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Archive: 20 November 2015

Posts in 20 November 2015

Printing of Newspaper amounts to production & manufacture

November 20, 2015 4703 Views 0 comment Print

Rajasthan Patrikia Pvt. Ltd. vs. ACIT- ITAT Jaipur held that newspapers and periodicals are distinct commodity than the paper, printing ink and other ingredients used therein. Since a new commercial product comes into existence

Notification No. 52/2015-Customs Dated-20th November, 2015

November 20, 2015 2143 Views 0 comment Print

NOTIFICATION No. 52/2015-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 12/2012- Customs, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 185(E), dated the 17th March, 2012, namely:-

Agricultural land purchased without an adventure in the nature of trade is not a capital asset

November 20, 2015 1174 Views 0 comment Print

ITAT Chennai held in The ACIT Vs M/s Mansi Finance Chennai Ltd that if the agricultural land purchased by the assessee was not with an adventure in the nature of trade then that agricultural land could not be treated as a capital asset and liable for capital gain.

Depreciation should be considered for evaluating operating results of comparables

November 20, 2015 627 Views 0 comment Print

ITAT Hyderabad upholds AMD R&D’s plea on depreciation impact in transfer pricing. Infosys, L&T, Mindtree excluded. Get insights into the ruling.

Mere Lien over payment due to pending dispute does not result in cessation of trading liability u/s 41(1)

November 20, 2015 754 Views 0 comment Print

The ITO Vs Shri Radhey Shyam Agarwal (ITAT Jaipur) Once, there is an impending dispute between assessee and M/s. Laxmi Carpet Enterprises then it cannot be assumed that liability for payment has ceased

Commission to overseas Agents for Marketing of Products is not a fee for technical service

November 20, 2015 639 Views 0 comment Print

M/s Srivathsa Industries, Vs ACIT (ITAT Chennai) Admittedly, the assessee is engaged in manufacturing leather and leather garments. In order to market its product in foreign countries, the assessee engaged agents and paid commission to them.

TDS not deductible on web hosting & marketing services procured from US based entity

November 20, 2015 18178 Views 0 comment Print

The ITAT Chennai held that payments made by the assessee in the nature of webhosting and marketing expenses to US based service provider could not be taxed as Fees for technology services because there were not transfer of technology involved in render of services such that the services could be continuously used by the Indian company without recourse to the service provider.

Addition cannot be made for mere failure of Assessee to furnish current address of depositors

November 20, 2015 1046 Views 0 comment Print

Cama Hotels Ltd, Vs DCIT (ITAT AHEMDABAD) When the assessee had furnished the PAN of the concerned depositors, the Assessing Officer ought to have made inquiry from the jurisdictional Assessing Officers to find out the current address of the depositors.

Highlights of Recommendations of Seventh Central Pay Commission

November 20, 2015 2778 Views 0 comment Print

Recommended Date of implementation: 01.01.2016 Minimum Pay: Based on the Aykroyd formula, the minimum pay in government is recommended to be set at ₹18,000 per month. Maximum Pay: ₹2,25,000 per month for Apex Scale and ₹2,50,000 per month for Cabinet Secretary and others presently at the same pay level. Financial Implications: The total financial impact […]

Workshop on Swachh Bharat Cess and Cenvat Credits

November 20, 2015 840 Views 0 comment Print

We are happy to inform that the eighth Workshop in the above series is being organised on the Theme Swachh Bharat Cess and Cenvat Credits under Excise and Service Tax and their relevance in GST on Thursday, 26 November, 2015 from 09:30 am till 01:20 pm at PHD House, New Delhi. The Workshop will be followed by lunch

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