"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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PF / EPF, CPF, GPF etc. paid after due date but before ROI, cannot be disallowed u/s 43B or 36(1)(va)

ACIT Vs M/s Supersonic Turner Pvt. Ltd. (ITAT Jaipur)

In the case of ACIT Vs. M/s Supersonic Turner Pvt. Ltd., Jaipur Bench of ITAT have held that where ESI/PF received from the employees was deposited late but before the due date of filing return of income u/s 139 (1) the amount cannot be disallowed u/s 43B or 36 (1) (va)....

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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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Posted Under: Income Tax |

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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Section 263- Revision Order- AO cannot examine the aspect which CIT has not asked him to examine

Shri Abani Kumar Dutta Vs Assistant Commissioner of Income-tax (ITAT Kolkata)

Abani Kumar Dutta Vs. ACIT (ITAT Kolkata) Argument of Ld. Counsel for the assessee that the CIT in his revision order u/s 263 of the Act only directed the AO to examine the applicability of sec. 194G read with section 40(a)(ia) of the Act and not genuineness of the expenditure....

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Assessment U/s. 147 not valid when time for scrutiny assessment U/s. 143(3) not lapsed

Krypton Industries Ltd. Vs DCIT (ITAT Kolkata)

Krypton Industries Ltd. V/s. DCIT (ITAT Kolkata)- Whether the action of AO for framing the assessment under section 147 is within his jurisdiction though the time for scrutiny assessment under section 143(3) has not lapsed. ...

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GST – Negligible Exemptions Are On Card

Goods & Service Tax in India will result eradication of various exemptions .This is also clear from the statement of Shri Najib Shah, chairman, Central Board of Excise and Customs (CBEC), who aired that Tax exemptions until now extended to industry for their expansion and diversification will have to go with GST legislation becoming a re...

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Posted Under: Income Tax |

CBDT modifies rules related to payments to Non-resident (Form 15CA & 15CB)

Recently the CBDT has modified the rules related to filing of Form 15CA & 15CB through Notification No: 93/2015 Dated: 16/12/2015 . These rules has provided clarification regarding the filing of detail where payment is made in respect of any sum which is not chargeable under the provision of Income Tax Act, 1961 (Act). Further, it has als...

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Posted Under: Income Tax |

Pre-Meditated/ Self Inflicted Loss by giving loan to related concern at concessional Rate not allowable

Deepak Nagji Vira Vs ITO (ITAT Mumbai)

Deepak Nagji Vira Vs. ITO (ITAT Mumbai) The monies are borrowed, incurring brokerage charges for the purpose, only for lending the same to a company at a predefined, agreed rate of interest, i.e., 12% p.a. That is, the assessee...

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Commission to overseas Agents for Marketing of Products is not a fee for technical service

M/s Srivathsa Industries, Vs The Assistant Commissioner of Income Tax (ITAT Chennai)

M/s Srivathsa Industries, Vs ACIT (ITAT Chennai) Admittedly, the assessee is engaged in manufacturing leather and leather garments. In order to market its product in foreign countries, the assessee engaged agents and paid commission to them....

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Reopening by simply treating loan entry as income which has escaped from assessment is not appropriate

Mangi Lal Sethia Vs Income Tax Officer (ITAT Kolkata)

Mangi Lal Sethia Vs ITO (ITAT Kolkata) In this present case, we find no live link between the reason to believe and reopening of case u/s 147 of the Act. It was a loan entry in the books of the assessee and the same was also settled within the same year....

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India enters DTAA with Macedonia

Notification No. 94/2015 - Income Tax (21/12/2015)

Notification No. 94/2015 - Income Tax Whereas, an Agreement was entered into between the Government of the Republic of India and the Government of the Republic of Macedonia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income that was signed at Delhi on the 17th December, 2013 as set o...

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13 Reasons why Service Tax Returns Get Rejected after filing

Some Service Tax returns gets rejected after uploading of the XML file for the ST3 return, mainly due to the following reasons:- 1.  Incorrect selection of return type – whether it is ?Original? or ?Revised? return. 2.  When the Financial Year and the Period of Return are different in the XML file and in the […]...

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Posted Under: Income Tax | ,

Total Recall Vs Partial Recall of ITAT ORDER

Shri Rohit Tandon Vs ITO (ITAT Amritsar)

Recently, ITAT Amritsar in a decisions in case of Rohit Tandon ITA 345/2009 pronounced on 05-03-2015 had an occasion to deal with the issue of powers vested with ITAT regarding recall of its order, when it recalled its earlier order rendered against the assessee. ...

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What is forensic audit?

Forensic Audit can be termed as an examination and evaluation of a firm’s or individual’s financial information for use as evidence in court. A forensic audit can be conducted in order to prosecute a party for fraud, embezzlement or other financial claims. The objective of forensic audit is to relate the findings of audit by...

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Posted Under: Income Tax |

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