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Archive: 07 November 2015

Posts in 07 November 2015

Gold Schemes – Pre Diwali Gift By PM Modi

November 7, 2015 3355 Views 0 comment Print

Launching of Gold Schemes on 5 November, 2015 is a great Pre Diwali Gift to all Indians by our Prime Minister Shri Narendra Modi. It’s ‘sone pe suhaga’ for our country. If India has 20000 tonnes of gold, worth Rs. 55 Lakhs Crores, why it should import gold and rely on other countries? Now no […]

Business Responsibility Report under SEBI Listing Regulation, 2015

November 7, 2015 7330 Views 0 comment Print

The Business Responsibility Report has been outlined as a tool to help companies understand the principles and core elements of responsible business practices and start implementing improvements which reflect their adoption in the manner the company undertakes its business.

Impact of Swachh Bharat Cess on various services: FAQs

November 7, 2015 23343 Views 0 comment Print

Finance Act 2015 had provided provision for levy and collection of Swachh Bharat Cess (SBC) under section 119 of the Finance Act, 2015 at a rate not exceeding two percent on the value of services. The levy was to become effective from the date to be notified by the Government. The objective of behind introducing SBC was to fund for Government’s flagship program of Swachh Bharat. Incidentally,

Revision u/s 263 permitted for rectification of mistake apparent from records

November 7, 2015 3440 Views 0 comment Print

Infinity Infotech Parks Limited vs. DCIT (ITAT Kolkata) Revision u/s 263 is duly authorized where there is a mistake apparent from the records which itself proves that the order passed on this issue by the Assessing Officer was erroneous as well as prejudicial to the interest of the revenue.

Import expenses on machinery which is vital to manufacturing is Capital Expenditure

November 7, 2015 1985 Views 0 comment Print

Delhi High Court held In the case of CIT vs. Modi Rubber Ltd. that in present case, it is clear that the two Banbury mixers have been described by the Assessee itself as equipment used for mixing natural rubber, synthetic rubber, carbon black, chemicals and other raw materials

S. 194J Wheeling charges paid for electricity transportation not liable to TDS

November 7, 2015 1608 Views 0 comment Print

Delhi High Court held In the case of CIT vs. M/s Delhi Transco Ltd. that as per BPTA agreement between DTL and PGCIL there is transportation of the electricity from PGCIL to DTL, through the equipment

Interest on Loan taken for Machinery allowable from the date it put to use

November 7, 2015 1736 Views 0 comment Print

ITAT Ahmedabad held In the case of Ashima Dyecot Limited vs. DCIT that interest on capital borrowed for plant & machinery which already has put to use for commercial production is allowed u/s 36 (1) (iii). In the given case,

ITAT allows Exemption u/s 54EC on short term capital gain from sale of depreciable assets

November 7, 2015 2481 Views 0 comment Print

ITAT Mumbai held in ITO Vs Legal Heir of Shri Durgaprasad Agnihotri that to respect the decision given by jurisdictional Hon’ble High Court in CIT vs. Ace Builders (P.) Ltd. [2006] 281 ITR 210 (Bom) it was upholding the decision given by CIT(A) that the exemption u/s 54EC

Profit Exempt U/s. 10AA not to be included in calculation of Book Profit U/s. 115JB

November 7, 2015 3860 Views 0 comment Print

ITAT held in ITO Vs M/s.Last Peak Data Pvt. Ltd that if the assesse was an existing recognized Software Technology Park (STP) then it would be considered at par at of Special Economic Zone(SEZ) and exemptions available to SEZ would also be available to STP

Bogus Purchase- Mere Adjustment in Purchase without disturbing Sales not Justified

November 7, 2015 1694 Views 0 comment Print

ACIT vs Advert Communication ( ITAT Delhi) 1.If addition has to be made for bogus purchases then sales should also be disturbed ; 2.Until and unless both parties don’t confirm the cessation of liability then addition cannot be made u/s 41(1); 3.

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