"01 November 2015" Archive

Appellate order passed without reasons for conclusions Not Valid

CIT, TDS Vs Khadim Shoes Pvt Ltd (Kolkata High Court)

High Court Kolkatta held in CIT,TDS Vs Khadim Shoes Pvt Ltd that the order passed by the CIT(A) should contain reasons for its conclusions of decisions. An order without reasons is of no relevance. So the appeal had been dismissed....

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No deduction of interest on arbitration award during stay period as no legally enforceable right exists

M/s National Agricultural Cooperative Marketing Federation of India Ltd. Vs JCIT (ITAT Delhi)

ITAT Delhi held In the case of M/s National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) vs. JCIT that there is no qualitative difference between the two situations, viz., first, in which no enforceable liability to pay is created in the first instance, and second...

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Benefits under Indo-Singapore tax treaty cannot be denied where such income have taxed on accrual basis in treaty country

GAC Shipping India Pvt. Ltd. Vs ITO – International Taxation (ITAT Rajkot)

ITAT Rajkot held In the case of GAC Shipping India Pvt. Ltd. vs. ITO – International Taxation that entire freight income of the assessee, which is only from operation of ships in international traffic, is taxable only in Singapore....

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Rule 8D disallowance not applicable where assessee has no investments– ITAT

DCIT Vs M/s G.K.K. Capital Markets (P) Limited (ITAT Kolkata)

ITAT Kolkata held In the case of DCIT vs. M/s G.K.K. Capital Markets (P) Limited that in case AO has not recorded satisfaction about the correctness of the claim of the assessee and straight away calculated the disallowance u/s 14A read with rule 8D, this disallowance is not maintainable....

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No intervention of HC if CA Firm Demerger is as per ICAI Rules: HC

Arun Khanna Vs The ICAI & ANR (Delhi High Court)

Delhi High Court held In the case of Arun Khanna vs. The ICAI & ANR that the notice issued to the ICAI for demerger of the firms was as per the notified rules in this regard. As per these rules it is clear that no concurrence / acceptance from all partners is required and can be effected...

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Reasoned speaking order is mandatory for passing any judicial order

CIT(A) Vs M/s Rashtriya Vikas Party (Punjab & Haryana High Court)

Punjab & Haryana High Court held in CIT(A) Vs M/s Rashtriya Vikas party that for passing any order reasons for conclusions should be given accompanying that order then only that order would be considered as complete order....

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Issue of Employee Stock Options by Private Limited Companies

Section 62(1)(b) of the Companies Act, 2013 provides that where at any time, a company having a share capital proposes to increase its subscribed capital by the issue of further shares, such shares shall be offered to employees under a scheme of employees' stock option, subject to special resolution passed by company and subject to such c...

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Posted Under: Income Tax |

Order of AO stands Null and Void in absence of proper jurisdiction

ITO Vs M/s. Northern India Transport Company (ITAT Delhi)

In case of ITO Vs. M/s. Northern India Transport Company the Appellate Tribunal of New Delhi has held that Assessment Order Passed by the Assessing Officer having no jurisdiction to Assess the entity is null and void....

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Clubbing of holding of different persons or Directors not permitted to determine substantial interest settlement application u/s 245C

Rockland Hotels Ltd Vs IT Settlement Commission (Delhi High Court)

Delhi High Court held In the case of Rockland Hotels Ltd. vs. IT Settlement Commission that as per clauses (a)(v) and (a)(vi) of section 245C , only if a director of the petitioner companies has a substantial interest in the specified person (company), then, the petitioner companies...

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Surplus shown in books of accounts in normal course cannot be treated as undisclosed income: HC

DIT (Exemption) Vs All India Personality Enhancement & Cultural Centre for Scholars (AIPECCS) Society (Delhi High Court)

Delhi High Court held In the case of DIT (Exemption) vs. All India Personality Enhancement & Cultural Centre for Scholars Society that he expression ‘undisclosed income’ would connote assets or income, which the Assessee believes to be taxable...

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All about Bharat Bill Payment System (BBPS) with FAQs

In this article we have discussed 19 Frequently asked question on  Bharat Bill Payment System(BBPS) which is an integrated bill payment system in India offering interoperable and accessible bill payment service to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment....

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Posted Under: Income Tax |

ICAI President's Message – November 2015

ICAI Prompt to Act on Disciplinary Matters- I wish to inform the members’ fraternity that in February 2015, there were 129 cases before the Disciplinary Committee. Till date, 93 cases have been fixed for hearing and 41 cases have been heard and concluded and remaining 52 cases are at different stages of disciplinary proceedings. Similar...

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Posted Under: Income Tax |

Code of Conduct for Directors Including Independent Directors & Senior Management

Good corporate governance practice calls for implementation and maintenance of sound standards of business conduct of affairs of a company. Thus fair and transparent manner of carrying out business by adopting highest standards of professionalism, honesty, integrity and ethical behavior together with complete compliance of laws are the pr...

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Posted Under: Income Tax |

Principles & Procedures of Assessment u/s 153C

CIT Vs RRJ Securities Ltd. (Delhi High Court)

a person other than the person referred to in section 153A, then, the books of account or documents or assets, seized or requisitioned shall be handed over to the Assessing Officer having jurisdiction over such other person ] and that Assessing Officer shall proceed against ...

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Finding of photocopies with searched person does not mean they belong to person holding originals

Pepsico India Holdings Private Ltd Vs ACIT (Delhi High Court)

Pepsico India Holdings Private Ltd vs. ACIT (Delhi High Court)-Possession of documents and possession of photocopies of documents are two separate things. While the Jai puria Group may be the owner of the photocopies of the documents it is quite possible that the originals may be owned by some other person....

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