"21 December 2015" Archive

Trade Discount on sales after considering commercial expediency & accrual method of accounting is allowable claim

ACIT Vs Rukmani Iyer (ITAT Mumbai)

In the case of ACIT Vs. Rukamani Iyer Mumbai Bench of ITAT held that the claim has to be judged in the light of commercial expediency. Relying upon the judgment of CIT v Associated Electrical Agencies {2004} 266 ITR 63 (Mad.) ...

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Where assessee has dependent agent & fixed place of business in India he is deemed to be PE as per Article 5 (1) of Indo US tax treaty

Travelport L.P. USA Vs DDIT (ITAT Delhi)

In the case of Travelport LP USA Vs. DDIT Delhi Bench of ITAT observed that assessee has a dependent agent in form of distributor in India and held that assessee has a business connection in India u/s 9(1) (i) of the act and its income is deemed to accrue or arise in India....

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Companies Act, 2013: Related Party Transaction under Company Law

Some of the recent amendments have brought significant changes in law pertaining to the related party transaction. Section 188 of the Companies Act, 2013 deals with the related party transactions which inter alia incorporate various provisions and requirements including disclosure requirement for related party transaction. ...

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Posted Under: Income Tax | ,

ITAT explains when an individual or a HUF can be treated as ‘not ordinarily resident’ in India

DCIT Vs Binod Kumar Singh (ITAT Mumbai)

It is evident from the word 'or', occurring for the first time in sub-clause (a) or (b) of clause (6) of section 6, that the two conditions contemplated in those sub-clauses are alternate and these are not cumulative. The fulfillment of either of the conditions would be sufficient to treat an individual or a Hindu undivided family as 'not...

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ICSI help desk for members in Service employed as CS or KMP

It has come to the notice of the Institute that upon resignation of the members in employment either as Company Secretary or Key Managerial Personnel, the employer companies are not accepting resignation and not relieving such members from their duties....

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Posted Under: Income Tax |

All E-Forms and Other Specific Formats under Companies Act, 2013

At the commencement of Companies Act, 2013, Ministry of Corporate Affairs released many rules on the Act. Various new forms are prescribed for the purpose of the Act and Rules made thereunder. Some of them are e-forms to be filed by the Companies and/or other responsible person(s) with the Registrar of Companies and some are specific form...

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Posted Under: Income Tax |

Maharashtra VAT- Downloading of Digitally Signed Registration Certificate

Trade Circular No. 19 T of 2015 21/12/2015

Trade Circular No. 19T of 2015 A dealer seeking registration under the Maharashtra Value added Tax Act, 2002 submits an online application for registration along with the required documents. The Registration Officer to whom such application gets allocated generates the TIN if the application is found to be correct and is supported with th...

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Withdrawal of Circular cannot be retrospective: TDS not deductible on Commission paid to non-resident agent Outside India

Commissioner of Income Tax-10 Vs Gujarat Reclaim & Rubber Products (Bombay High Court)

CIT Vs. Gujarat Reclaim & Rubber Products (Bombay High Court) (a) Whether on the facts and in the circumstance of the case and in law, the Tribunal was justified in holding that commission payments made to non­resident sales agents on which no tax was deducted is not disallowable u/s. 40(a)(i)?...

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Transfer Pricing adjustment cannot be made in respect of transactions with unrelated third parties

CIT Vs M/s. Thyssen Krupp Industries India Pvt. Ltd. (Bombay High Court)

CIT Vs. V/s. M/s. Thyssen Krupp Industries India Pvt. Ltd. (Bombay High Court) Whether on the facts and the circumstance of the case and law, the Tribunal was justified in law in restricting the Transfer Pricing (TP) adjustment only to the transaction between the Associated Enterprises (AEs.)?...

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Invocation of Section 263 on mere DCIT Suggestion invalid

Span Overseas Ltd Vs CIT (ITAT Pune)

For invoking revisionary powers the Commissioner of Income Tax has to exercise his own discretion and judgment. Here the Commissioner of Income Tax has invoked the provisions of section 263 at the mere suggestion of the Dy. Commissioner of Income Tax...

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