"03 December 2015" Archive

Swachh Bharat Cess – Whether Cenvatable

Whether Cenvat Credit of the SBC is available? SBC is not integrated in the Cenvat Credit Chain. Therefore, credit of SBC cannot be availed. Further, SBC cannot be paid by utilizing credit of any other duty or tax....

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Posted Under: Service Tax |

Govt notifies rules for granting mining lease to Government companies

G.S.R. 927(E) (03/12/2015)

G.S.R. 927(E).—In exercise of the powers conferred by section 13 of the Mines and Minerals (Development and Regulation) Act, 1957 (67 of 1957), the Central Government hereby makes the following rules, namely:- 1. Short title and commencement.– (1) These rules may be called the Mineral (Mining by Government Company) Rules, 2015....

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Section 50C not applicable on sale of rights in land

ITO Vs Tara Chand Jain- Cross Appeal (ITAT Jaipur)

ITAT Held in ITO vs Tara Chand Jain that the amendment in sec 50C which inculcates word assessable would have prospective effect from the date of its insertion i.e from 01-10-2009 and would not have retrospective effect on the sale of property before 01-10-2009 ...

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Rate of exchange of conversion of foreign currency WEF 4th December, 2015

Notification No. 136/2015-Customs (N.T.) (03/12/2015)

Notification No. 136/2015 - Customs (N.T.) Central Board of Excise & Customs (CBEC) hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 4th December, 2015, be the...

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No Penalty on Tax Audit Report Obtained on last day of due date

Chopra Properties Vs ACIT (ITAT Delhi)

Chopra Properties Vs ACIT (ITAT Delhi) AO was of the view that according to provisions of Section 44AB assessee is required to get his accounts audited before specified date and not on the specified date. Therefore, as assessee has obtained this tax audit report on 30th September 2008 and not before 30th September, 2008, therefore, levied...

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Expenses debited as cost of ESOP in profit and loss account allowable

CIT Vs Lemon Tree Hotels Ltd (Delhi High Court)

In case of CIT vs. Lemon Tree Hotels Ltd Following the Madras High Court in CIT-III Chennai v. PVP Ventures Ltd. (TC(A) No. 1023 of 2005) it was held by Delhi High Court that ESOP could be debited to the profit and loss account of the Assessee....

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Disallowance of Interest at average rate for advance from mixed fund for non business Purposes

CIT Vs M/s Kudu Industries (Punja & Haryana High Court)

In case of CIT vs. M/s Kudu Industries, P&H High Court held that In the absence of anything to indicate that the interest free advance was made only from a particular corresponding advance received by the assessee, the advance made by the assessee would obviously be from the common pool of money. ...

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ITAT remanded matter on question of rejection of books of account u/s 145 (3) if proper explanation or details were filed before AO

ACIT Vs Rahul Pancholi (ITAT Jaipur)

ACIT vs. Rahul Pancholi (ITAT Jaipur) AO find decline in gross profit rate in current year in comparison to previous year. On examination of books of account AO found discrepancies in accounts. He made additions after rejecting books of account u/s 145 (3). ...

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Assessment u/s 153A required to be framed within 21 months as time stipulated u/s 153B

JCIT Vs Surya Vinayak Industries Ltd. (ITAT Delhi)

JCIT Vs. Surya Vinayak Industries Ltd. (ITAT Delhi) In the above group cases search was conducted and assessments were framed u/s 153A/143 (3). The search was conducted on 21.03.2007 and concluded on 22.03.2007. Hence last of the authorisation of search u/s 132 was executed on 22.03.2007....

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When revenue failed to show any legal infirmity in order of ITAT, no question of law arises in relation to Sec. 68

CIT Vs Five Vision Promotors Pvt. Ltd. (Delhi High Court)

CIT Vs. Five Vision Promotors Pvt. Ltd. (Delhi High Court)- AO made addition on account of share application money u/s 68 which was confirmed by the CIT. On appeal ITAT held that assessee has proved identity, genuineness & creditworthiness of the investors. ...

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A Brief on Foreign Exchange (FOREX)

In the article instances have been incorporated from various international books and papers and I have acknowledged the names of writers/books wherever required, so the readers are requested not to raise any issues on the content/copy right issues. I express my sincere gratitude to the authors/writers/ my FM Guru and all the finance books...

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Posted Under: Service Tax |

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November 2020