"October, 2015" Archive - Page 5

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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