"February, 2016" Archive - Page 30

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

M/s. Shivalik Prints Limited Vs ACIT (ITAT Delhi)

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 t...

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

DCIT Vs M/s E-Soft Technologies Ltd. (ITAT Lucknow)

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...

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Revised Guidance Note on Reporting of Fraud

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....

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Posted Under: Income Tax |

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

ITO Vs Smt. Elsa Silva (ITAT Mumbai)

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....

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Recommendations of Companies Law Committee for Directors

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....

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Posted Under: Income Tax |

Sec 377 LGBT – why this colawari dee….

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 bac...

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Posted Under: Income Tax |

Love Should Not Be A One Day Affair

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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Posted Under: Income Tax |

13 Changes Modern Advocate need in Indian Courts

1. Dress Code Change: No doubt Indian lawyers wear power dress and we as citizens respect the dignity of it, yet mostly the black and white combination is assigned to hotel waiters & railway staff also. These reasons limitise the unique privilege to lawyer’s dress. Seldom lawyers ignore to go in functions straight from court, [&hell...

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Posted Under: Income Tax | ,

A Brief on Black Money Act Applicable from 1st April 2016

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 deals with the problem of black money i.e. undisclosed foreign income & assets, procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connec...

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Posted Under: Income Tax | ,

Service Tax- Concept of Bundled Service

As the name suggests, ‘bundled services’ are the combination of two or more services. i.e. combination of provision of various services wherein provision of one service is combined with an element of provision of any other service or services....

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Posted Under: Income Tax | ,