"24 November 2015" Archive

Reopening based on retrospective amendment after 4 years not permissible in absence of failure in disclosure of material facts by assessee

M/s. Golden Tobacco Limited (Formerly GTC Industries Limited) Vs The JCIT (ITAT Mumbai)

ITAT Mumbai held In the case of M/s. Golden Tobacco Limited (Formerly GTC Industries Limited) vs. The JCIT that the law does not give powers to the AO to reopen an assessment carried out u/s 143(3) after the expiry of four years unless the AO is able to demonstrate that there was failure on the part of the assessee in disclosure of materi...

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Only companies are eligible for deduction u/s 80IA(4)

The ACIT Vs Shri. B. Dhanasekaran (ITAT Chennai)

ITAT Chennai held In the case of The ACIT vs. Shri. B. Dhanasekaran that the enterprises carrying on development of the infrastructure facilities should be owned by a company or consortium of companies. ...

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Transfer of capital assets not completes if Terms & Conditions of agreement not performed by both parties

ITO Vs Alok Mukherjee (Individual) (ITAT Jaipur)

ITAT Jaipur held In the case of ITO vs. Alok Mukherjee that where both the parties not performed terms & conditions of the agreement to sale in prescirbed time and prescribed maneeer, it is breach of contract, so it will not be a transfer of property on the date of such agreement....

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Interest income on NPA need not to be accrued in books of account in case of Bank and NBFCs

West Bengal Infrastructure Development Finance Corporation Vs ACIT (ITAT Kolkata)

ITAT Ahmedabad held In the case of West Bengal Infrastructure Development Finance Corporation vs. ACIT that in the case of CIT vs Vasisth Chayt Vyapar Ltd. 330 ITR 440 (Delhi) , it was held that the real income theory was still relevant and recognition of income in terms of Prudential Norms of RBI did not deviate from the mercantile syste...

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Consultancy services which are not of a technical nature cannot be treated as technical services

Shell Global Solutions International BV Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held In the case of Shell Global Solutions International BV vs. ITO that as clearly stated in the MoU to the Indo US tax treaty, which stands incorporated in the Indo Dutch tax treaty as well by the virtue of MFN clause...

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Shares held by trust for issuance to employees as ESOPs is not in nature of stock in trade, any resultant gain will be taxed as capital gains

Mahindra & Mahindra Employees Stock Option Trust Vs ADCIT (ITAT Mumbai)

ITAT Mumbai held In the case of Mahindra & Mahindra Employees Stock Option Trust vs. ADCIT that the attributes available in the transaction of the assesee trust are unlike that of a trader and are more like that of an investor. ...

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Receipt already taxed in the head of sub-contractor cannot be disallowed to contractor considering same as inflated expense

M/s. KNR Constructions Ltd. Vs DCIT (ITAT Hyderabad)

ITAT Hyderabad held In the case of M/s. KNR Constructions Ltd. vs. DCIT that no such adverse inference however was drawn by the A.O. in the case of the concerned two sub-contractors and in the assessments completed under section 143(3) in their cases...

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Land eligible for wealth tax exemption even on conversion as non-agricultural if used for agricultural purposes

M.R Pattabhiram (HUF) Vs The Asst. Commissioner of Wealth tax (ITAT Bangalore)

ITAT Bangalore held In the case of M.R Pattabhiram (HUF) vs. The Asst. Commissioner of Wealth tax that mere conversion of land from agriculture to non-agriculture could not be taken as the sole criteria to hold it as a capital asset under section 2(14) of the Income tax act....

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Share of income received by University out of consultancy income earned by professors not entitled for exemption u/s 11

ACIT Vs Institute of Chemical Technology University of Mumbai (ITAT Mumbai)

ITAT Mumbai held In the case of The ACIT vs. Institute of Chemical Technology University of Mumbai that the consultancy work done by the assessee - University through its professors, in which part income is held by university and the rest lying with respective professors, is not in any way relatable to the aims and object for which the as...

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Denying registration u/s 12AA by testing ancillary objects rather than main objects for their charitable nature is unfair

Nanda Gokula Vs CIT (ITAT Bangalore)

The ITAT Bangalore in the case of Nanda Gokula vs. CIT held that denial of registration u/s 12AA by the CIT by considering only the ancillary objects is unfair, because it is the main objects of the trust which are required to be tested for their charitable nature. ...

