"04 January 2016" Archive

Increase Minimum exemption limit to Rs. 5 Lakh: Trade urges FM

Many other suggestions include need for over hauling of tax structure, and minimum tax exemption limit be raised to Rs. 5.00 lakh in case of employees. creation of a separate Social Sector Affairs Department coordinating different ministries and experts and to include representative of such sectors so that the benefits reach directly to t...

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Posted Under: Income Tax |

Notification No. 1/2016-Customs Dated: January 4, 2016

Notification No. 1/2016-Customs (04/01/2016)

NOTIFICATION NO. 1/2016-Export duty on Iron ore pellets reduced to Nil rate from 5% - Customs Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 27/2011-...

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Official Twitter Account of the Income Tax Department

F.No.Pub-1(37)/PR ,PP&OL/2015-16 (04/01/2016)

In recent times, the use of Social Media has become widespread in various organizations including Government Ministries and Departments for public relations and communication. Keeping with the stated endeavour of the Department to induct state-of-the-art and green technology with a user friendly interface, the Department is extending its ...

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Goodwill value cannot be challenged where slump sale includes sale of goodwill & such agreement is beyond any doubt

Triune Energy Services Pvt. Ltd. Vs DCIT (Delhi High Court)

Delhi High Court held In the case of Triune Energy Services Pvt. Ltd. vs. DCIT that if ITAT have no doubt on slump sale agreement and do not thinks that it is a colourable device than the agreement between the parties must be accepted in its totality. ...

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Project completion method being a recognized method as per notified AS, rejection of account not permitted

Paras Buildtech India Pvt. Ltd. Vs CIT (Delhi High Court)

Delhi High Court held In the case of Paras Buildtech India Pvt. Ltd. vs. CIT that the settled legal position as far as Section 145 is concerned is that it is not open to an AO to reject the accounts of an Assessee unless he comes to a determination that notified accounting standards have not been regularly followed by the Assessee....

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Mere revised return filing will not invalidate notice u/s 143(2) issued in pursuance of original return

Vinod Kumar Khatri Vs DCIT (Delhi High Court)

Delhi High Court held In the case of Vinod Kumar Khatri vs. DCIT that revised return relate back to return originally filed, minus the omissions and wrong statements. Even if the revised return replaces the original return, the assessment proceedings leading up to the revised return do not get obliterated....

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Mere incidental benefits to foreign AE from AMP expenses cannot be a basis for existence of an international transaction

Honda Siel Power Products Ltd. Vs DCIT (Delhi High Court)

Delhi High Court held In the case of Honda Siel Power Products Ltd. vs. DCIT that the Court is satisfied that in the present case, the Assessee is carrying on business as an independent enterprise and is incurring AMP expenses for its own benefit and not at the behest of the AE....

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Compensation on termination of Joint venture agreement not liable to capital gain tax if received / accrued before 01/04/2003

CIT Vs HCL Infosystems Ltd. (Delhi High Court)

Delhi High Court held In the case of CIT vs. HCL Infosystems Ltd. that the receipt by the Assessee as a result of the termination of the JVA during AY 1998-99 was a capital receipt but in light of Section 55 (2) (a) as it stood at the relevant time, the said amount cannot be brought to capital gains tax....

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Sec. 44BBA – Assessee can declare less than presumptive income by producing books of Accounts

DIT Vs Royal Jordanian Airlines (Delhi High Court)

Delhi High Court held In the case of DIT vs. Royal Jordanian Airlines that section 44BBA is not charging provision, but only a machinery provision; it cannot preclude an Assessee from producing books of accounts to show that in any particular AY there is no taxable income. In other words...

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Addition u/s 69 not sustainable in absence of any proof of investment by assesse: HC

CIT Vs Provestment Securities Pvt. Ltd. (Delhi High Court)

Delhi High Court held In the case of CIT vs. Provestment Securities Pvt. Ltd. that we are inclined to agree with the Tribunal that the question whether an investment had been made or not is a matter of fact and the same cannot be presumed....

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