"30 November 2015" Archive

Shri A.K. Jain, Member, CBDT to discharge duties of CBDT Chairperson till further orders

Shri A.K. Jain, Member, CBDT to discharge the duties and responsibilities of the post of Chairperson, CBDT in addition to his own duties; Ms. Anita Kapur, Chairperson, CBDT who is superannuating today, is appointed as Adviser on Tax Reforms for a period of six months ...

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Posted Under: Income Tax |

Delhi VAT: Reward Scheme to encourage market / trade association for payment of due tax

No. F.3(552)/Policy/vat/2015/10971103 (30/11/2015)

Value Added Tax is one of the major sources of revenue of the Government of Delhi which is an indirect tax collected by traders from customers on sale of goods and then deposited with the Government. In its effort to collect the due tax, the Government intends to involve market associations. With this objective in view, the Government pro...

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SEBI Circular on Issue of No Objection Certificate for release of 1% of issue amount

Circular No. CIR/OIAE/001/2015 (30/11/2015)

Circular No. CIR/OIAE/001/2015 As per the extant Listing Agreement with the Stock Exchanges, an issuer company deposits 1% of the issue amount of the securities offered to the public and/or to the holders of the existing securities of the company, as the case may be, with the designated stock exchange. SEBI, vide circular no. OIAE/Cir-1/2...

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SEBI Circular on Manner of achieving minimum public shareholding

Circular No. CIR/CFD/CMD/14/2015 (30/11/2015)

Regulation 38 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 provides that the listed entity shall comply with minimum public shareholding requirements in the manner as specified by the Board from time to time....

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Notification No. 135/2015-Customs (N.T.) Dated-30th November, 2015

Notification No. 135/2015-Customs (N.T.) (30/11/2015)

Notification No. 135/2015-CUSTOMS (N. T.) Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published...

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Amends Notification No. 83/2004-Customs (N.T) dated 30th June 2004

Notification No. 134/2015-Customs (N.T.) (30/11/2015)

In exercise of the powers conferred by sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes following amendments further to amend the notification of the Government of India, in the ...

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Notification No. 133/2015-Customs (N.T.) Dated: 03/11/2015

Notification No. 133/2015-Customs (N.T.) [G.S.R. 916(E)] (30/11/2015)

In exercise of the powers conferred by clause (a) of section 152 of the Customs Act, 1962 (52 of 1962), the Central Government, on the being satisfied that it is necessary in the public interest so to do...

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Schemes of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957

Circular No. CIR/CFD/CMD/16/2015 (30/11/2015)

Circular No. CIR/CFD/CMD/16/2015 A listed issuer may submit the Draft Scheme of arrangement under sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957, thereby seeking relaxation from the strict enforcement of clause (b) to sub-rule (2) of rule 19 thereof, for listing of its equity shares on a recognized stock exch...

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General printed Notice imposing Penalty u/s 271(1)(C) is not sustainable

Suvaprasanna Bhatacharya Vs ACIT (ITAT Kolkata)

In the case of Suvaprasanna Bhatacharya vs ACIT, ITAT Kolkata held that although the satisfaction need not be recorded in a particular manner but from a reading of the assessment order as a whole such satisfaction should be clearly discernible....

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CIT to form a Prima-facie opinion w.r.t erroneous and prejudiciality of A.O.’s order for exercising jurisdiction u/s 263

M/s. A.V. Industries Vs ACIT (ITAT Mumbai)

In the case of M/s A.V. Industries vs ACIT, Mumbai Tribunal held that when the assessee shows from the record that the necessary enquiries were made by the AO and the AO had applied his mind and the view adopted by him was one of the possible views...

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Re-opening u/s 148 based on of revisiting of existing material is bad in law

Mohan Jhangiani Vs ACIT (ITAT Kolkata)

In Mohan Jhangiani vs ACIT, Kolkata Tribunal held that Non-consideration of the relevant provisions of the Act while forming a belief that income has escaped assessment is not permissible as per law. Further, the assumption of jurisdiction u/s 147 by the Learned AO...

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Amount received from client by Solicitor in capacity of principal and agent is not income

ACIT Vs Sri Pawan Kumar Jhunjhunwala (ITAT Kolkata)

In the Case of ACIT vs Sri Pawan Kumar Jhunjhunwala, ITAT Kolkata held that solicitor is the agent of the client. The client makes over the money to the solicitor for some work being done by the solicitor as his agent. ...

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Aggregation of income to be done before applying section 73

ITO Vs Snowtex Investment Ltd (ITAT Kolkata)

In the case of ITO vs Snowtex Investment Ltd, the Kolkata Tribunal held that the claim of the assesse for set-off of loss from share dealing should be allowed from the profits from F&O in share transactions, the character of the income being the same and before application of the Explanation...

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Unaccounted Purchases in absence of discrepancy in stock records cannot be added to total income as unexplained investments

ITO Vs M/s. Sai Bhagawan Traders (ITAT Bangalore)

The ITAT Bangalore in the case of M/s Sai Bhagwan Traders vs. ITO held that unaccounted purchases cannot be added to the total income as unexplained investments when there was no discreoency found in stock records....

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Service tax not applicable on distributors of lottery tickets issued by state govt & charge created by Finance Act, 2015 is unconstitutional

M/s Future Gaming & Hotel Services Private Limited And Others Vs Union of India And Others (Sikkim High Court at Gangtok)

The Hon'ble Sikkim High Court in the case of Future Gaming & Hotel Services Private Limited and others held that activities of distributors & agents selling lottery tickets cannot be considered as activities for facilitating promotion of lottery tickets issued by state government...

