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Archive: 18 December 2015

Posts in 18 December 2015

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 5058 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4380 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Notification No. 992(E)/2015 – Income Tax Dated 18/12/2015

December 18, 2015 874 Views 0 comment Print

Notification No. 992(E)/2015 – Income Tax G.S.R. 992(E).— In exercise of the powers conferred by the proviso to article 309 of the Constitution and in supersession of the Ministry of Finance, Department of Revenue, Income Tax Department (Group C Posts), Recruitment Rules, 2003 relating to Staff Car Driver (Ordinary Grade) except as respects things done or omitted to be done before such supersession, the President hereby makes

Tangible material required to reopen assessment u/s 148 of Income Tax Act,1961

December 18, 2015 2273 Views 0 comment Print

M/s.Peacock Apparels (P) Ltd vs. ITO (Madras High Court), Except to state that the EOU has not been approved by the Specific Authority, the first respondent has not assigned any other reason to reopen the assessment order.

Notification No. 990(E)- Income Tax, Dated: 18.12.2015

December 18, 2015 2836 Views 0 comment Print

Tax Assistant except as respects things done or omitted is be done before such supersession, the President hereby makes the following rules regulating the method oC recruitment to the posts of Tax Assistant in the Central Berard of Direct Taxes (CBDT), Derartrrient of Revenue, Ministry of Finance.

Mere transfer of unexpired contracts cannot be treated as Capital Expenditure

December 18, 2015 655 Views 0 comment Print

Tata Consultancy Services Ltd. vs. ACIT (ITAT Mumbai) ITAT observed that the assessee has acquired the service agreement whereby all the liabilities, rights and obligation and interest in the afore-stated agreement are acquired by the assessee.

Compulsory pre-emptive purchase not necessary in collaboration agreement between owner & developer

December 18, 2015 1625 Views 0 comment Print

In case of Unitech Ltd. Vs. UOI Hon’ble SC has set aside the order passed by Bombay HC in a writ petition filed by asseessee against the order under section 269UD. Hon’ble SC have held compulsory pre-emptive purchase illegal.

In Reopening AO cannot pass Composite Order for Assessment and for rejection of objection

December 18, 2015 1480 Views 0 comment Print

JVS Export vs. DCIT (Madras High Court) As per dictum laid by Hon’ble Supreme Court in GKN Driveshafts (India) Ltd. Vs. Income Tax Officer and Others, (2003) 259 ITR 19 that pursuant to the notice issued by the assessing officer, he is bound to consider the objections of the parties

New Law On Preservation Of Documents

December 18, 2015 42657 Views 2 comments Print

In any company documents management, more particularly, preservation of documents is of critical importance. However it appears that generally in the corporate world in respect such preservation there is neither any laid down policy nor is preservation is done in any systematic manner. Hence Securities and Exchange Board of India has thought it fit to lay down, for the first time, provisions in this regard for companies whose securities are / shall be listed on the stock exchanges.

Extension of date for Exicse Return/ Service Tax & Excise Payment in UT of Puducherry

December 18, 2015 758 Views 0 comment Print

Date for payment of Central Excise duty and Service Tax for November 2015 in the Union Territory of Puducherry (except Mahe & Yanam) extended to 20th December 2015 while the date of filing of the Central Excise return for November 2015 extended to 31st December 2015. For all Central Excise and Service Tax assessees in […]

Notification No. 991/2015 – Income Tax Dated 18.12.2015

December 18, 2015 2867 Views 0 comment Print

Notification No. 991/2015 – Income Tax G.S. R. 991(E).—In exercise of the powers conferred by the proviso to article 309 of the Constitution and in Supersession of the Ministry of Finance, Department of Revenue, Income Tax Department (Group C Post), Recruitment Rules, 2003 relating to Notice Server except as respects things done or omitted to be done before such supersession, the President herby makes the following rules

Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Proposed amendments to IFRS 4)

December 18, 2015 834 Views 0 comment Print

Exposure Draft issued by IASB on Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Proposed amendments to IFRS 4) is for comment only. Comments on the Exposure Draft need to be received by January 8, 2016. The International Accounting Standards Board (the Board) published for public comment proposals to amend the existing insurance […]

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