"22 December 2015" Archive

How to Open NPS Account Online and Tax Benefits

Guidelines for Online Registration NPS Trust welcomes you to ‘eNPS’ ,which will facilitate:- ➤  Opening of Individual Pension Account under NPS (only Tier I / Tier I & Tier II) ➤  Making initial and subsequent contribution to your Tier I as well as Tier II account To open an Individual Pension account online. ✔  ...

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Posted Under: Income Tax | ,

21 Critical Things To Write an Effective Email

An effective email can open a new world of opportunities to you. Imagine, you want to pitch an investor over an Email. There are a lot of us who don’t know much about composing an email that will actually be read and acted upon. I have seen people using emails like a Chat Messenger. Emails are always for communicating more effectively ...

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Posted Under: Income Tax | ,

Analysis of Companies (Meetings of Board and its Powers) Second Amendment Rules, 2015

In the Companies (Meeting of Board and its Powers) Rules, 2014, After Rule 6 of Companies (Meeting of Board and its Powers) Rules, 2014 the Rule 6A inserted: Before Amendments: Rule 6 of Companies (Meeting of Board and its Powers) Rules, 2014 talk about Committee of the Board: The Board of Directors of every listed […]...

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Posted Under: Income Tax |

Analysis of Companies (Audit and Auditors) Amendment Rules 2015

In Companies (Audit and Auditors) Amendment Rules 2014 Section 143(12) of Companies Act, 2013 states If an Auditor of the Company, in the course of the performance of his duties as auditor, has reason to believe that an offence involving fraud is being or has been committed against the company by officers or employees of […]...

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Posted Under: Income Tax |

How to become more Efficient in Life

With the increase in work load and performance pressure, multi tasking is the only way left to complete the work in limited time frame. Though it has helped us a lot but possibility of making errors has also increased many folds. We work in a field were making error is easy but getting it rectified from government authorities is very diff...

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Posted Under: Income Tax |

Has FATCA really given a ‘fatca’ to Indian Diaspora in USA?

USA, a nation with a population of close to 319 million with one of the highest GDP in the world, approximately 10 times of India's yearly Gross Products is now going around the world to find and catch her own citizens and green cardholders who earn income and accumulate wealth outside the States. ...

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Posted Under: Income Tax |

Revised ECB framework widens the reach of NBFCs

The revised ECB framework which the RBI issued on the 30th of November, 2015 comprise of favorable amendments with regard to categories of eligible borrowers. One of the components of the financial sector of the economy, the NBFCs, will be benefitted by the framework. The earlier framework was not as liberal and considerate as the revised...

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Posted Under: Income Tax |

ICAI Limit on Engagement of Articled Assistants by Members

43. Engagement of Articled Assistants- Subject to the provisions of these Regulations and subject to such terms and conditions, as the Council may deem fit to impose in this behalf, the members designated as an associate or a fellow, who has been in practice continuously, whether in India or elsewhere or an associate or a fellow, who is ...

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Posted Under: Income Tax |

CAG Report on Working of Automation of Central Excise and Service Tax

We conducted the Performance Audit to seek an assurance whether the objectives of Automation of Central Excise and Service Tax (ACES) framed by the department have been achieved. We also examined the extent of utilisation of ACES in the field formations of the Board. The Performance Audit was conducted in 40 selected Commissionerates apar...

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Posted Under: Income Tax |

Supply without consideration whether taxable under GST

The taxable event in any tax law is of utmost significance as the levy of tax is based on occurrence of that event. For instance, taxable event for excise is ‘manufacture’, for VAT/CST is ‘sale’, for service tax is ‘Provision of service’, etc. Under GST all the taxable events will be replaced with only one event which is “Su...

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Posted Under: Income Tax |

Summary on IND AS-2 Inventories

This Ind AS applies to all inventories except financial Instruments, Biological Instruments and Work in Progress arising under construction. It does not apply to the inventories held by Producers of Agriculture, forest products and minerals products and Commodity broker. Commodity Broker shall measure the inventories at Fair value less ...

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Posted Under: Income Tax |

Payment of broken period interest will be allowed as a business expense

Asst. DIT Vs M/s Hongkong and Shanghani Banking Corporation Ltd (ITAT Mumbai)

1.ITAT Mumbai held in the case of Asst. DIT Vs M/s Hongkong and Shanghani Banking Corporation Ltd that the broken period interest paid would be allowed to the assessee after relying the case of the assessee itself in The Hongkong and Shanghai Banking Corporation Ltd V/s DCIT...

