"31 December 2015" Archive

Reimbursement of salary cost of high level managerial personal can be treated as FTS

M/s Food world Supermarkets Ltd. Vs Deputy Director of Income Tax (ITAT Bangalore)

Food world Supermarkets Ltd. vs.DCIT- ITAT Bangalore observed that the 5 seconded employees were not ordinary employees or workers but they were deputed at the high level managerial/executive positions which showed that they were deputed because of expertise and managerial skills in the field. ...

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Delegating of powers to RDs U/s. 208 of Companies Act, 2013

Notiofication No. S.O. (E) (31/12/2015)

n exercise of the powers conferred by section 458 of the Companies Act, 2013 (18 of 2013) the Central Government hereby delegates to the Regional Directors at Mumbai, Kolkata, Chennai, Delhi, Ahmedabad, Hyderabad and Shillong, the power vested in it under section 208 of the said Act for receiving the report from the Registrar (having juri...

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Delhi VAT- DP-1 to be submitted online by all dealers latest by 31/01/2016

No.F.3(352)Policy/VAT/2013/1210-21 (31/12/2015)

In partial modification of Notification No.F.3(352)Policy/VAT/2013/1062-73 dated 23/11/2015 regarding submission of information online in Form DP-1, I, Sanjeev Khirwar, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, in exercise of the powers conferred on me by sub-section(1) read with sub­section (2) an...

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Printing of Newspaper amounts to production & manufacture

M/s. Rajasthan Patrikia Pvt. Ltd. Vs ACIT (ITAT Jaipur)

Rajasthan Patrikia Pvt. Ltd. vs. ACIT- ITAT Jaipur held that newspapers and periodicals are distinct commodity than the paper, printing ink and other ingredients used therein. Since a new commercial product comes into existence...

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Notification No. 27/2015-Central Excise (N.T.) Dated- 31st December, 2015

Notification No. 27/2015-Central Excise (N.T.) [G.S.R. 1028(E)] (31/12/2015)

Notification No. 27/2015-Central Excise (N.T.) In the CENVAT Credit Rules, 2004, in rule 9, in sub-rule (1), in clause (d), after the words “ Foreign Post Office, the words or, as the case may be, an Authorized Courier, registered with the Principal Commissioner of Customs or the Commissioner of Customs in-charge of the customs airport, ...

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Surveillance on determination of Place of Effective Management

It is imperative to understand the sense behind introducing the concept of Place of Effective Management (hereinafter refereed as POEM first, before embarking determination aspect of Place of Effective Management. POEM is not a new concept at all; it is an internationally recognised test for determination of residence of a company incorpo...

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Posted Under: Income Tax |

CBDT December excellent moves shall have a morale boosting effect on Tax Practice

In the month of December, CBDT has shown some excellent moves towards a flow less tax assessment regime. The moves are encouraging and laudable. It clearly establishes that CBDT has finally decided to take on the obstacles in the field of assessment proceedings. This is also adorable at the part of the Finance Ministry to roll down the an...

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Posted Under: Income Tax |

Notification No. 150/2015-Customs (N.T.) Dated- 31st December, 2015

Notification No. 150/2015-Customs (N.T.) (31/12/2015)

Notification No. 150/2015-CUSTOMS (N. T.) Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed- 345 per 10 grams...

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SEBI issues list of 221 Companies issuing Shares/ Debentures in Violation of Law

PR No. 298/2015 (31/12/2015)

Some unlisted companies are luring retail investors by issuing securities including non-convertible and convertible debentures/ non-convertible and convertible preference shares/ equity shares in the garb of private placement, without complying with the provisions of Companies Act, 1956 read with the Companies Act, 2013, SEBI (Issu...

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Addition made on account of third party evidence without establishing identity of Assessee not valid

Prabhat Chandra S Jain Vs ACIT (ITAT Pune)

In case of Prabhat Chandra S Jain Vs. ACIT Pune bench of ITAT have held that where it is not established that name PC Jain of Mumbai written in the said document was in fact the assessee before us and in the absence of any evidence having been found to establish that the assessee...

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Capital gain arises/accrued outside India can’t be clubbed in hands of NRI assessee

Shri Rajendra Pathak Vs ACIT (Int. Tax) (ITAT Jaipur)

In case of Shri Rajendra Pathak Vs. ACIT Jaipur Bench of ITAT have held that sale proceeds cannot be clubbed in the hands of the assessee as capital asset/capital gain arises/accrued outside India. Assessee got shares on the basis of work performance by his employe in London....

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ITAT remitted the matter to AO where no verification of documents filed under rule 46A was sought

ITO Vs Smt. Manjusha (ITAT Delhi)

The return of income was filed on 31.10.2005 at an income of Rs. 4,04,020/- for AY 2005-06. During the course of assessment proceedings, the AO took note of the fact that the assessee and his wife purchased property at front and rear side of portion at ground floor for a consideration of 40 Lakh each and 3,20,000 was paid as stamp duty o...

