"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 |