"24 December 2015" Archive

Transfer Pricing Applicability to Dairy Co-operative societies

Introduction As we know the Finance Act 2012 has extended the scope of Transfer Pricing provisions to ‘Specified Domestic Transactions’ (SDT) between related parties w.e.f. AY 2013-14 by inserting section 92BA. Since its introduction there was ambiguity on its applicability to cooperative societies. There was no doubt of its applicabi...

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Posted Under: Income Tax |

Section 54F do not stipulate purchase of new asset from sale proceeds of original capital asset only

CIT Vs Shri Kapil Kumar Agarwal (Punjab & Haryana High Court)

CIT Vs. Shri Kapil Kumar Agarwal (P&H High Court) -The issue that arises for consideration relates to whether the assessee in order to avail benefit of Section 54F of the Act is required to utilize the amount for the purchase of the new asset from the sale proceeds of the original capital asset only....

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Expense on feasibility study report for establishing BPO business for assessee’s own function is revenue in nature

M/s NYK Line (India) Ltd Vs Addl. CIT (ITAT Mumbai)

In the case of M/s NYK Line (India) Ltd Vs. Addl. CIT Mumbai Bench of ITAT have held that payment made to professional firm for conducting a Feasibility Study Report for establishing a BPO business for assessee’s own function...

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Wrong PAN in TDS Return- Assessee cannot be penalised if system do not allow PAN correction in TDS Return

Oil & Natural Gas Corporation Ltd. Vs DCIT CPC-TDS (ITAT Ahmedabad)

In the case of Oil & Natural Gas Corporation Ltd. Vs. DCIT CPC-TDS, assessee was required to deduct tax and has deducted TDS @ 2% of sum paid/credited to GETCO Ltd. but due to filing of wrong PAN of deductee it has been deemed as assessee in default and accordingly 18% of remaining ...

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Recording of satisfaction mandatory prior to issuing notice u/s 153C & it should not be vague

M/s. Parshwa Corporation Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad in the case of M/s. Parshwa Corporation Vs. DCIT observed the basic necessities & condition for issuing notice u/s 153 C and it was held that it is mandatory to follow the procedure prescribed under the section i.e. (1) Satisfaction is to be recorded by the Assessing Officer of the persons searched;...

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Under Mercantile method of accounting Loss in business can be booked in the year in which it is determined

Lakshmi Energy & Foods Products Ltd Vs The ACIT (ITAT Chandigarh)

ITAT Chandigarh held in Lakshmi Energy & Foods Products Ltd Vs The ACIT that if the assessee was following mercantile method of accounting and it had booked loss in the assessment year in which the same had been determined then the same should be allowed because the assessee...

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FAQs on Share Warrants

Share warrants are a common source of funding used by companies, both public and private. As is clear from the nomenclature, warrants are issued with an option to convert into shares of the company. Having said so, share warrants are not similar to CCDs or ESOPs as has been explained further in this write-up. In […]...

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Posted Under: Income Tax |

Board Committees as per Companies Act, 2013, Secretarial Standard- 1 and listing agreement

Committees have an important role to play in company governance. A Board can set up committees with particular terms of reference when it needs assistance or when any issue requires more attention. They can be set up for specific purpose or to deal with general issues. They can be established on a Short term or temporary basis or may be f...

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Posted Under: Income Tax |

Corporate Social Responsibility: A Myth

The necessity of Corporate social responsibility is undisputed, though the mandating of CSR under the Companies Act, 2013 is. The government has prescribed a set of CSR activities which aims at the establishment of an equitable society. That the disallowance of tax deductions under Section 37(1) and allowance of tax deductions under Secti...

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Posted Under: Income Tax |

Search at house of partner cannot be deemed as search on assessee firm

ACIT Vs S.P.Cold Storage (ITAT Raipur)

ACIT Vs. S.P.Cold Storage (ITAT Raipur)- Mere mentioning of name in Search Warrant & Panchanama not sufficient for contemplating search against the assessee firm, Search at the residential premises of the Partners could not be deemed to be a search on the assessee firm...

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Export Policy of Onions- Removal of Minimum Export Price on Onions

Notification No. 29/2015-20 (24/12/2015)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992), as amended, read with Para 1.02 of the Foreign Trade Policy, 2015-20, the Central Government hereby makes the following amendment, with immediate effect....

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