"22 February 2016" Archive

Vodafone International: `Victim of Choked Recovery’

One among st the main issues surrounding the impasse is the payment of ejected liability carrying a whopping sum of Rs.14000 crore by Vodafone International Holdings B.V. under the parasol of Capital Gains Tax to the Indian tax administration. An issue squarely won by Vodafone in a proactive tax war with the authorities at the Hon’ble S...

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Posted Under: Income Tax |

Revised Trade payable presentation in Companies Balance Sheet

In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the some alterations in Schedule III to the Companies Act, 2013 (Notification dated 4th September, 2015)....

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Posted Under: Income Tax | ,

Related Party Transaction- ‘Omnibus Approval’

According to Clause (1) of Rule 6A, the Audit Committee shall, after obtaining approval of the Board of Directors, specify the criteria for making the omnibus approval which shall include the following, namely:- (a) maximum value of the transactions, in aggregate, which can be allowed under the omnibus route in a year;...

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Posted Under: Income Tax |

ESIC Act, 1948- Applicability, Wages and Contribution

An employer is liable to pay his contribution in respect of every employee and deduct employees contribution from wages bill and shall pay these contributions at the above specified rates to the Corporation within 21 days of the last day of the Calendar month in which the contributions fall due. The Corporation has authorized designated b...

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Posted Under: Income Tax | ,

Demand Stay extension valid, if no change in facts from last stay

Goldman Sachs (India) Securities Private Limited Vs ACIT (ITAT Mumbai)

ITAT Mumbai held in the case of Goldman Sachs (India) Securities Private Limited vs. ACIT that application for further stay is in favour of assessee. The reasons are that firstly, there is no change in the facts and circumstances since the last stay was extended by the Tribunal, and secondly, the major demand which has been raised prima f...

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No disallowance of Penalty paid for procedural non-compliances

Mangal Keshav Securities Limited Vs ACIT (ITAT Mumbai)

As per the nature of business of the assessee, certain procedural non-compliance are not unusual, for which assessee is required to pay some fines or penalties. In our considered view, these routine fines or penalties are compensatory in nature; these are not punitive. ...

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No charity in initial years cannot be sole basis for trust registration denial

M/s Prabhat (A House of Hope for Special Children) Vs CIT (Exemptions) (ITAT Chandigarh)

As per section 12AA, the commissioner has to satisfy himself about the objectives of the Trust and genuineness of its activities and for such purpose he has the power to call for such documents or information from the assessee as he thinks necessary. ...

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Expense allowed once business is setup despite non-commencement

M/s. Multi Act Realty Enterprises Pvt. Ltd. Vs ITO (ITAT Mumbai)

ITAT Mumbai held in the case of M/s. Multi Act Realty Enterprises Pvt. Ltd. vs. ITO that setting up of business’ and ‘commencement of business’ may be too different and independent events. For the purpose of deductibility of the business expenses, the reference point would be initial setting up of the business....

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S. 54EC deduction allowed if cheques presented within 6 months

Neela S. Karyakarte Vs ITO (ITAT Mumbai)

In the present case, the assessee had filed an application with National Housing Bank on 23.12.2004 and submitted along with this application Cheque No.669766 dated 23.12.2004. This fact has not been disputed by the Ld. DR appearing on behalf of the revenue....

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Quantity discount deductible in determination of assessable value

M/s Cipla Ltd. Vs CCE (CESTAT Mumbai)

It was held that when goods are cleared to the customers at a discount, the assessable value for the purpose of assessment should be the value arrived at after giving the quantity discount and not the value at which the goods were cleared from factory to depot....

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