"03 November 2015" Archive

5 Major Reasons Behind Income Tax Notices

Although it’s quite common to receive notices from IT department, people do get scared when they get one. What one needs to know is it’s not as big deal as one believes it to be, and if handled tactfully, one can get rid of any further complications. Following are some common reasons why people recieve […]...

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Posted Under: Income Tax |

Notification No. 105/2015-Customs (N.T.) Dated: 03/11/2015

Notification No. 105/2015-Customs (N.T.) (03/11/2015)

he Central Board of Excise and Customs hereby appoints the Joint or Additional Commissioner of Customs, Office of the Commissioner of Customs (Port), Chennai-II Custom House, 60, Rajaji Salai, Chennai to act as a Common Adjudicating Authority ...

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Notification No. 104/2015-Customs (N.T.) Dated: 03/11/2015

Notification No. 104/2015-Customs (N.T.) (03/11/2015)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Additional Commissioner of Customs (Export), Inland ...

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Notification No. 103/2015-Customs (N.T.) Dated-3rd November, 2015

Notification No. 103/2015-Customs (N.T.) (03/11/2015)

Notification No. 103/2015-Customs (N.T.) New Delhi, the 3rd November, 2015 G.S.R. 833 (E). - In exercise of the powers conferred by clause (aa) of sub- section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following amendments further to amend the notification of the ...

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Govt. notifies Regional Directors in Ministry of Corporate Affairs

Notification No. G.S.R. 832(E) (03/11/2015)

The Regional Directors specified in column (1) of the Table shall continue to exercise the functions conferred upon them under the Companies Act, 1956 or delegated under that Act in respect of rovisions of that Act, which are still in force....

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Draft Registration Procedure Of GST – There Is A Scope For Improvement

The government with the aim to implement the GST w.e.f. 1.4.2016 has issued a draft for persual of experts, trade associations, etc. to suggest the flaws and improvements thereupon. This draft is in form of ‘Report of The Joint Committee on Business Processes for GST’. This report is divided into three parts namely GST Registration, G...

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Posted Under: Income Tax |

Analysis of Section – 139 & 140 of Companies Act, 2013 – Part I

Appointment of Auditor/s, casual vacancy -The Companies Act, 1956 read as :-As per section 224(3) where at an annual general meeting no auditors are appointed or re-appointed, the central Government may appoint a person to fill the vacancy. As per section 224(5) the first auditor or auditors of a company shall be appointed by the Board of...

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Posted Under: Income Tax |

Pros and Cons of 'Giving Tips'

The word 'Tips' refers to the small amount of money paid to a waiter or bearer in a restaurant or bar. TIPS is considered as the abbreviation for the phrase 'To Insure Preferential Service.' The payment of tips is compulsory in the USA but it is considered an insult in Japan and Hong Kong. Here, the plus and minus aspects of tips are disc...

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Posted Under: Income Tax |

ICSI invites suggestions on Draft Guidance Note on General Meetings

The Draft of the Guidance Note on General Meetings (SS-2) proposed to be released is appended below for your valuable comments/suggestions, before release. In case, you feel any issue is not covered and is required to be added, you may send your comments/suggestions thereon....

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Posted Under: Income Tax |

ICSI invites suggestions on Draft Guidance Note on Meetings of Board of Directors

CL&G:SSB:2015       Dated- 29th October 2015 Dear Professional Colleagues, As you are aware, the Secretarial Standards on Meetings of the Board of Directors (SS-1) and Secretarial Standards on General Meetings (SS-2) issued by the Institute of Company Secretaries of India (ICSI) are applicable to the companies w.e.f.  1st July ...

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Posted Under: Income Tax |

Interest u/s 215 cannot be levied if partner had paid advance tax in individual capacity on bonafide estimate of firm’s income

CIT Vs M/s Mahesh Munjal HUF (Punjab & Haryana High Court)

Punjab & Haryana High Court in CIT Vs M/s Mahesh Munjal HUF held that if the assesse had paid advance tax in his individual capacity after considering his estimated share in his firm’s income without any anticipation that the firm’s income on which he was paying advance tax was false then interest u/s 215 could not be levied. ...