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Excess of expenditure over trust’s income for a previous year can be claimed as income applied in subsequent previous year

Deputy Director of Income-tax Vs Karnataka Food and Civil Supplies Ltd (ITAT Bangalore)

The ITAT Bangalore in the case of Karnataka Food and Civil Supplies Ltd. held that the excess expenditure incurred in earlier previous years can be set off against the income of trust for the current year as an application of income because Section 11(1)(a) does not contain any words of limitation...

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Custom duty exemption to EOUs on raw materials/parts consumed in manufacture of certain ships/vessels and cleared to DTA

Notification No. 55/2015-Customs (24/11/2015)

NOTIFICATION No. 55/2015-Customs Seeks to further amend notification No. 52/2003-Customs dated 31-03-2003 so as to enable EOUs to become eligible for duty exemption on raw materials/parts consumed in manufacture of certain specified ships/vessels and cleared to DTA, even if such ships/vessels are exempt from basic customs duty and central...

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Custom duty exemption on raw material and parts for use in manufacture of certain specified ships/vessels

Notification No. 54/2015-Customs (24/11/2015)

NOTIFICATION No. 54/2015-Customs Seeks to further amend notification No. 12/2012-Customs dated 17.3.2012 so as to provide exemption from custom duties on all raw material and parts for use in manufacture of certain specified ships/vessels subject to actual user condition and also removing the requirement of manufacturing of ships/vessels ...

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Sovereign Gold Bonds, 2015-16 issue date shifted to November 30, 2015

RBI/2015-16/245 IDMD.CDD.No. 1157/14.04.050/2015-16 (24/11/2015)

It has been decided to shift the issue date of the Sovereign Gold Bond from November 26, 2015 to November 30, 2015. In this regard, please refer to the Operational Guidelines issued vide circular IDMD.CDD.No. 968/14.04.050/2015-16 dated November 4, 2015, wherein it was stated that applicants will be paid interest at prevailing savings ban...

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ICSI Request for filing MGT-7 without additional fees till 31-12-2015

Sir, it is humbly submitted that filing of these forms i.e. MGT -7, AOC-4; AOC-4 CFS and AOC 4 (XBRL) be permitted till December 31, 2015, without additional fee, considering the practical difficulties, being faced by the stakeholders....

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Posted Under: Income Tax |

10 General Impact of Upcoming GST

With ‘The Winter Session of Parliament’ supposed to start from Thursday, 26 November, 2015, the Centre is reaching to the opposition parties to ensure passage of the Constitutional Amendment Bill on GST with mutual consensus. Let’s have a look at some of the changes that will come up with GST:...

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Posted Under: Income Tax |

Referring case to TPO – now become tougher for Dept

Those practicing on the international taxation may be aware of the fact that, in view of CBDT Inst no 3/2003[E] and decision of ITAT-SB [C], ALL the transactions above Rs. 15 crores are being referred to TPO for scrutiny and benchmarking....

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Posted Under: Income Tax |

Notification No. 117/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 117/2015-Customs (N.T.) (24/11/2015)

(i) the Principal Commissioner of Customs (III), Air Cargo Complex (Import), Mumbai Zone III, Sahar, Andheri (East), Mumbai -400099; (ii) the Principal Commissioner of Customs, Air Cargo Complex (Import), New Custom House, Near IGI Airport, New Delhi-110037; (iii) the Principal Commissioner of Customs (VII), Air Cargo Complex, Integrated ...

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Notification No. 116/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 116/2015-Customs (N.T.) (24/11/2015)

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 Director ...

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Notification No. 115/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 115/2015-Customs (N.T.) (24/11/2015)

for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s ABG Shipyard Ltd., 5th floor, Bhupati Chambers, 13, Mathew Road, Mumbai-400004 and others issued vide Show Cause Notice number DRI/MZU/NS/INV-09/13-14, dated 5th August, 2015 by the Additional Director General, Directorate of Revenue Intelligence, ...

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Notification No. 114/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 114/2015-Customs (N.T.) (24/11/2015)

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

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Notification No. 113/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 113/2015-Customs (N.T.) [G.S.R. 916(E)] (24/11/2015)

n 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 Principal Commissioner of ...

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Notification No. 132/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 132/2015-Customs (N.T.) (24/11/2015)

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 Director ...

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Notification No. 131/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 131/2015-Customs (N.T.) (24/11/2015)

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

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Notification No. 130/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 130/2015-Customs (N.T.) (24/11/2015)

the purpose of adjudicating the matters relating to show cause notice pertaining to M/s. Komatsu India Private Limited, Industrial Park, Growth Centre, Oragadam, Thenneri (via), Kanchipuram District...

