"25 February 2016" Archive

Notification No. 09/2016- Income Tax Dated: 25/02/2016

Notification No. 09/2016- Income Tax 25/02/2016

Section 10(46) of the Income-tax Act, 1961 Central Government notifies Madhya Pradesh State AIDS Control Society a body constituted by the Government of Madhya Pradesh in respect of the following specified income arising to that Society...

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Current Indirect Tax Litigation – A Nightmare for Assessee

With budget session being round the corner and it being susceptible to both national and international scrutiny, the need for streamlining adjudication machinery for Customs, Central Excise and Service Tax matters has become extremely important. Tax litigations are a natural consequence of growing economy. However, complexities of taxatio...

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Posted Under: Income Tax | ,

E-Commerce: Poised For A Massive Growth Only If…

Various e-commerce companies including the likes of Uber, Makemytrip, Zo Rooms etc are engaged in commercial transactions over the Internet. Customers transact in millions of rupees on these e-platforms where goods (i.e., merchandise) and services (i.e. digital products including travel, tickets, hotels etc) are conveniently bought and so...

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Posted Under: Income Tax |

GAAR or BEPS, What would be India’s right choice?

General Anti Avoidance Rule (GAAR) v. Base Erosion & Profit Shifting (BEPS) or both: what is India’s right choice? With India’s commitment to implement most of the recommendations of the final reports of Organization for Economic Cooperation and Development’ (OECD) BEPS Action Plans, and at the same time ensure simplification as...

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Posted Under: Income Tax |

CBI arrests ITO and CA in bribery case

The Central Bureau of Investigation has arrested an Income Tax Officer, Ward 58(3), D Block, Vikas Bhawan, New Delhi and a Chartered Accountant for demanding and accepting an alleged bribe of Rs. 3.5 lakh from the complainant....

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Analysis of Section 53A of Transfer of Property Act, 1882

The Transfer of Property Act, 1982 came into force on the 1st July, 1882. In the first instance it extends to whole India, except some states at the time of independent of India. Section 5 defines transfer of property means an act by which a living person conveys property, in present or in future, to one or more other living persons, or t...

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S. 12AA Deemed registration effective after 6 month from application

CIT Vs Society For The Promn. Of Edn (Supreme Court of India)

Registration of the application under Section 12AA of the Income Tax Act in the case of the assessee shall take effect from 24.08.2003 i.e. post 6 months from the date of application for registration. ...

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Mere change in head of income not attracts concealment penalty

CIT Vs Shri. Hiralal Doshi (Bombay High Court)

it was held that where complete disclosure of income had been made in the return of income and head of the income undergoes a change at the hands of the Assessing Officer would not by itself justify the imposition of penalty under Section 271(1) (c)....

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TP: Turnover is a relevant factor to consider comparability

CIT Vs Pentair Water India Pvt. Ltd (Bombay High Court)

Infosys & Wipro are no doubt large and distinct companies where the area of development of subject services is different and as such the profit earned there from cannot be a bench-marked or equated with the assessee....

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Rail Budget 2016: e-ticket on concessional passes for journalists

E-Booking of Tickets on the Concessional Passes for Journalists to be Introduced Sale of Tickets through Helpline Terminals for Short Distance Travellers The Minister of Railways Shri Suresh Prabhakar Prabhu said that Indian Railways intends to commence sale of tickets through hand held terminals for the benefit of the suburban and short ...

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Posted Under: Income Tax |

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