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Reassessment u/s 147 not permitted for failure of AO to draw correct inference from details disclosed by assesse

CIT(A) Vs M/s ITW India Limited (Punjab & Haryana High Court)

Punjab & Haryana High Court held in CIT(A) Vs M/s ITW India Limited that mere change in opinion of the AO could not amount to issue of notice for re-assessment u/s 147. AO should had reasonable tangible facts in hand before issuing notice u/s 147....

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Comparable which is to be considered as a benchmark for comparing with comparable company should belong to year under consideration

CIT Vs DSM Anti Infectives India Ltd. (Punjab & Haryana High Court)

Punjab & Haryana High Court held in CIT Vs DSM Anti Infectives India ltd that the benchmark comparable which was used to compare with the comparable company that should be considered only of that year of which TP case was involved....

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Penalty u/s 271(1)(c) leviable for failure to prove genuineness of exemption u/s 54

Manpreet Kaur Vs CIT (Punjab & Haryana High Court)

Punjab & Haryana High Court held in Manpreet Kaur vs CIT that if the assesse had claimed exemption u/s 54 for utilizing the sales proceeds in the construction of the residential house then the onus to prove that the sales proceeds had actually been used in the construction of residential house in on assesse....

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Constitution of Appellate Authority under CA, CS & CMA Laws

G.S.R. 835(E) (03/11/2015)

In exercise of the powers conferred by sub-section (1) of Section 22A of the Chartered Accountants Act, 1949 (38 of 1949), Section 22A of the Cost and Works Accountants Act, 1959 (23 of 1959) and Section 22A of the Company Secretaries Act, 1980 (56 of 1980)...

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Exemption u/s 54B can be claimed for long term & short term assets; land purchased has to be in the name of assesse

CIT Vs Shri Dinesh Verma (Punjab & Haryana Court High Court)

Punjab & Haryana High court held in CIT vs Shri Dinesh Verma that exemption u/s 54B could be claimed for short term & Long term assets because there was no such provision u/s 54B which denies exemption for short term assets. ...

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RBI notifies Interest Rate on Gold Monetisation Scheme, 2015

RBI/2015-16/220 DBR.IBD.BC.53/23.67.003/2015-16 (03/11/2015)

Gold Monetisation Scheme, 2015 -Central Government has fixed the rate of interest on Medium and Long Term Government Deposit (MLTGD) under the GMS as follows: i. On medium term deposit – 2.25% p.a. ii. On long term deposit – 2.50% p.a....

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All about Income Tax e-Sahyog Facility

1. About e-Sahyog 1.1 Overview Income Tax Department (ITD) has launched a new initiative e-Sahyog with a view to reduce compliance cost, especally for small taxpayers. This initiative s in line with the government‟s commitment under Digital India to e- enable public services for the benefit of the citizens. Traditionally, when Income Ta...

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Posted Under: Income Tax |

13581 Companies Companies sharing address with at least 19 more Companies; 2627 Persons Director in More than 20 Companies

(i) There are 2627 persons holding Directorship in more than 20 Companies in violation of Section 165 of the Companies Act, 2013. It may be mentioned this is also in violation of s. 275 of the erstwhile Companies Act, 1956. The total number of Companies involved is 77696....

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Posted Under: Income Tax |

Salient features of Gold Monetisation Scheme, Sovereign Gold Bond Scheme & Gold Coin/Bullion Scheme

The Prime Minister Shri Narendra Modi will launch the four mega Gold related Schemes i.e. Gold Monetisation Scheme (GMS), Gold Sovereign Bond Scheme, Gold Coin Scheme and the Gold Bullion Scheme on Thursday, 5th November, 2015 in the national capital....

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Posted Under: Income Tax |

Assessment U/s. 143(3) despite non compliance of Notices is valid: HC

Subhash Chander Vs CIT (Punjab & Haryana High Court)

Punjab & Haryana High Court held In the case of Subhash Chander vs. CIT that it is open for the AO to complete assessment either u/s 144 or u/s 143(3), in case compliance of notice has not been done by the assessee....

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Gold Monetisation Scheme, 2015 -RBI removes condition of 995 Fitness

RBI/2015-16/221 DBR.IBD.BC.52/23.67.003/2015-16 (03/11/2015)

The minimum deposit at any one time shall be 30 grams of raw gold (bars, coins, jewellery excluding stones and other metals). There is no maximum limit for deposit under the scheme.”...

