"11 December 2015" Archive

CBDT notifies forms for reporting by investment Funds U/s. 115UB(7)

Notification No. 92/2015 - Income Tax (11/12/2015)

Notification No. 92/2015 - Income Tax Statement under sub-section (7) of section 115UB. 12CB.(1) The statement of income paid or credited by an investment fund to its unit holder shall be furnished by the person responsible for crediting or making payment of the income on behalf of an investment fund and the investment fund to the- (i) un...

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Guide to Foreign Contribution (Regulation) Act, 2010 (FCRA)

Legal Objective of the Act: To regulate the acceptance and utilisation of FC/donations or foreign hospitality by certain individuals or associations or companies; and To prohibit acceptance and qutilisation of FC/donations or foreign hospitality for any activities detrimental to the national interest and matters connected thereto. It Appl...

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Posted Under: Income Tax |

Step up to Ind AS – 101 First time adoption of Indian Accounting Standards (IND-AS)

The following Companies have to adopt Ind AS for the Financial Statements from the Accounting Period beginning on or after 1st April 2016: Companies whose debt or equity are listed or are in the process of being listed on any stock exchange in India or Outside India “+” having net worth of Rs. 500 Crores or more. Companies which ar...

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Posted Under: Income Tax |

Top 5 Must Haves of a Complete Financial Plan

and hazards. Take a look at these statistics: Every four minutes, an Indian is killed in a road accident. Every year, chronic illnesses like cancer, heart disease, and respiratory ailments contribute to 60% of all deaths in India[2]....

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Posted Under: Income Tax |

Reassessment without application of mind and examining the facts is invalid and liable to quash

Unique Metal Industries Vs ITO (ITAT Delhi SMC)

Hon’ble ITAT decided in this matter that reopening without application of mind is liable to quash and also elaborate that examination of facts and information received is necessary before reopening. In addition to this legal ground ITAT also heard the appeal on merits...

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Mere profitability, responsible for enhancement of profits, does not indicate that transaction is at an ALP

Knorr-Bremse India Pvt. Ltd. Vs ACIT (Punjab & Haryana High Court)

Knorr-Bremse India Pvt. Ltd. vs. ACIT (P&H HC) A reading of the orders of the TPO, the DRP and of the Tribunal makes it clear that one of the main reasons for not accepting the assessee’s case was that the assessee had not been able to substantiate that the payment for the services had actually increased its profits....

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Assessee not entitled to claim any fresh deduction for completed assessments in return filed u/s 153A

M/s. D.J. Malpani Vs ACIT (ITAT Pune)

ITAT Pune held In the case of M/s. D.J. Malpani vs. ACIT that in respect of the assessments which are completed prior to the date of search, no fresh claim of deduction can be made by the assessee. Therefore in the given case, assessee is not entitled to make a fresh claim in the return filed u/s.153A ...

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Adhoc disallowance of expenses without finding any specific defects in books of account not justified

M/s Vijay Infrastructure Limited Vs ACIT (ITAT Lucknow)

ITAT Lucknow held In the case of M/s Vijay Infrastructure Limited vs. ACIT that on the basis of general observations, without pointing out even a single specific defect in the vouchers or books of accounts, ad hoc disallowance made by Assessing Officer is not justifiable....

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In transfer pricing, no risk adjustment desired for unquantified risk being no effect on ALP adjustment

Integrated Decisions and Systems (India) Private Limited Vs ITO (ITAT Jaipur)

ITAT Jaipur held In the case of Integrated Decisions and Systems (India) Private Limited vs. ITO that these risk adjustments are only theoretically which cannot be quantified in terms of any calculation to conclude the exact adjustment in ALP. ...

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Disallowance of bad debts in case of running account with the party is justified

Amar Enterprise Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held In the case of Amar Enterprise vs. ITO that in the present case, the AO has demonstrated that the assessee has continued business transactions with the concerned party. It is also not disputed that the assessee has received payments from the concerned party....