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In case of share capital identity, genuineness and creditworthiness of the cash creditor is to be proved by assessee

DCIT Vs M/s. Soni Hospital Pvt. Ltd. (ITAT Jaipur)

In the case of DCIT Vs. M/s. Soni Hospital Pvt. Ltd. Jaipur bench of ITAT have held that that in case of share capital, the creditworthiness along with genuineness of transaction, identity of person is also required to be proved by the assessee....

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Consultation paper for guidelines for public issue of units of Real Estate Investment Trusts

NA (31/12/2015)

SEBI REIT Regulations were notified on 26th September, 2014, thereby providing a regulatory framework for registration and regulation of REITs 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 units...

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DRP cannot absolve from its duty without going into merits of contention of assessee while deciding comparability

M/s. Equant Solutions India Pvt. Ltd. Vs ACIT (ITAT Delhi)

In the case of M/s. Equant Solutions India Pvt. Ltd. Vs. ACIT Delhi Bench of ITAT remanded back the matter and held that DRP has not met the contention of the assessee in respect of inclusion/exclusion of comparable in its order....

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Receipts having no nexus with educational activities, not to be considered in Annual credit receipts u/s 10(23C)(iiiad)

ACIT Vs M/s Public Rose Shiksha Samiti (ITAT Jaipur)

ITAT Jaipur held In the case of ACIT vs. M/s Public Rose Shiksha Samiti that on verification of the total receipt mentioned by the Assessing Officer , there was a transaction of sale of land for Rs. 47,90,000/-. The Hon’ble Madras High Court has considered the issue of annual receipts...

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Onus to prove that debts are irrecoverable gets satisfied, once bad debts w/off in books of accounts

M/s Indu Nissan Oxo Chemical Inds. Ltd. Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held In the case of M/s Indu Nissan Oxo Chemical Inds. Ltd. vs. DCIT that the Hon’ble Apex Court in the case of TRF Ltd. vs. CIT reported at (2010) 323 ITR 397(SC) has held that this position in law is well-settled. After 1st April, 1989...

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Disallowance of expenses on adhoc basis without finding any personal use by chairman of trust, not sustainable

DCIT Vs M/s Indo Soviet Friendship (ITAT Chandigarh)

ITAT Chandigarh held In the case of DCIT vs. M/s Indo Soviet Friendship that the Assessing Officer has not brought any material on record as to how he has given his finding that the cars have been purchased for the benefit of the Chairman....

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Interest on delayed payment in connection of acquisition of property is allowed u/s 24 (b)

Wel Intertrade Pvt. Ltd. Vs ITO (ITAT Delhi)

ITAT Delhi held In the case of Wel Intertrade Pvt. Ltd. vs. ITO that there is no dispute that for purchasing the property at Munirka for a consideration of Rs.9,37,33,600, the assessee had taken loan from HDFC Bank for Rs.6.50 crores on which the authorities below have allowed the interest paid by the assessee....

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TP: Companies in production & sale of software products cannot be compared with those in development of software on contract basis

Avaya India (P) Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held In the case of Avaya India (P) Ltd. vs ACIT that a perusal of the annual report of company reveals that the said company has made income from sale of license to the tune of more than Rs.1 crore,...

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Mere Collaboration agreement with Builder & subsequent receipt of Property and Sale cannot be termed as business

Shanti Banerjee (deceased) by LRs. Vs DCIT (Delhi High Court)

The facts of the case are that the Assessee, (who died during the pendency of this appeal and is substituted by her legal representatives) was a housewife, having no source of income other than the pension of her deceased husband. The Assessee was the owner of property No. F-23, Hauz Khas, New Delhi wherein she was residing since 1956....

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Assessee need not prove genuineness and credit worthiness of sub-creditor

CIT Vs Shiv Dhooti Pearls & Investment Ltd. (Delhi High Court)

CIT Vs. Shiv Dhooti Pearls & Investment Ltd. (Delhi High Court) Assessee has indeed discharged its onus of proving the creditworthiness and genuineness of the lender (TIL). There was no requirement in law for the Assessee to prove the genuineness and credit worthiness of the sub- creditor, which is in this case was TCL....

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Income Tax Prosecution can be launched if Assessee aged below 70 years at the time of commission of offence

Pradip Burman Vs Income Tax Office (Delhi High Court)

While hearing an appeal filed by Dabur India Ltd Promoter Pradip Burman in Black Money case related to undisclosed Bank Account maintained Outside India, Delhi High Court held that prosecution can be launched against him as at the time of commission of alleged offence...

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Compensation for loss of income-generating asset is not revenue in nature

CIT Vs Sharda Sinha (Delhi High Court)

CIT Vs. Sharda Sinha (Delhi High Court) The Court concurs with the conclusion of the CIT (A) that the sum paid to the Assessee was to compensate for the abrupt loss of source of income and that the termination of contract had fatally injured the appellant's only source of income for the last 20 years. ...

