"December, 2015" Archive

Reimbursement of salary cost of high level managerial personal can be treated as FTS

M/s Food world Supermarkets Ltd. Vs Deputy Director of Income Tax (ITAT Bangalore)01/01/1970

Food world Supermarkets Ltd. vs.DCIT- ITAT Bangalore observed that the 5 seconded employees were not ordinary employees or workers but they were deputed at the high level managerial/executive positions which showed that they were deputed because of expertise and managerial skills in the field. ...

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Delegating of powers to RDs U/s. 208 of Companies Act, 2013

Notiofication No. S.O. (E) 31/12/2015

n exercise of the powers conferred by section 458 of the Companies Act, 2013 (18 of 2013) the Central Government hereby delegates to the Regional Directors at Mumbai, Kolkata, Chennai, Delhi, Ahmedabad, Hyderabad and Shillong, the power vested in it under section 208 of the said Act for receiving the report from the Registrar (having juri...

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Delhi VAT- DP-1 to be submitted online by all dealers latest by 31/01/2016

No.F.3(352)Policy/VAT/2013/1210-21 31/12/2015

In partial modification of Notification No.F.3(352)Policy/VAT/2013/1062-73 dated 23/11/2015 regarding submission of information online in Form DP-1, I, Sanjeev Khirwar, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, in exercise of the powers conferred on me by sub-section(1) read with sub­section (2) an...

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Printing of Newspaper amounts to production & manufacture

M/s. Rajasthan Patrikia Pvt. Ltd. Vs ACIT (ITAT Jaipur)01/01/1970

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...

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Notification No. 27/2015-Central Excise (N.T.) Dated- 31st December, 2015

Notification No. 27/2015-Central Excise (N.T.) [G.S.R. 1028(E)] 31/12/2015

Notification No. 27/2015-Central Excise (N.T.) In the CENVAT Credit Rules, 2004, in rule 9, in sub-rule (1), in clause (d), after the words “ Foreign Post Office, the words or, as the case may be, an Authorized Courier, registered with the Principal Commissioner of Customs or the Commissioner of Customs in-charge of the customs airport, ...

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Surveillance on determination of Place of Effective Management


It is imperative to understand the sense behind introducing the concept of Place of Effective Management (hereinafter refereed as POEM first, before embarking determination aspect of Place of Effective Management. POEM is not a new concept at all; it is an internationally recognised test for determination of residence of a company incorpo...

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Posted Under: Income Tax |

CBDT December excellent moves shall have a morale boosting effect on Tax Practice


In the month of December, CBDT has shown some excellent moves towards a flow less tax assessment regime. The moves are encouraging and laudable. It clearly establishes that CBDT has finally decided to take on the obstacles in the field of assessment proceedings. This is also adorable at the part of the Finance Ministry to roll down the an...

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Posted Under: Income Tax |

Notification No. 150/2015-Customs (N.T.) Dated- 31st December, 2015

Notification No. 150/2015-Customs (N.T.) 31/12/2015

Notification No. 150/2015-CUSTOMS (N. T.) Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed- 345 per 10 grams...

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SEBI issues list of 221 Companies issuing Shares/ Debentures in Violation of Law

PR No. 298/2015 31/12/2015

Some unlisted companies are luring retail investors by issuing securities including non-convertible and convertible debentures/ non-convertible and convertible preference shares/ equity shares in the garb of private placement, without complying with the provisions of Companies Act, 1956 read with the Companies Act, 2013, SEBI (Issu...

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Addition made on account of third party evidence without establishing identity of Assessee not valid

Prabhat Chandra S Jain Vs ACIT (ITAT Pune)01/01/1970

In case of Prabhat Chandra S Jain Vs. ACIT Pune bench of ITAT have held that where it is not established that name PC Jain of Mumbai written in the said document was in fact the assessee before us and in the absence of any evidence having been found to establish that the assessee...

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