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Transfer Pricing: Only functionally comparable companies can be compared for calculating ALP

Acclaris Business Solutions Pvt. Ltd. Vs I.T.O. (ITAT Kolkata)

ITAT held in Acclaris Business Solutions Lvt Ltd. Vs I.T.O that only those companies could be compared for calculating ALP which were functionally similar. Those companies which were not performing similar functions could not be compared for calculating ALP....

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Agricultural land purchased without an adventure in the nature of trade is not a capital asset

The ACIT Vs M/s Mansi Finance Chennai Ltd (ITAT Chennai)

ITAT Chennai held in The ACIT Vs M/s Mansi Finance Chennai Ltd that if the agricultural land purchased by the assessee was not with an adventure in the nature of trade then that agricultural land could not be treated as a capital asset and liable for capital gain....

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For ALP of AMP, Comparable company performing similar function and cost plus method should be adopted

Haier Appliances India Ltd Vs DCIT (ITAT Delhi)

ITAT held in Haier Appliances India Ltd Vs DCIT and Haier Appliances India Ltd Vs ACIT after relying on the case of Sony Ericsson Mobile Communications India Pvt Ltd reported in (2015) 374 ITR 118 (Delhi) that the above transaction of AMP...

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No disallowance u/s 43B for unpaid sales tax liability shown as contingent liability

DCIT Vs M/s. Escorts Construction Equipment Ltd. (ITAT Delhi)

ITAT Delhi held In the case of DCIT vs. M/s. Escorts Construction Equipment Ltd. that we find that this amount represents unpaid sales tax liability and the same was disclosed itself by the assessee as a contingent liability....

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Addition based on negative stock, calculated by AO by preparing monthly trading account not sustainable

DCIT Vs M/s Smart Value Product & Services Ltd. (ITAT Chandigarh)

ITAT Chandigarh held In the case of DCIT vs. M/s Smart Value Product & Services Ltd. that no defects in the purchases and sales have been pointed out by the AO. The assessee produced complete books of account, sales and purchase vouchers....

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Transfer Pricing adjustment has to be confined to transactions with Associated Enterprises only

CIT Vs. V/s. 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) In terms of Chapter X of the Act, redetermination of the consideration is to be done only with regard to income arising from International Transactions on determination of ALP....

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Mere making an incorrect claim does not tantamount to furnishing inaccurate particulars

ITO Vs M/s Citizen Scales (I) P. Ltd. (ITAT Mumbai)

ITO Vs M/s Citizen Scales (I) P. Ltd. (ITAT MUMBAI)-The Assessing Officer imposed penalty u/s 271(1)(c) of the Act. We note that in para 4 of the assessment order it has been categorically recorded that there was a mistake in computation of book profit and the same was pointed out by the Assessing Officer...

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6% Discount on sale to independent customers resulting in increase in sales cannot be said to be excessive or unreasonable

Syndicate Jewellers Pvt. Limited Vs Income Tax Officer (ITAT Kolkata)

The assessee in the present case is a Company, which is engaged in the business of trading in jewellery. The return of income for the year under consideration was filed by it on 01.11.2004 declaring a loss of 1,81,69,142/-....

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Transaction cannot be doubted for mere non-prosecution of original document

Assistant Commissioner of Income Tax Vs M/s. Tirupati Enterprises (ITAT Kolkata)

ACIT Vs M/s. Tirupati Enterprises (ITAT KOLKATA) We hold that merely for non-prosecution of original document before the Assessing Officer during the remand proceedings, the transaction per se cannot be doubted with when the Xerox copies with supporting documents were duly furnished before the Assessing Officer. ...

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Addition cannot be made for mere failure of Assessee to furnish current address of depositors

Cama Hotels Ltd Vs Dy. Commissioner of Income Tax (ITAT Ahmedabad)

Cama Hotels Ltd, Vs DCIT (ITAT AHEMDABAD) When the assessee had furnished the PAN of the concerned depositors, the Assessing Officer ought to have made inquiry from the jurisdictional Assessing Officers to find out the current address of the depositors....

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Addition cannot be made for mere non-submission of Purchase Bill

M/s. Palco Distributors Vs Joint Commissioner of Income-tax (ITAT Kolkata)

M/s. Palco Distributors Vs. JCIT (ITAT Kolkata) Only premise of the AO for making addition is that assessee could not produce purchase bills for a sum of Rs.21,72,083/- having 526 items. We find that the items are properly recorded means the assessee has explained the source of acquisition...