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Reassessment for taxing Royalty at higher rate due to change in opinion not valid

Discovery Asia Inc. Vs Assistant Director Of Income Tax (Delhi High Court)

The assessment under Section 143(3) was originally done on 19.12.2008. The notice under Section 148, which is impugned herein, has been issued beyond the period of four years from the end of the relevant assessment year. ...

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Arbitration and Conciliation (Amendment) Act, 2015

NO. 3 OF 2016 (31/12/2015)

in the case of an arbitration other than international commercial arbitration, the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction, having jurisdiction to decide the questions forming the subject-matter of the arbitration if the same had been...

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Reg. Penalty in cases where despite addition tax payable under MAT Provisions is higher than under Normal Provisions

Circular No. 25/2015 - Income Tax (31/12/2015)

CIRCULAR NO. 25/2015 Penalty u/s 271(1)(c) wherein additions/disallowances made under normal provisions of the Income Tax Act, 1961 but tax levied under MAT provisions u/s 115JB/115JC, for cases prior to A.Y. 2016-17-reg.- Section 115JB of the Act is a special provision for levy of Minimum Alternate Tax on Companies, inserted by Finance A...

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Recording of satisfaction note U/s. 158BD/153C of the Act- reg.

Circular No. 24/2015 - Income Tax (31/12/2015)

CIRCULAR NO. 24/2015 Several High Courts have held that the provisions of section 153C of the Act are substantially similar/pari-materia to the provisions of section 158BD of the Act and therefore, the above guidelines of the Hon'ble SC, apply to proceedings u/s 153C of the IT Act, for the purposes of assessment of income of other than th...

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Restructuring of Maharashtra Sales Tax Department

Trade Circular No. 20 T of 2015 (31/12/2015)

The department had adopted functional organization structure as required for VAT administration. The functional organization led to creation of various flinctional divisions to look after a particular functional aspect in respect of a dealer. In view of the same various compliance related issues of dealers Were handled by different functi...

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Roadmap for opening brick and mortar branches in villages with population more than 5000 without a bank branch of a scheduled commercial bank

RBI/2015-16/277 FIDD.CO.LBS.BC.No. 82 /02.01.001/2015-16 (31/12/2015)

You are aware that SLBC Convenor banks were advised vide circular RPCD.CO.LBS.BC. No. 86/02.01.001/2011-12 dated June 19, 2012 to prepare a roadmap to provide banking services in all unbanked villages with population less than 2000 through a combination of business correspondents (BCs) and branches. Banks were also advised to ensure that ...

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New Numbering Format for Patent Applications & Examination Request wef 01.01.2016

OFFICE ORDER NO. 74 OF 2015 (31/12/2015)

The new numbering system for patent applications shall have 12 characters fixed length numeric standard Patent Application Format , applicable to all the Patent Offices in India and shall include identifiers of Year of filing, Jurisdiction, type of application and application number as per Annexure-1...

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Extension of Credit Facilities to Overseas Step-down Subsidiaries of Indian Corporates

RBI/2015-16/279 DBR.IBD.BC.No.68/23.37.001/2015-16 (31/12/2015)

(i) Banks may extend funded and/or non-funded credit facilities to the step-down subsidiaries of Indian companies including to those beyond the first level, to finance the projects undertaken abroad. (ii) The immediate overseas subsidiary of the Indian company must be directly controlled by the Indian parent company through any of the mod...

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Discontinuation of the requirement for Paper to Follow (P2F) for Central Government cheques under Cheque Truncation System

RBI/2015-16/278 DGBA.GAD.No. 2036/42.01.035/2015-16 (31/12/2015)

With a view to enhancing efficiency in cheque clearing, Reserve Bank has introduced Cheque Truncation System (CTS) for clearance of cheques, facilitating the presentation and payment of cheques without their physical movement. Taking this initiative forward, it has now been decided in consultation with the Office of the Controller General...

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Investment by Gold ETFs in Gold Monetisation Scheme of Banks

Circular No. CIR/IMD/DF/11/2015 (31/12/2015)

As per RBI notification dated October 22, 2015, the Gold Monetisation Scheme, 2015 (GMS) will replace the Gold Deposit Scheme, 1999 (GDS). However, the deposits outstanding under the GDS will be allowed to run till maturity unless these are withdrawn by the depositors prematurely....

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Procedure to deal with cases prior to April 01, 2014 involving offer/ allotment of securities to more than 49 up to 200 investors in a financial year

Circular No. CIR/CFD/DIL3/18/2015 (31/12/2015)

Prior to April 01, 2014, offers of securities - shares and debentures - by companies to more than 49 persons were deemed to be public offers. SEBI has initiated penal action on receipt of specific complaints against the companies offering such securities without complying with the relevant provisions of the Companies Act, 1956 and applica...

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