"19 December 2015" Archive

Consultation Paper- Additional disclosure norms for retail/public issuance of Additional Tier 1 (AT1) instruments issued by banks

SEBI (Issue and Listing of Non Convertible Redeemable Preference Shares) Regulations, 2013 (NCRPS Regulations), provided a framework for listing of Perpetual Non-Cumulative Preference Shares (PNCPS) and Perpetual Debt Instruments (PDIs) issued by banks....

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Posted Under: SEBI |

CESTAT order to deposit duty after considering prima facie case, undue hardship and interest of Revenue is valid

M/s Advance Netways Marketing Pvt. Ltd. Vs CCE (Bombay High Court)

In the case of Advance Netways Marketing Pvt. Ltd. Vs. CCE, Hon’ble Bombay High Court denied to interfere in the order of CESTAT who directed to deposit 50 % of total duty payable and 10 % out of penalty payable....

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Voluntary disclosure does not release assessee from mischief of penal proceedings

S.L. Shiva Raj Vs DCIT (ITAT Hyderabad)

In the case of S.L. Shiva Raj Vs. DCIT Hyderabad Bench of ITAT uphold the penalty order by holding that the penalty is levied with reference to original return of income and not with reference to the assessment made consequent to the disclosure by assessee....

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Defunct companies at the time of assessment have resurrected back to life after statutory compliances were fulfilled, addition u/s 68 sustained

ACIT Vs Prem Castings (P) Ltd. (ITAT Delhi)

In the case of ACIT Vs. Prem Castings Pvt. Ltd. ITAT, Delhi Bench reversed the order of CIT (A) who deleted addition of Rs. 3,46,00,000/- after relying upon the decision of Hon’ble SC in the case of Lovely Exports (216 CTR 195) in which it was held that once the assessee has produced documents regarding ...

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TDS U/s.194I not deductible on lease premium paid to acquire land on lease with substantial right

ITO (TDS) Vs Oriental Bank of Commerce (ITAT Mumbai)

In the case of ACIT vs. OBC, Mumbai Bench of ITAT observed that the amount paid by the assessee bank (the lessee) to City Industrial Development Corporation (MMRDA) (Lessor) was in the nature of rent as defined u/s 194 I of the Act or not, which held yes by CIT (A)....

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Transfer Pricing: Captive unit bearing limited risk cannot be compared with a giant company having full fledged risk

Xchanging Technology Services India Private Limited. Vs DCIT (ITAT Delhi)

ITAT Delhi held In the case of Xchanging Technology Services India Private Limited. vs, DCIT that the Hon’ble High Court affirmed the conclusion that a captive unit of a comparable company which assumed only a limited risk cannot be compared with a giant company in the area of development...

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Free samples of medicines to medical practitioners not covered under gift, no disallowance u/s 37

Eli Lilly & Co. (India) Pvt. Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held In the case of Eli Lilly & Co. (India) Pvt. Ltd. vs, ACIT that a clear distinction has been made between the free samples, gifts, travel facilities, hospitality and cash or monetary grants. It would accordingly be incorrect to put samples in the definition of gifts being separately categorized...

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Registration u/s 12AA not to be denied to a trust not having any formal deed of trust, even oral deed may suffice

Tsurphu Labrang Vs DIT (Exemptions) (ITAT Delhi)

ITAT Delhi held In the case of Tsurphu Labrang vs. DIT (Exemptions) that Rule 17A itself provides that it is not necessary that the Institution/Trust should be established under an instrument. The Rule 17A does not prescribe that in case the Institution/Trust...

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Time limit u/s 92CA (3A) being mandatory, no transfer pricing adjustment sustainable on time barred TPO order

Honda Trading Corporation. Vs DCIT (ITAT Delhi)

ITAT Delhi held In the case of Honda Trading Corporation. vs, DCIT that despite the use of the word `may’, the time limit for passing the order by the TPO is mandatory, as in the otherwise situation of the TPO having been allowed more time by implication...

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No estoppels in law for correctness, inadvertently included comparable may be argued in later proceedings

Alcatel-Lucent Technologies Vs DCIT (ITAT Delhi)

ITAT Delhi held In the case of Alcatel-Lucent Technologies. vs, DCIT that merely because the assessee in the TP study had included the comparable, which was accepted by TPO, it does not follow that the assessee cannot resile from its original claim at a later stage of proceeding...

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e-TDS/TCS RPU version 1.4 for Statement(s) from FY 2007-08 onwards released

Key Features – Return Preparation Utility (RPU) version 1.4 ♠ Remark ‘B’ is made applicable for Section code 194DA for Form 26Q, FY 2015-16, Q3 onwards. ♠  Addition of challan (i.e. C9 correction) in correction statements: As directed by Income Tax Department (ITD), addition of challan option (i.e. is C9 correction) has been ma...

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Posted Under: SEBI |

NSDL releases New e-TDS/TCS File validation utility wef 19.12.2015

e-TDS/TCS File validation utility (FVU) version 2.145 for FY 2007-08 to FY 2009-10 and 4.9 for FY 2010-11 onwards are released Key Features – File Validation Utility (FVU) version 2.145 ♠ Addition of challan (i.e. C9 correction) in correction statements: As directed by Income Tax Department (ITD), addition of challan option (i.e. is C...

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Posted Under: SEBI |

Statutory Audit may be replaced by Forensic Audit

Time is not far when Statutory Audits may be replaced by Forensic Audit and auditor will have to act as a bloodhound rather than a watchdog. Perhaps if the Auditors would have been given the rights and duties of a bloodhound as the CBI or such agencies have, no scams would have ever happened in the Financial World....

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Posted Under: SEBI |

Exemption from Service Tax on Services Provided by Goods Transport Agency

Serial No 21 of the Notification No 25/2012 dated 20.06.2012 provides for an exemption for services provided by Goods Transport Agency, by way of transport of goods carriage. The extract of clause, providing exemption as per Original Notification No 25/2012 dated 20.06.2012 (Applicable with effect from 01.07.2012) is narrated as under:-...

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Posted Under: SEBI |

TRACES: The Basis of Life

Life is not just copy and paste, As per touchstone-test, it’s TRACES & UPGRADES. Your destiny is ingrained in your hands dear, Tasks, which not as per Code of Ethics & Professional Conduct, do not bear....

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Posted Under: SEBI |

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