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Income attributable to activities carried out outside India is not taxable in India

Hyundai Heavy Industries Co. Ltd. Vs ADIT (ITAT Delhi)

ITAT Delhi held In the case of Hyundai Heavy Industries Co. Ltd. vs. ADIT that the said issue is already covered in favour of the assessee by tribunal decision given in earlier years in which the tribunal held that the contracts are divisible....

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Clarification on classification of Biodiesel under oleochemicals – reg.

F. No. 528/22/2015-STO (TU) (11/12/2015)

F. No. 528/22/2015-STO (TU) The matter has been examined by the Board and it is observed that 100% Biodiesel (referred to as B 100) is an oleochemical derived from vegetable oils or animal fats....

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India and Japan signs a Protocol for amending existing Convention for avoidance of double taxation and for prevention of fiscal evasion

The Government of India and the Government of Japan signed here today a Protocol for amending the existing Convention for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The existing Convention was signed way back in 1989. Dr Hasmukh Adhia, Revenue Secretary signed the protocol on...

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Posted Under: Income Tax |

Re-designation of the post of Chief Commissioner(TPS) as Director General (TPS)

Office Order No. 07/Ad.IV/ 2015 (11/12/2015)

Office Order No. 07/Ad.IV/ 2015 In continuation of Board's Office Order No.02/Ad.IV/2015 dated 27.08.2015 (F.No.A-11013/20/2015-Ad.IV) regarding creation of Directorate General of Tax Payers Services in CBEC, the post of Chief Commissioner Tax Payers Services will stand re-designated as Director General Tax Payers Services (DGTPS)....

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Notification No. 61/2015-Customs (ADD), Dated-11th December, 2015

Notification No. 61/2015-Customs (ADD) (11/12/2015)

Notification No. 61/2015-Customs (ADD) Seeks to levy definitive anti-dumping duty on import of Cold Rolled Flat Products of Stainless Steel originating in, or exported from the People s Republic of China, Korea, European Union, South Africa, Taiwan (Chinese Taipei), Thailand and USA for a period of five years...

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Minimum Export Price (MEP) revised to US$ 400 F.O.B. per MT.

Notification No. 26/2015-20 (11/12/2015)

Notification No. 26/2015-20 The Minimum Export Price (MEP) for export of all varieties of onions as described above is revised from US$ 700 F.O.B. per MT to US$ 400 F.O.B. per MT....

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SEBI : Testing of software used in or related to Trading and Risk Management

Circular No. CIR/CDMRD/DEICE/03/2015 (11/12/2015)

Pursuant to Section 131 of the Finance Act, 2015 and Central Government notification F.No. 1/9/SM/2015 dated August 28, 2015, all recognized associations under the Forward Contracts (Regulation) Act, 1952 are deemed to be recognized stock exchanges under the Securities Contracts (Regulation) Act, 1956 with effect from September 28, 2015. ...

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SEBI: Facility for Basic Services Demat Account (BSDA)

Circular No. CIR/MRD/DP/ 20/2015 (11/12/2015)

CIRCULAR No. CIR/MRD/DP/ 20/2015 SEBI vide circular no. CIR/MRD/DP/22/2012 dated August 27, 2012 had introduced the facility of Basic Services Demat Account (BSDA) with limited services for eligible individuals with the objective of achieving wider financial inclusion and to encourage holding of demat accounts....

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Notification No. 56/2015-Customs Dated-11th December, 2015

Notification No. 56/2015-Customs (11/12/2015)

NOTIFICATION No. 56/2015-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 Mi...

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Issue of Indian Depository Receipts: An Overview

Long time back an eminent Chinese philosopher, Lao Tse Tung said, 'Even a march of civilization starts with a single step'. The introduction of Indian Depository Receipts (IDR) in the global arena is that little first step towards a new era of Indian capital market. Needless to say, it is no more theory, but a blatant fact that in near fu...

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Posted Under: Income Tax |

Cabinet approves Real Estate (Regulation and Development) Bill, 2015 + Salient features

The Real Estate (Regulation and Development) Bill is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects. The Bill provides uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector...

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Posted Under: Income Tax |

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