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Deduction u/s 54F may be claimed for deposits in capital gain scheme made up to date of return u/s 139(4)

ACIT Vs Ms. Harjinder Dhiman (ITAT Chandigarh)

ITAT Chandigarh held In the case of ACIT vs. Ms. Harjinder Dhiman that time limit for deposit in capital gains scheme is to be taken as due date of filing of return of income u/s 139(4). In the instant case, the sale proceeds were deposited in the capital gains scheme on 05.02.2009...

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S. 11 Running Allopathic hospital is conducive to the object of Trust to provide treatment under Ayurvedic system

JDIT Vs Mool Chand Kharaiti Ram Trust (ITAT Delhi)

ITAT Delhi held In the case of JDIT vs. Mool Chand Kharaiti Ram Trust that Merely because, running of an Allopathic hospital is not specifically mentioned, it does not necessarily mean that the same would be ultra vires the objects...

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Tolerance margin (+/-) 5% u/s 92C (2) available only where variation between ALP and Actual price limited to this range

Lubrizol Advanced Materials India Pvt. Ltd. Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held In the case of Lubrizol Advanced Materials India Pvt. Ltd. vs. DCIT that after the retrospective amendment to the second proviso to section 92C (2) by the Finance Act, 2012, there remains no ambiguity that the benefit of tolerance margin is available only when the variation...

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SEBI Listing obligations & Disclosure Requirements Regulations, 2015

Notification No. SEBI/LAD-NRO/GN/2015-16/27 (22/12/2015)

No. SEBI/LAD-NRO/GN/2015-16/27.─ In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, namely:...

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Regarding imposition of cost by CESTAT on grounds of quality of adjudication order

F. No. 390/CESTAT/69/2014-JC (22/12/2015)

F. No. 390/CESTAT/69/2014-JC During the recent past there have been certain decisions of the CESTAT wherein cost was imposed either on department or on the adjudicating officer / appellate officers. The cost so imposed was ordered to be paid to the assesse or to the Registry of the Tribunal....

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SEBI (Substantial Acquisition of Shares and Takeovers) (Fourth Amendment) Regulations, 2015

Notification No. SEBI/LAD-NRO/GN/2015-16/026 (22/12/2015)

No. SEBI/LAD-NRO/GN/2015-16/026.—In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, name...

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RBI creates Helpline for guiding Start-ups in India on Forex Matters

The Reserve Bank of India has created a dedicated helpline Email ( helpstartup@rbi.org.in ) for start-ups in India in order to offer guidance/assistance to them for undertaking cross-border transactions within the ambit of the regulatory framework....

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Posted Under: Income Tax |

Reopening u/s 147 based on mere office note of predecessor AO not permissible

Kulbhushan Khosla Vs CIT (Delhi High Court)

This was a case where the original assessment was completed under Section 143 (3). In other words there was a complete scrutiny of the accounts and all the affidavits of the donors furnished by the Assessee pursuant to the questionnaires issued to him by the AO. In the absence of any adverse...

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‘Month’- Whether Calendar Month or Lunar Month

The word month has been mentioned in the Income tax law in number of provisions. However the term has not been defined in the Income tax law. Interpretation of the term poses number of issues especially in the interest calculation. However to understand the controversy around it, we shall have to start the journey from genesis as under:...

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Posted Under: Income Tax |

Interest under Income Tax- Calendar Month or 30 Day Month?

CIT Vs Arvind Mills Limited (Gujarat High Court)

CIT Vs. Arvind Mills Limited (Gujarat High Court)- Whether ITAT was right holding that the assessee was entitled to interest under Section 244A of the Act for both the months when the tax was paid and when the tax refundable was adjusted irrespective of the period between such events?...

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Interest on Delayed TDS to be charged by taking month as a period of 30 days

M/s. Navayuga Quazigund Expressway (P) Limited Vs Dy. Commissioner of Income-tax (ITAT Hyderabad)

Navayuga Quazigund Expressway (P)Limited V/s. DCIT (ITAT Hyderabad), It was contended on behalf of the assessee that interest under S.201(1A) was computed by the assessing officer by considering part of the calendar month as full month...

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How is Forensic Audit different from Statutory Audit?

Forensic audit is an examination and evaluation of a firm’s or individual’s financial information for use as evidence in court and also to determine whether fraud has actually occurred. Whereas statutory audit is an independent examination of financial statements of a firm, irrespective of its size and legal perspectives with ...

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Posted Under: Income Tax |

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