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Notification No. 129/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 129/2015-Customs (N.T.) (24/11/2015)

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

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Notification No. 128/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 128/2015-Customs (N.T.) (24/11/2015)

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 Joint/Additional ...

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Notification No. 127/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 127/2015-Customs (N.T.) (24/11/2015)

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

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Notification No. 126/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 126/2015-Customs (N.T.) (24/11/2015)

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 Director ...

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Notification No. 125/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 125/2015-Customs (N.T.) (24/11/2015)

In exercise of the powers conferred by sub-section (1) of section 4 and Sub­section (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 ...

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Notification No. 124/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 124/2015-Customs (N.T.) (24/11/2015)

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

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Notification No. 123/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 123/2015-Customs (N.T.) (24/11/2015)

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

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Notification No. 122/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 122/2015-Customs (N.T.) (24/11/2015)

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 ...

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Notification No. 121/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 121/2015-Customs (N.T.) (24/11/2015)

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...

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Notification No. 120/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 120/2015-Customs (N.T.) (24/11/2015)

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 Director General (Adjudication), Directorate of ...

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Notification No. 119/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 119/2015-Customs (N.T.) (24/11/2015)

the Central Board of Excise and Customs hereby appoints the Additional Director General (Adjudication), Directorate of Revenue Intelligence, Mumbai to act as a Common Adjudicating Authority to exercise the powers and discharge the duties conferred or ...

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Notification No. 118/2015-Customs (N.T.) Dated: 24/11/2015

Notification No. 118/2015-Customs (N.T.) (24/11/2015)

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 Director General (Adjudication), Directorate of ...

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Excise Duty exemption to EOUs on raw materials/parts consumed in manufacture of certain specified ships/vessels and cleared to DTA

Notification No. 45/2015-Central Excise (24/11/2015)

Notification No. 45/2015-Central Excise Seeks to further amend notification No. 22/2003-CE dated 31-03-2003 so as to enable EOUs to become eligible for duty exemption on raw materials/parts consumed in manufacture of certain specified ships/vessels and cleared to DTA, even if such ships/vessels are exempt from basic customs duty and centr...

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Review of Foreign Direct Investment (FDI) policy on various sectors

Press Note No. 12 (2015 Series) (24/11/2015)

The Government of India has reviewed the extant FDI policy on various sectors and made following amendments in the Consolidated FDI Policy Circular of 2015 (FDI Policy), effective from May 12, 2015, and as amended from time to time....

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Exemption from excise duty raw material and parts for use in manufacture of certain specified ships/vessels

Notification No. 44/2015-Central Excise [G.S.R. 899(E)] (24/11/2015)

Notification No. 44/2015-Central Excise Seeks to further amend notification No. 12/2012-CE dated 17.3.2012 so as to provide exemption from excise duty on all raw material and parts for use in manufacture of certain specified ships/vessels subject to actual user condition and also removing the requirement of manufacturing of ships/vessels ...

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Peer to Peer (P2P) Lending: Business Models

With the advancement in technology, there has been a dramatic change in the lifestyle and perception of people, from sharing their mood on facebook or becoming an overnight celebrity by trolling on Instagram or twitter to crowd funding from across globe for a social cause, to starting a business idea online. ...

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Posted Under: Income Tax |

Let Falling Become Flying

Close your eyes. Now, imagine you are standing on the very edge of a cliff. You are watching the sun set, beautiful orange sky, you can feel the winds touching your face and making you smile, and all of a sudden you sense some invisible force behind you. You start feeling as if it’s pushing you, trying to beat you down and make you fall...

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Posted Under: Income Tax |

Detailed Analysis of Draft Business Process for Payments in GST

This article intends to analyse the payment process as proposed through the Business Process Report under the GST. At the outset, it can be said that the proposed payment process has been designed keeping in mind the modern business requirements with a peep into the future....

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Posted Under: Income Tax |

Strengthening exporters’ confidence with the brand rate mechanism – req.

F. No. 609/105/2015-DBK (24/11/2015)

F. No. 609/105/2015-DBK Central Excise formations processing brand rate applications are requested to suggest measures or steps that can further strengthen exporters’ confidence with the brand rate mechanism and make it easier to work with. The suggestions should be within the principles that guide drawback based on actual duty and have...

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