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Archive: 18 November 2015

Posts in 18 November 2015

Assessee can claim deduction u/s 10A for remaining years although he availed deduction u/s 80HHE in past

November 18, 2015 1453 Views 0 comment Print

ITAT Mumbai held In the case of DCIT vs. M/s. Tata Consultancy Services that section 80HHC does not place any restriction to shift the claim of deduction or exemption under any other provision in respect of profits for which no deduction has been claimed and allowed in the previous year.

Assessee can rebut the statement made u/s 132(4) during search on the ground that it was under pressure & mistaken belief – ITAT

November 18, 2015 2753 Views 0 comment Print

ITAT Mumbai held In the case of M/s Tribhovandas Bhimji Zaveri (Delhi) Pvt. Ltd. vs. ACIT that a careful perusal of provisions of sec. 132(4) as well sec. 292C would show that the said provisions state that the statement taken u/s 132(4) “may be used in evidence in any proceeding under the Act”.

Reopening of Assessment merely on the basis of change in opinion is invalid

November 18, 2015 558 Views 0 comment Print

The ITAT Ahmedabad in the case of Waves Food Private Limited vs. DCIT held that reopening of assessment to disallow provision for damaged goods returned is not valid as the issue had been specifically dealt by AO during the course of regular assessment and such disallowance by reopening

If percentage of Commission earned from AE transactions is higher than AE transactions no addition can be made

November 18, 2015 397 Views 0 comment Print

ITAT held in Sumitomo Corporation India Pvt. Ltd. Vs. DCIT that if the case of assessee was decided in the earlier assessment years and if the facts and circumstances were same as in the previous years ,then in the current year also same basis for assessment should be adopted.

Delhi VAT- Regarding status of forms downloaded by dealers

November 18, 2015 675 Views 0 comment Print

CIRCULAR NO. 30 OF 2015-16 The department had started issuing central statutory forms online without any manual intervention since the middle of year 2012. Central statutory forms/declarations are mainly required by the dealers for making inter-state purchases at concessional rate or for inward stock transfer. The details of such inward supplies are recorded by dealers in Annexure 2A filed along with return. The system is functioning smoothly as all facilities have been provided on the portal for downloading the forms according to the need of the buyers.

Notification No. 54/2015-Customs (ADD) Dated- 18th November, 2015

November 18, 2015 3750 Views 0 comment Print

Notification No. 54/2015-Customs (ADD) Whereas, the designated authority, vide notification No. 15/8/2014-DGAD, dated the 15th July, 2014, published in the Gazette of India, Extraordinary, Part I, Section 1, had initiated a review in the matter of continuation of anti-dumping duty on imports of Carbon Black used in rubber applications (hereinafter referred to as the subject goods) falling under Chapter 28 of the First Schedule to the Customs Tariff Act, 1975

CBEC Notifies Shahebganj and Haldibari in Cooch Behar as Land Customs Stations

November 18, 2015 753 Views 0 comment Print

Notification No. 111/2015-Customs (N.T) S.O. 3112(E). In exercise of the powers conferred by clauses (b) and (c) of sub section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the places in column (2) of the TABLE below as Land Customs Stations for the purpose of clearance of baggage of Indian enclave dwellers coming from Bangladesh to India through the routes specified in column (3) of the TABLE below, namely:-

Why Should You Invest In Equity MF Schemes

November 18, 2015 3282 Views 0 comment Print

It is said that MONEY is your best friend. This is true to large extent as Money/Finance is our primary means of living. It is required to meet our day to day expenses, children education and wedding expenses, hospitalization expenses, to purchase of residential/commercial house/property and finally to meet our living expenses during retirement period.

Does Hard work Pay?

November 18, 2015 2856 Views 0 comment Print

Hard work is the essence of the whole universe. There are many routes to a place, but success has only one route. i.e. Hard work which is the shortcut also. Hard work has no substitute either. It gives pleasure, satisfaction, and experience to anybody. Many people don’t believe in the hard work but prefer lethargy to suit their convenience.

Practical Aspects of Swachh Bharat Cess on Service Provider & Service Receiver

November 18, 2015 23287 Views 0 comment Print

The Finance Act, 2015 has empowered the Central Government to impose Swachh Bharat Cess (SBC) upto 2% on value of taxable service. Recently Central Government vide Notification No.21/2015-Service Tax, dated 6th November, 2015 has imposed SBC at the rate of 0.5% on all the taxable services w.e.f 15th November, 2015.

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