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Revenue Must have Tangible Material to initiate income escaping Assessment

Coperion Ideal Private Limited Vs Commissioner of Income Tax (Delhi High Court)

In the case of Coperion Ideal Private Limited v. CIT, Delhi High Court while giving the decision in the favour of the assessee, held that there should be some tangible material available with the Revenue, whenever they want to conclude that Assessee have escaped Assessment. ...

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Revised computation sufficient for mistake in currency conversion for computation of exemption U/s. 10A: HC

E-Funds International India Private Limited Vs PR. Commissioner of Income Tax (Delhi High Court)

The Delhi High Court held in the case of E-Funds International India Private Limited v. PR. CIT, while dismissing the appeals of the Revenue that revised computation was sufficient in the place of furnishing revised returns as there was only a minor technical fault as the figure of USDs was not changed into Rupees while computing the ded...

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Appeals filed by revenue without Proper reasons/explanations not maintainable: HC

CIT Vs Proctor and Gamble Home Products Ltd. (Bombay High Court)

CIT v Proctor and Gamble Home Products Ltd- Bombay HC observed that the appeals filed by the Revenue was in a very causal manner without indicating the basis of the challenge. Further, it was observed that Rule of law implies certainty of law....

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Writ Petition could be allowed if there is procedural lapse by Authorities: HC

TNT India private Limited Vs Principal Commissioner of Customs (Bombay High Court)

The Bombay High Court has held in the case of TNT India private Limited v. Principal CIT that Writ Petition could be allowed if the due procedure have not been followed while suspending the registration under Regulation 14 of Courier Imports and Exports (Clearance) Regulations, 1998....

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Completion of reassessment without issue of reasons is invalid: HC

CIT Vs Trend Electronics (Bombay High Court)

In the case of CIT v Trend Electronics, Bombay Court held that before issuance of reopening notice for assessment, the Revenue have to furnish the reasons for it. Otherwise, the notice will be considered as bad in Law....

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Application for Duty Credit Scrips of additional 2% under Market Linked Focus Product Scheme

Trade Notice 08/2015 (03/11/2015)

Trade Notice 08/2015- Trade Notice 08/2015 Under the Foreign Trade Policy 2009-14, DGFT vide Public Notice No. 53 dated 27.2.2014 allowed for grant of additional Duty Credit Scrips @ 2% to certain specified products under the Market Linked Focus Product Scheme (MLFPS) for exports made w.e.f. 1.3.2014 to 31.8.2014 if exported to the EU (27...

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Mere license for development of property will not attract capital gain tax liability : HC

Bikramjit Singh Gill Vs CIT (Punjab & Haryana High Court)

Punjab & Haryana High Court held In the case of Bikramjit Singh Gill vs. CIT that no possession had been given by the transferor to the transferee of the entire land in part performance of Joint development Agreement (JDA) dated 25.2.2007....

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Addition to Income cannot be made for mere Excess quantity under Essential Commodities Act, 1955: HC

The CIT Vs Bharat Bhushan, Proprietor of M/s Khubi Ram Johri Lal (Punjab & Haryana High Court)

Punjab & Haryana High Court held In the case of The CIT Vs Bharat Bhushan held that no addition is sustainable where the purchases had been accounted for in the regular books of accounts maintained, duly audited and there is nothing to show that the quantity had been purchased and sold outside the books. ...

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CA students may submit feedback on November 2015 Exams

It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in November 2015, by e-mail at examfeedback@icai.in or by way of a letter, sent by Speed Post, at the following address, so as to reach us not later than one...

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Posted Under: Income Tax |

An Apprisal of ICAI Single Transferable System of Voting

Each voter has only one vote for election to the Council and one vote for election to the Regional Council. The voter, in order to cast his vote, shall place on his ballot paper the number 1 (in Arabic or Roman numerals, or in words) against the name of the candidate for whom he desires to vote, and may, in addition, place on his ballot p...

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Posted Under: Income Tax |

Change in method of ALP in transfer pricing adjustment not permitted on same set of facts

M/s. Vishay Components India Pvt. Ltd. Vs ACIT (ITAT Pune)

ITAT Pune held In the case of M/s. Vishay Components India Pvt. Ltd. vs. ACIT that where the revenue from year to year has accepted the method adopted by the assessee for benchmarking its international transactions with its associate enterprises, in the absence of any reasons brought...

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