liability & not required to be recognised as per AS- 29 of ICAI

Seagram Distilleries Pvt. Ltd. (Now Pernod Ricard India Pvt. Ltd.) Vs CIT (Delhi High Court)

Delhi High Court held In the case of Seagram Distilleries Pvt. Ltd. vs. CIT that in the current case there is no reasonable scientific method adopted by the Assessee to estimate the transit breakages to justify such provision. ...

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