"October, 2015" Archive - Page 10

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

HDFC Bank Limited Vs DCIT (ITAT Mumbai)

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....

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

M/s Larsen & Toubro Limited Vs CCE (Supreme Court of India)

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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Execution of outsourced transportation work by third parties without assistance of outsourcer is sub-contract liable to TDS

M/s Palam Gas Service Vs Commissioner of Income Tax (Himachal Pradesh High Court)

Himachal Pradesh High Court in the case of M/s Palam Gas Service Vs. CIT held that execution of outsourced transportation work without any assistance from the outsourcer is a clear case of sub-contracting making the person outsourcing his contract liable to deduct tax on the payments made to sub-contractors u/s 194C....

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Distinct or Different use in an article after transformation is Manufacture : SC

CCE Vs M/s Fitrite Packers, Mumbai (Supreme Court of India)

In case of CCE v M/s Fitrite Packers, Hon’ble Supreme Court held that the product could be termed as 'Manufactured' only when there is a transformation in the original article and this transformation should bring out a distinctive or different use in the article....

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CVD payable on import of Concentrates: SC

M/s Star Industries Vs Commissioner of Customs (Import) (Supreme Court of India)

In case of M/s Star Industries v Commissioner of Customs (Import), Hon'ble Supreme Court while interpreting Notification No.4/2006-CE held that it is an exemption notification where only 'Ores' were exempted and if after the process of manufacture...

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Report on Analytical Model for Widening of Taxpayers Base

Tax Research Cell of National Institute of Public Finance and Policy (NIPFP) has released a report on Development of an Analytical Model for Widening of Taxpayer’s Base. This study was undertaken for the Central Board of Direct Taxes to analyse and develop an Analytical Model for the number of taxpayers in the personal income tax syste...

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Posted Under: Income Tax |

Merely having same partners or employees doesn't mean that a new entity is formed by splitting of existing business

CIT Vs M/s Yash International Inc (Himachal Pradesh High Court)

The Hon'ble Himachal Pradesh High Court in the case of CIT vs. M/s Yash International Inc. held that the fact that the new firm has almost the same partners and some workers of existing firm shifted to new firm’s unit cannot make the new entity arising as result of splitting up of the existing one....

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Mere transfer of title in immovable property is exempted from Service Tax

No Service Tax on Transfer of Immovable Property if entire consideration received after issue of Occupancy Certificate. In order to resolve a long standing issue relating to levy of Service Tax on sale of flats/dwellings etc. after issue of occupancy certificate but before issue of completion certificate in areas under the jurisdiction of...

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Posted Under: Income Tax |

Is there a need to apply Fuzzy Logic? in Sec 44AA & 44AB

Sec 44AA of the Income tax Act stipulates about the compulsory maintenance of Accounts by Certain persons carrying on business or profession and return their income under the head Profits & Gains of Business or Profession. ...

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Posted Under: Income Tax |

Procedure & Provisions for issue of ESOP by unlisted company

1. Draft the ESOP scheme. 2. Convene the Board Meeting and pass the scheme. 3. Call the general meeting to approve the scheme by Shareholders. The following disclosure will be made in the explanatory statement annexed to the notice for passing of the resolution-...

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Posted Under: Income Tax |

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October 2020