"18 December 2015" Archive

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

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

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 res...

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

M/s. Peacock Apparels (P) Ltd Vs The Income-Tax Officer (Madras High Court)

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....

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

Notification No. 990(E) (18/12/2015)

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....

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Mere transfer of unexpired contracts cannot be treated as Capital Expenditure

Tata Consultancy Services Ltd. (Upon merger of TCS e-serve Limited with Tata Consultancy services Ltd.) Vs ACIT (ITAT Mumbai)

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. ...

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

Unitech Ltd. Vs UOI (Supreme Court of India)

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....

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Interest paid on money advanced by PSU from funds sanctioned by govt. not exempt from TDS u/s 196(i)

M/s Council for Citrus and Agri Juicing in Punjab Vs CIT(TDS) (Punjab & Haryana High court)

The Hon'ble Punjab & Haryana High Court in the case of M/s Council for Citrus and Agri Juicing in Punjab Vs. CIT(TDS) held that the money lent by the public sector undertaking from the corpus fund created out of govt. sanctioned funds could not be deemed as loans advanced by the govt....

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Photocopy of a document is acceptable evidence in income tax assessment proceedings

Vikrant Dutt Chaudhary Vs Commissioner of Income Tax (Punjab & Haryana High Court)

Punjab & Haryana High Court in the case of Vikrant Dutt Chaudhary Vs. CIT held that photocopy of a document will always constitute relevant “material” for the purpose of assessment because the very use of word material in sec 143(3) clearly shows that the AO is not bound by the technical rules of evidence...

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

JVS Export Vs DCIT (Madras High Court)

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...

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New Law On Preservation Of Documents

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 thou...

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Posted Under: Income Tax |

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

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 […]...

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Posted Under: Income Tax |

Notification No. 991/2015 – Income Tax Dated 18.12.2015

Notification No. 991/2015 - Income Tax (18/12/2015)

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 omi...

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

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 exis...

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Posted Under: Income Tax |

Uploading of Interim Orders on website of Company Law Board from 01.01.2016

Circular 1/2015-CLB (18/12/2015)

The Company Law Board is already uploading the final orders passed by the Hon’ble Benches and daily/monthly cause list of all the Benches on its website namely www.clb.gov.in . In this process, to make the Company Law Board further paper Less, to bring transparency in the working of CLB and to facilitate the stakeholders, it has been ...

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Delhi Value Added Tax (Amendment) Rules, 2015

No. F.3(25)/Fin(Rev-I)/2015-2016/dsvi/954 (18/12/2015)

No. F.3(25)/Fin(Rev-I)/2015-2016/dsvi/954 Provided that in case of following goods, the tax credit shall be reduced by 100 percents: (i) Un-manufactured tobacco, tobacco and tobacco products in all forms such as cigarettes (irrespective of form and length), chewing tobacco, gutkha, cigars, hooka tobacco, khaini, zarda, surti, bidis etc.;...

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Withdraw cases before HC/CESTAT covered by SC decision: CBEC

F. No. 390/Misc./67/2014-JC (18/12/2015)

F. No. 390/Misc./67/2014-JC The matter relating to the large number of appeals pending/ filed in the CESTAT/ High Court has been a matter of concern in this regard it has been decided to withdraw cases pending in High Court/ CESTAT, where Supreme Court has decided on an identical matter and the decision has been accepted by the Department...

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Central Excise payment Date Extended in UT of Puducherry

Notification No. 26/2015-Central Excise (N.T.) (18/12/2015)

Date for payment of Central Excise duty for November 2015 in the Union Territory of Puducherry (except Mahe & Yanam) extended to 20th December 2015 vide Notification No. 26/2015-Central Excise (N.T.) dated the 18th December, 2015. ...

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Central Excise Return Filing Due Date Extended in UT of Puducherry

Order No. 02/2015-Central Excise (18/12/2015)

Order No. 02/2015-Central Excise - CBEC extends the date of submission of, Form ER-1, ER-2, ER-6 for the clearances in the month of November, 2015 from 10th of December, 2015 to 31st of December, 2015 and Form ER-4(Annual Financial Information Statement) from 30th of November, 2015 to 31st of December, 2015, for the assessees in the Union...

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Service Tax Payment date finally extended for UT of Puducherry

Notification No. 27/2015-Service Tax (18/12/2015)

Date for payment of Service Tax for November 2015 in the Union Territory of Puducherry (except Mahe & Yanam) extended to 20th December 2015 vide Notification No. Notification No. 27/2015-Service Tax, dated-18.12.2015....

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List of all penalties under Companies Act, 2013

The law poses various obligations to be discharged by the Companies , Directors, Managers and other Officials. Non-compliance of such obligations attracts punishment which may be imprisonment and/ or fine/ penalty. The new Companies Act, 2013 has come up with more stringent punishment and penalties for the non- compliance of various provi...

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Posted Under: Income Tax |

Compliances to be done by Companies as per Secretarial Standard 1

SECRETARIAL STANDARD -1 [Meetings of Board of Directors]:- This Secretarial Standard is applicable on all the Companies except One Person Company. Besides, meeting of the Board of Directors, the standard is also applicable on meeting of the Committee(s) of the Board unless otherwise stated by any other applicable guidelines, rules and reg...

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Posted Under: Income Tax |

CBEC direct Custom officers to follow instructions scrupulously given in Audit Manual 2015

F.No.307/32/2015-SO(PAC-Cus.) (18/12/2015)

F.No.307/32/2015-SO(PAC-Cus.) The assesing officers involved in the assessmsnt of B/E and Shipping Bills should follow the instructions issued by the Ministry and DG(System) from time to time. The jurisctional Commissioner should examine the audit objection at the time of submitting the comments/Action Taken Note to the Ministry carefully...

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Measure taken by govt to enhance revenue collection and Ease Tax Compliance

A number of legislative measures were introduced through the Finance (No.2) Act, 2014 and similarly, Finance Act, 2015 to promote growth, investment, manufacturing and job creation. These are expected to improve ease of doing business, bring about clarity in tax laws, and resolve disputes....

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Posted Under: Income Tax |

5 initiative of CBEC to Facilitate Trade and to Resolve Disputes

(1) The threshold limit before which appeals are not to be filed by the department in CESTAT (Tribunal) and High Courts has been raised to Rs 10 lakhs and Rs 15 lakhs respectively. (2) Withdrawal of all cases in High Court and CESTAT where there is precedent Supreme Court decision, against which no review contemplated. ...

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Posted Under: Income Tax |

Notification No. 145/2015-Customs (N.T.) Dated-18th December, 2015

Notification No. 145/2015-Customs (N.T.) (18/12/2015)

Notification No. 145/2015-Customs (N.T.) In exercise of the powers conferred by clause (aa) of sub- section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes following further amendments in the notification of the Government of India in the Ministry of Finance (Department of R...

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