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Archive: 13 February 2016

Posts in 13 February 2016

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 5091 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4386 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

S. 68 No addition if parties have enough bank balance while giving loan

February 13, 2016 2270 Views 0 comment Print

ITAT Delhi held in the case ITO vs. Rekha Bansal that it is clear that the CIT (A) granted relief to the assessee on the basis of information received from the respective banks of the creditors u/s 133(6) wherein the CIT (A) found that the creditors had sufficient bank balance in their accounts before issuing cheques to the assessee.

Interest subsidy for repayment of loan acquired for acquisition of capital assets, is capital receipts

February 13, 2016 9169 Views 0 comment Print

ITAT Lucknow held in the case DCIT vs. M/s J.K. Cement Ltd. that certain conditions are made in the subsidy scheme, which is required to be fulfilled by the corporate sector in order to avail the benefit of subsidy.

Treatment of subsidy granted to set up a wind project

February 13, 2016 701 Views 0 comment Print

During the financial year 2001-02 the assessee had installed wind energy project at a cost of Rs.1189.87 lakhs. The assessee accordingly applied for the said capital subsidy which was granted to the assessee during the relevant financial year 2007-08 at Rs.20 lakhs.

Subsidy to set up new unit/expand existing unit is capital receipts

February 13, 2016 2074 Views 0 comment Print

ITAT Delhi held in the case of M/s. Shivalik Prints Limited vs. ACIT that in the judgment of CIT vs. Ponni Sugars and Chemicals Ltd. 306 ITR 392 (SC), the Hon’ble Supreme court have held that the character of the receipt of a subsidy in the hands of the assessee under a scheme has to be determined with respect to the purpose for which the subsidy is granted i.e. one has to apply the purpose test.

Sec 10A – Deduction allowed to new unit being independent unit, physical demarcation with old unit not relevant

February 13, 2016 1000 Views 0 comment Print

ITAT Lucknow held in the case of DCIT vs. M/s E-Soft Technologies Ltd. that as per the CBDT Circular No. 01 of 2013 and as per the Tribunal decision of the Pune Bench in the case of ACIT Vs Symantec Software India P. Ltd in ITA No. 787/PN/09, dated 30th November 2011

Revised Guidance Note on Reporting of Fraud

February 13, 2016 1511 Views 0 comment Print

The Council of the Institute of Chartered Accountants of India at its 350th meeting held on February 10, 2016 approved the Revised Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013.

Amount not assessable as Assessee’s income where direct payment made to parties for surrender of tenancy rights

February 13, 2016 539 Views 0 comment Print

ITAT Mumbai held in the case ITO vs. Smt. Elsa Silva that as per the agreement , ‘Athithi Builders’ has acquired the development rights of the said property after paying separately and directly by cheque Rs.2.73 crores to the assessee, Rs.1.23 Crores to Shri D.P.Koli and Rs.0.50 crores to Shri Alex Silva.

Recommendations of Companies Law Committee for Directors

February 13, 2016 1458 Views 0 comment Print

As we are aware that on 1stFebruary 2016, Ministry of Corporate Affairs uploaded the report of Companies Law Committee on its website. In this post, we will discuss recommendations of the committee for the Directors and their meetings.

Sec 377 LGBT – why this colawari dee….

February 13, 2016 740 Views 0 comment Print

You may be aware that, the Supreme Court on Tuesday, February 3, 2016, referred a batch of curative petitions against Section 377 of the Indian Penal Code, a colonial-era provision criminalising consensual sexual acts of Lesbian, Gay, Bisexual and Transgender (LGBT) adults in private, to a five-judge Constitution Bench for a possible back-to-roots, in-depth hearing.

Love Should Not Be A One Day Affair

February 13, 2016 1182 Views 1 comment Print

Love is the loveliest of all human emotions. Because, it produces more solace and happiness to all parties involved. Life without love has no charm and it likens a lonely tree in a desert. Similarly, a person without love is a skin-clad bone cage only. Imagine the world without love. Only chaos will surround us.

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