"14 March 2016" Archive

Amendment not retrospective unless specifically stated

Tata Teleservices Vs Union of India (Gujarat High Court)

Gujarat High Court held In the case of Tata Teleservices vs. Union of India that while amending section 201 by Finance Act, 2014, it has been specifically mentioned that the same shall be applicable w.e.f. 1/10/2014 and even considering the fact that proceedings for F.Y. 2007-08...

No TP adjustment for higher AMP expenses w.r.t. comparable entities

M/s Essilor India Pvt. Ltd. Vs DCIT (ITAT Bangalore)

No TP adjustment can be made by deducing from the difference between AMP expenditure incurred by assessee and AMP expenditure of comparable entity, if there is no explicit arrangement between the assessee and its foreign AE for incurring such expenditure....

Premium for Surrender of tenancy rights is taxable as capital gain

ITO Vs Dr. Vasant J Rath Trust (ITAT Mumbai)

Grant of tenancy rights by the assessee trust and the premium of Rs.51.00 lakhs received in lieu thereof from the tenants is a capital asset in the hands of the assessee and is therefore liable for capital gains and is not advance rent exigible to tax under the head income from house property....

Only Payment for ‘offence’ or on what is ‘prohibited by law’ not allowable

Mangal Keshav Securities Limited Vs ACIT (ITAT Mumbai)

Only those payments, which have been made by the assessee for any purpose which is an ‘offence’ or which is ‘prohibited by law’, shall alone would be hit by the explanation to section 37...

Procuring orders & exploring potential customers classified under BAS

M/s. Raja Charity Trust Vs CCE Tirunelveli (CESTAT Chennai)

It was held that the activity of procuring orders for the principal and also exploring potential customers and channelized the purchase orders should be classified under Business Auxiliary Service in accordance with rules of classification of the service....

Exports to SEZ should be included for Service Tax Refund

M/s. Cognizant Technology Solutions Vs CCE & ST (LTU) (CESTAT Chennai)

iT was held that the export turnover portion in the formula prescribed under Rule 5 of CCR includes the value of exports made from SEZ. The Appellants are rendering software services and the services are exported and also to the domestic clients....

CAG Compliance audit observation on Central Excise

CAG Report No. 2 of 2016 – Compliance Audit on Indirect Taxes-Central Excise Union Government Department of Revenue This Report for the year ended March 2015 has been prepared for submission to the President of India under Article 151 of the Constitution of India. The Report contains significant results of the compliance audit of th...

Posted Under: Income Tax |

CAG Compliance audit observation on Custom Department

Comptroller and Auditor General of India has released Report No. 5 of 2016 – Compliance Audit on Customs Department of Revenue Union Government. This Report for the year ended March 2015 has been prepared for submission to the President of India under the Article 151 of the Constitution of India. The Report contains significant resu...

Posted Under: Income Tax |

CAG Compliance audit observation on Income Tax Department

Comptroller and Auditor General of India has released Report No. 3 of 2016 (Direct Taxes).  This Report for the year ended March 2015 has been prepared for submission to the President under Article 151 of the Constitution of India. The Report contains significant results of the compliance audit of the Department of Revenue-Direct Taxes o...

Posted Under: Income Tax |

CAG makes 166 audit observations on Service Tax Compliance

CAG has releases it Report No. 1 of 2016 (Indirect Taxes – Service Tax) for the Financial Year 2014-15 on compliance audit of the Central Board of Excise and Customs under Department of Revenue – Indirect Taxes (Service Tax) of the Union Government. The Service Tax collection was Rs 1, 67,969 crore during financial year 2014-15 [&hel...

Posted Under: Income Tax |

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