"12 March 2016" Archive

After Malya Episode SEBI imposes restrictions on wilful defaulters

Press Releases No. 56/2016 12/03/2016

No issuer shall make a public issue of equity securities / debt securities / non-convertible redeemable preference shares, if the issuer company or its promoter or its director is in the list of the wilful defaulters. ...

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Equalisation Levy – creating inequality for SME?

It is a levy emerging from source based taxation at the rate of 6%. Government has chosen this route because, under the current regime, it cannot reach to google / yahoo etc.Especially from view point of a SME, it is in the nature of levy on availing / importing some digital services like digital advertisement....

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Posted Under: Income Tax |

Off shelf software Payment not royalty under India-Singapore DTAA

M/s. Capgemini Business Services (India) Ltd. Vs ACIT (ITAT Mumbai)

The assessee cannot be said to have paid the consideration for use of or the right to use copyright but has simply purchased the copyrighted work embedded in the CD- ROM which can be said to be sale of ‘good’ by the owner....

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Petty charities in ‘golaks’ are not anonymous donations

DCIT Vs All India Pingalwara Charitable Society (ITAT Amritsar)

ITAT Amritsar held in the case of DCIT vs. All India Pingalwara Charitable Society that object of section 115BBC was to catch the unaccounted money which was brought in as Tax Free Income in the hands of the Charitable Trusts and this law was never meant for taxing the Petty Charities. ...

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TPO may adopt CUP method for unexplained part of transactions

Denso India Limited Vs CIT (Delhi High Court)

Delhi High Court held In the case of Denso India Limited vs. CIT that there can be no dispute that the AO would normally accept the figures given in TP report, if they do not call for his interference. However, his job also extends to critically evaluating materials and in cases which do require scrutiny, go ahead and do so. ...

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“Consumption, Use or Sale therein” for levy of Local Body Tax

Every Local Body Tax (LBT) Practitioner is facing daily disputes with Corporation Authorities for levy of LBT qua goods or qua dealer due to misunderstanding of relevant sections under, The Maharashtra Municipal Corporation Act. The relevant sections for dispute in relation to ‘goods’ are section 127(2), 152B and 152P of the Act....

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Posted Under: Income Tax |

Whether Negative Control Amounts to Control under SEBI Takeover Code 2011

As per the Takeover Regulations 2011 the term 'control' in regulation 2(1)(e) has been defined as the right to appoint majority of directors or to control the management or policy decisions exercisable by a person or persons acting individually or in concert, directly or indirectly, including by virtue of their shareholding or management ...

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Posted Under: Income Tax |

CBI Chargesheets then Addl. CIT from Gujarat in DA Case

The Central Bureau of Investigation has filed a charge sheet against then Additional Commissioner, Income Tax, Gandhinagar (Gujarat); his wife and brother-in-law U/s 109 of IPC and Section 13 (2) r/w 13(1)(e) of the PC Act, 1988 & substantive offences thereof, in the court of Special Judge, CBI cases Ahmedabad for possessing assets dispro...

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Posted Under: Income Tax |

Private Placement and Its Procedure

Definition: Private Placement in lay man’s language is making an offer of securities to select group of persons and not to existing shareholder’s....

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Posted Under: Income Tax |

Beware: Commercialisation of Sentiments and Emotions

 In the olden days, people had values of culture, privacy, principles, and sentiments. Ethics and empathy remained the hallmarks of yesteryear. Honesty and hard work were held in high esteem in those days. Any shortcuts for making a living were rejected outright. The morality of a person received more appreciation than his outward appear...

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Posted Under: Income Tax |

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