"20 December 2015" Archive

EPFO introduces Online PF nomination form and to levy penal damages for delayed compliance

While reviewing the progress of EPFO on all fronts for the month of November, 2015, Shri K.K. Jalan, CPFC noted that by November end, the organization has settled more than 76 lakh claims in the current fiscal out of which more than 40% were settled within 3 days. ...

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Posted Under: Corporate Law |

Consultation paper for guidelines for public issue of units of Infrastructure Investment Trusts

SEBI InvIT Regulations were notified on 26th September, 2014, thereby providing a regulatory framework for registration and regulation of InvITs in India. The Regulations, inter alia, provide that ‘The Board may specify by issue of guidelines or circulars any other requirements, as it deems fit, pertaining to issue and allotment of unit...

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Posted Under: Corporate Law |

AO must give reason for rejecting books & estimating income by applying higher GP Ratio

Shri Hem Raj Vs The A.C.I.T (ITAT Chandigarh)

Shri Hem Raj, Vs. The A.C.I.T (ITAT Chandigarh) The appellant was running liquor, wine and beer shop and was authorized to operate the liquor shop for the period of one year from April, 2007 to March 2008....

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Stamp duty value shall be deemed as full value of consideration if consideration for transfer lesser than stamp duty value

B.M.J.Real Estate (P) Limited Vs CIT (Punjab & Haryana High Court)

Punjab & Haryana High Court in case of B.M.J Real Estate P. Limited held that where the consideration received or accrued as a result of transfer of capital asset being the land or building is less than the value adopted or assessed by the stamp valuation authorities...

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Appeal can be filed against Levy of Interest u/s 234A,234B and 234C

Principal Commissioner of Income Tax, Faridabad Vs Shri Krishan Gopal (HUF) (Punjab & Haryana High Court)

The Hon'ble Punjab & Haryan High Court in the case of Shri Krishan Gopal HUF held that the levy of interest u/s 234A , B & C is part and parcel of the of assessment process and it is open to an assessee to dispute the levy in appeal provided he challenge the very levy rather than claiming any waiver...

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TPO not authorized to use information being not in public domain

M/s. Meritor LVS India (P) Ltd. Vs ACIT (ITAT Bangalore)

ITAT Bangalore held In the case of M/s. Meritor LVS India (P) Ltd. vs. ACIT that the transfer pricing officer (TPO) has drawn conclusions on the basis of information obtained by issue of notice u/s.133(6) .This information which was not available in public domain could not have been used by the TPO, ...

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Substantial expansion possible only on existing units-Assessee eligible for 25% Deduction U/s. 80IC not 100%

M/s Shree Dhanwantri Herbals Vs The ITO (ITAT Chandigarh)

ITAT Chandigarh held In the case of M/s Shree Dhanwantri Herbals vs. The ITO that the careful reading of the form 10CCB, in a serial order would clearly show that the assessee is required to inform the location of the Industry and column (c) specifically ask the assessee to state whether business is a new business ...

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Addition for alleged suppression of production not sustainable on mere order of excise duty evasion for earlier years

M/s. Meta Rolls & Commodities Pvt. Ltd. Vs ACIT (ITAT Pune)

ITAT Pune held In the case of M/s. Meta Rolls & Commodities Pvt. Ltd. vs. ACIT that in the instant assessment year i.e. 2010-11, there is no order of Commissioner of Central Excise and Customs and there is no evidence of any clandestine removal of goods without payment of Excise duty...

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AO cannot disallow expenses on estimation basis without verification of genuineness

Balbir Singh Vs ACIT (ITAT Jaipur)

ITAT Jaipur held In the case of Balbir Singh vs, ACIT that it is not open for the AO to make addition on estimation basis without verifying that said expenses are genuine or not. Mere fact that payments were made in cash on self made vouchers...

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Proceedings u/s 153C void ab initio, where AO of searched person failed to rebut presumption that seized document belongs to other person

ACIT Vs M/s Amrapali Grand (ITAT Delhi)

ITAT Delhi held In the case of ACIT vs, M/s Amrapali Grand that before a notice under Section 153C can be issued two steps have to be taken. The first step is that the Assessing Officer of the person who is searched must arrive at a clear satisfaction that a document seized from him does not belong to him but to some other person. ...

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No TDS U/s. 194C on finished goods supplied as per specification of Assessee

Pfizer Ltd Vs ACIT (ITAT Mumbai)

Pfizer Ltd Vs ACIT (ITAT Mumbai) The CBDT had issued Circular No.681 dated 8th March 1984 providing that a contract undertaken to supply any article or goods according to the specifications given by any person...

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TDS U/s. 194J not applicable on roaming charges

M/s. Vodafone East Ltd. Vs Addl. CIT (ITAT Kolkata)

In the case of Vofafone East Ltd. Vs. Addl. CIT Kolkata Bench of ITAT observed the applicability of various provision of TDS where tax was not deducted on the roaming charges paid by the Appellant to its telecom operators....

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Penalties applicable to Pvt Companies and its directors under Companies Act, 2013

Companies Act 2013 has brought out vigorous punishments not only to public companies but also to private companies and to its directors to our surprise.Table given below contains all the applicable penalties or punishments applicable to private companies and to its directors, if any of the provisions of the Act are contravened....

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Posted Under: Corporate Law |

GST Concerns of Opposition – How Fair?

The Constitutional (122nd Amendment) Bill, 2014 which is now pending in Rajya Sabha for passage faces challenge from main opposition party, Indian National Congress. It mainly wants the GST rate capped at 18 percent in the Amendment itself, removal of additional one percent tax for the manufacturing states (Gujarat, Maharashtra etc) and a...

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Service Tax on GTA services can be paid out of CENVAT

Service Tax Payable under Transport of Goods on Road or goods Transport Agency service[GTA] can be paid out of CENVAT. Above service is covered under reverse charge mechanism and provided in Notification No. 30/2012 Service Tax dated 20.06.2012 in exercise of the powers conferred by sub-section (2) of section 68 of the Finance Act, 1994 (...

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Meaning of word forensic/Forensic science & origin

In my Last Article titled ‘Statutory Audit may be replaced by Forensic Audit’ I have discussed about how companies are finding Forensic Audit more useful than statutory audit and need to adapt to the new tools and techniques. In this article I am discussing the meaning of Term Forensic / Forensic Science and its Origin....

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Posted Under: Corporate Law |

Form 16B- How to Request for correction and Download?

1. How to Download Form 16B and 2. what if there is a mistake in form 16B how Buyer of immovable property can make corrections to the details to be printed on Form 16B once and download the corrected Form 16B?...

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An overview of Goods and Service Tax (GST)

The GST is a taxation system where there is a single tax in the economy for goods and services. This Taxation System is meant to create a single taxation system in the entire country for all goods and services. GST is destination based tax. The GST is called Single biggest tax reforms after independence. ...

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Posted Under: Corporate Law |

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