"21 January 2016" Archive

Interest subvention scheme for Women SHGs – Year 2015-16

RBI/2015-16/296 FIDD. GSSD. CO. BC .No. 19/09.01.03/2015-16 21/01/2016

All women SHGs will be eligible for interest subvention on credit upto Rs. 3 lakhs at 7% per annum. SHG availing capital subsidy under SGSY in their existing credit outstanding will not be eligible for benefit under this scheme. The Commercial Banks and Cooperative Banks will lend to all the women SHGs in Rural areas at the rate of 7% in ...

Gifting of property will entitle assessee to claim exemption u/s 54 if left with only one

ITO Vs Shri Sameer jasuja (ITAT Delhi)

ITAT Delhi held in case of ITO v Shri Sameer Jasuja the property has been gifted by the person to his wife, then Assessee will entitled to the exemption u/s 54F if he is left with one property. It further held that section 64(1)(iv) will not operate to nullify gift and would operate only to club income in the hands of donor assessee....

Section 68 cannot be applied where Assessee discharges onus to prove receipt of share capital along with premium

DCIT Vs M/s Ansh Intermediate Services Pvt. Ltd. (ITAT Lucknow)

DCIT Vs M/s Ansh Intermediate Services Pvt. Ltd. (ITAT Lucknow) The addition cannot be sustained only for the simple reason that these shareholder companies have not responded in first round of commission....

Rates as per DTAA includes all surcharges, addition on account of education cess not sustainable

OSRAM India Pvt. Ltd. Vs DCIT (ITAT Delhi)

ITAT Delhi held In the case of OSRAM India Pvt. Ltd. vs. DCIT that Article 2(1) of the India Singapore tax treaty provides that the taxes covered shall include tax and surcharge thereon. Once it is concluded that education cess is nothing but an additional surcharge...

Warehouse leasing Income of Company incorporated with such object is to be taxed as business income

DCIT Vs DRS Warehousing (North) Pvt. Ltd. (ITAT Delhi)

ITAT Delhi held In the case of DCIT vs. D.R.S. Warehousing (North) Pvt. Ltd. that the company was incorporated to provide material handling, storage, transportation, distribution, movers, packing and warehousing facilities which form part of its business....

Monetary limit for filing of appeals also applies to Pending References

CIT Vs M/s. Sunny Sounds P. Ltd. (Bombay High Court)

Bombay High Court held In the case of CIT vs. M/s. Sunny Sounds P. Ltd. that however these references are undoubtedly made by the tribunal, they emanate from an application by one of the parties before it , giving rise to the question of law requiring the opinion of the court. ...

Rehabilitation benefit cannot be denied to married daughter by Govt

Smt. Sadhna Bai, Vs State of Chhattisgarh, (Chhattisgarh High Court)

Chhattisgarh High Court held that Denial of benefit of rehabilitation, which includes employment, to a married daughter of affected family is violative of Articles 14 and 15 of the Constitution of India....

No change in ITAT powers to extend stay / interim relief, even post substitution of third proviso to sec. 254 (2A)

CIT Vs M/s Tata Teleservices (Maharashtra) Ltd. (Bombay High Court)

Bombay High Court held In the case of CIT vs. M/s Tata Teleservices (Maharashtra) Ltd. that court has consistently taken a view that the tribunal has power to extend the stay even after the substituted third proviso to section 254 (2A) was introduced....

Prescribing One Year Time Limit for Disposal of Petitions for Waiver of Penalty/ Interest U/s. 273A, 273AA and 220(2A)

Recommendations For Prescribing Time Limit Of One Year For Disposal Of Petitions For Waiver Of Penalty And Interest Under Sections 273A, 273AA and 220(2A) Whereas, a time limit of 1 year for disposal of a tax payer’s Revision Petition u/s. 264 has been prescribed, there is no such time limit for disposal of Petitions for […]...

Posted Under: Fema / RBI |

Increase limit for Disposal of Appeals by Single Member Benches of ITAT

The existing provisions of Section 255(3) provide that a Single Member Bench of the Appellate Tribunal can dispose of Appeals in cases where the assessed income of the assessee does not exceed Rs.15 lakhs. On account of this limit, which is small in the view of the Committee, cases where the total income assessed is more than the above fi...

Posted Under: Fema / RBI |

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