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Reassessment u/s 147 is void if reasons for reopening not provided despite specific request of assessee

ACIT Vs Shri M.R. Seetharam (ITAT Jaipur)

ITAT Jaipur held In case of ACIT vs. Shri M.R. Seetharam that it is mandatory that Assessing Officer should furnish the copy of the reasons recorded for initiation of re-assessment proceedings under Section 147 exactly as it is recorded by the Assessing Officer....

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Self declared income which otherwise not taxable as per law, cannot be taxed

Sh. Haripal Singh Vs ACIT (ITAT Delhi)

ITAT Delhi held In the case of Sh. Haripal Singh vs. ACIT that it is settled legal position that that there is no estoppels in law. If in law an item is not taxable, no amount of admission or misapprehension can make it taxable. ...

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Trust cannot be denied exemption u/s 11 on mere payment made outside India

DDIT (Exemptions) Vs Ohio University Christ College (ITAT Bangalore)

ITAT Bangalore held In the case of DDIT (Exemptions) vs. Ohio University Christ College that it is not disputed that the services have been rendered by the faculty members from Ohio University in India as the classes were taken in Bangalore....

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Keyman insurance policy expense is allowable expenditure u/s 37

M/s Aaren Exports Vs DCIT (ITAT Amritsar)

ITAT Amritsar held In the case of M/s Aaren Exports vs. DCIT that a Keyman insurance policy is to enable business organizations to insure the life of a Keyman in order to protect the business against the financial loss which may occur in the likely eventuality of premature death....

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Disclosure of holding of specified securities and Holding of specified securities in dematerialized form

Circular No. CIR/CFD/CMD/13/2015 (30/11/2015)

CIRCULAR No. CIR/CFD/CMD/13/2015 Manner of representation of holding of specified securities- a. The holding of specified securities shall be divided into the following 3 categories viz. Promoter and Promoter Group, Public and Non Promoter Non Public....

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SEBI issue Formats for publishing financial results

Circular No. CIR/CFD/CMD/15/2015 (30/11/2015)

CIRCULAR No. CIR/CFD/CMD/15/2015 In order to enable investors to make well-informed investment decisions, timely, adequate and accurate disclosure of financial results on a periodical basis is critical. At the same time, to ensure comparability, uniformity and parity in disclosures made by listed entities across stock exchanges is essenti...

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How to make optimum preparation for CA exams

Chartered Accountancy the first thought that comes to the mind is, it is very tough to clear the exams and this becomes evident by a look at the previous pass percentage results and what we get to hear from the people surrounding us. So, it is wise not to pursue for such a qualification as the odds of success are marginal....

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Posted Under: Income Tax | ,

Service tax on Data Storage Services Provided in India and abroad by companies registered in India

In a regime where cloud computing is gaining popularity and the servers providing the facility of data storage at remote location, it becomes pertinent to assess whether such activity constitute service or Goods for taxation purpose. Although service tax law has gone through drastic change by introduction of negative list concept w.e.f. ...

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Posted Under: Income Tax |

CAs Vice Versa Mentoring Is Perfectly Tuned

Youngest Chartered Accountants are the future of the profession. As seniors, we have an obligation to help our future by training and mentoring tomorrow’s Chartered Accountant today. How do we develop them and keep their professional spirit alive in the early years of their profession. The answer is using a mentoring program and grants ...

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Posted Under: Income Tax |

External Commercial Borrowings (ECB) Policy – Revised framework

RBI/2015-16/255 A.P. (DIR Series) Circular No.32 (30/11/2015)

As sufficient time has passed since the extant ECB framework was operationalised, a need was felt to undertake a review based on the experience gained in administering the ECB regime and the current financing ecosystem which, inter alia, allows issuance of Indian Rupee (INR) denominated bonds overseas by a wide set of borrowers. ...

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Provisions related to Right Issue of Shares under Companies Act, 2013

As per the provisions of clause (a) of sub-section 1 of section 62 of the Companies Act, 2013, where at any time, a Company having a share capital proposes to increase its subscribed capital by the issue of further shares, then such shares shall always be offered to persons, who, at the date of the offer, are holders of equity shares of t...

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Posted Under: Income Tax |

Extension of Due Date for Filing Annual Return of Company to 30.12.2015

General circular No. 15/2015 (30/11/2015)

In continuation of this Ministry's General Circular 14/2015 dated 28.10.2015, keeping in view requests received from various stakeholders, it has been decided to relax the additional fees payable on e-forms AOC4, AOC (CFS) AOC-4 XBRL and e- Form MGT-7 upto 30.12,2015, wherever additional fee is applicable....

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Prosecution – made more simpler for revenue

Pr. Commissioner of Income Tax Vs Income Tax Appellate Tribunal (Punjab & Haryana HIgh Court at Chandigarh)

A perusal of this order reveals that the Tribunal has recorded a finding that it is empowered by Section 254 of the Act to stay prosecution. The said finding is the bone of contention between the parties. Pr. Commissioner of Income Tax Vs. Income Tax Appellate Tribunal, Delhi Bench (Punjab & Haryana HIgh Court at Chandigarh),...

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Non-compliance with listing obligations and SOP for suspension and revocation of trading of specified securities

Circular No. CIR/CFD/CMD/12/2015 (30/11/2015)

Circular No. CIR/CFD/CMD/12/2015 Accordingly, recognized stock exchanges shall use imposition of fines as action of first resort in case of such non compliances and invoke suspension of trading in case of subsequent and consecutive defaults. Accordingly, in order to maintain consistency and uniformity of approach the recognized stock exch...

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