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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
Excellent question that emanates for consideration is nature of Rule making function exercised by the Registrar under Section 55(1) of the Act of 1960 whether it is legislative or administrative in nature and scope of interference by this Court in that function.
Circular No.190/9/2015-Service Tax It has come to the notice of the Board that certain field formations are taking a view that service tax is payable on services received by the apparel exporters from third party for job work. Apparently field formations are taking a view that the services received by apparel exporters is of manpower supply, which neither falls under the negative list nor is specifically exempt. However, trade is of the view that the services received by them is of job work involving a process amounting to manufacture or production of goods, and thus would fall under negative list [section 66D (f)] and hence would not attract service tax.
The last date of payment of December 2015 installment of advance tax for both corporate and non-corporate taxpayers in the State of Tamil Nadu and Union territory of Puducherry has been extended from 15.12.2015 to 31.12.2015 in view of unprecedented rainfall and floods in these areas.
Primary Education has a considerable emphasis in India. Whether it is the high level International schools in urban areas or the simple small schools in the rural areas. Primary schools are now a necessity in India as people are realizing the importance of education in our country.
In the case of DCIT Vs. Soma Textiles & Industries Limited , ITAT Rajkot has dismissed 251 Appeal filed by Department as Tax effect in these appeals was not exceeding Rs. 10 Lakh, in view of recent CBDT circular no. 21/2015 dated 10th December 2015.
♠ Input Tax Credit means credit of input tax. ♠ Every taxable person is entitled to take credit of input tax. ♠ Input tax means the IGST, CGST or SGST/ IGST and CGST/ IGST and SGST charged on any supply of goods/ services which are used, or are to be used, in the course or furtherance of business.
ITAT Bangalore held In the case of M/s Food world Supermarkets Ltd. vs. DDIT that there is no separate contract of employment between the assessee and the secondees. The secondees are under the legal obligation as well as employment of DFCL
ITAT Mumbai held In the case of ACIT vs. People Interactive India Private Ltd. that the issue in hand is squarely covered by the decision of Hon’ble Special Bench-Bangalore Tribunal in (2013) 35 taxmann.com 335(SB) Biocon Limited v. DCIT (LTU) in favour of the assessee company whereby the Hon’ble Special Bench has held that the discount under ESOP is in the nature of employees cost
ITAT Kolkata held In the case of Oberoi Hotels Pvt. Ltd. vs. DCIT that the AO while applying clause (a) of Section 1 to Section 23, failed to appreciate that in the present case actually let out the property being a farm house is on rent to EIH Limited and if a property is actually let out
ITAT Delhi held In the case of M/s. Continental Device India Ltd. vs. ACIT that Explanation 3 to section 43(1) is not an absolute rule. The Assessing Officer is empowered to substitute the value. However, such a valuation cannot be substituted where there is no intent to reduce the tax liability.
