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Archive: 21 May 2016

Posts in 21 May 2016

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 1128 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7677 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

S. 263 not justified due to multiple view on applicability of TDS

May 21, 2016 2587 Views 0 comment Print

As regards applicability of TDS provisions, not two but three views exist on the impugned issue – (i) TDS u/s 194H – which was discussed by AO in the assessment order dt. 18/3/2012; TDS u/s 194C – which was discussed and upheld by AO in the assessment order dt. 18/3/2012; TDS u/s.194A – (which the assessee does not agree with) and not sought to be taken by CIT. Revision of order u/s 263 cannot be done if two views are possible on the issue.

Import of services under Service Tax Act 1994

May 21, 2016 84220 Views 2 comments Print

™In terms of section 66B, a service is taxable only when, inter alia, it is provided (or agreed to be provided) in the taxable territory‖. Thus, the taxability of a service will be determined based on the place of its provision. For determining the taxability of a service, therefore, one needs to ask the following questions sequentially:-

No Addition u/s 68 if identity, creditworthiness & genuineness established

May 21, 2016 2815 Views 0 comment Print

The CIT(A) has recorded a categorical finding on the basis of material placed on record to the effect that all the three conditions regarding identity, creditworthiness and genuineness of the loan creditors were duly established.

ITAT deletes hypothetical, harassing & inconvenient decision

May 21, 2016 2044 Views 0 comment Print

Various additions have been made by AO without proper application of mind and has no distant connection with the material on record & third party transactions were added in the hands of the assessee without any basis or material and thus, the AO framed the assessment in a hypothetical way putting the assessee to enormous harassment and inconvenience.

Valuation of Physician Sample Manufactured on Job Work basis

May 21, 2016 3592 Views 0 comment Print

Law cannot be interpreted broadly. It has to interpret case to case basis. It is very much clear that if the product is being manufactured for ultimate consumer and covered under provision of Legal Metrology Act and Rules, valuation of the goods shall be Under Section 4A of the Central Excise Act. But if the same product is being manufactured as a physician sample and removed for the free distribution, valuation shall not be under Section 4A of the Central Excise Act, 1944, as it is not meant for retail sale.

Extract of Company Law Sections on Applicability of Special Courts

May 21, 2016 4246 Views 1 comment Print

MCA has issued an order on 18.05.2016 clarifying the commencement of section 2(29), sections 435 to 438 and 440 of Companies Act, 2013. Section 2(29) court means— (i) the High Court having jurisdiction in relation to the place at which the registered office of the company concerned is situate, except to the extent to which jurisdiction has been conferred on any district court or district courts subordinate to that High Court under sub-clause (ii);

Income Tax Rebate U/s. 87A For A.Y. 2017-18 (F.Y.2016-17)

May 21, 2016 748039 Views 45 comments Print

Rebate of up to Rs. 5,000 for resident individuals having total income of up to Rs. 5,00,000 as per Sec-87A of Income Tax Act, 1961 for A.Y. 2017-18 i.e. F.Y. 2016-17.The rebate shall be equal to the amount of income tax payable on the total income for assessment year 2017-18 or an amount of Rs. 5,000, whichever is less.

Proposed amendment to Related Party Transaction under Companies Act, 2013

May 21, 2016 6289 Views 0 comment Print

With respect to the compliance of ‘related party transactions’ under section 188 of the Act, it is utmost important to determine and define a related party in relation to the company. Once, it is determined that the proposed transaction is with the ‘related party’, then it is necessary to confirm whether such ‘transaction’ is a prescribed ‘transaction’ within the meaning of sub-section (1) of section 188.

S. 274 notice must specify if its for concealment or for incorrect particulars

May 21, 2016 4168 Views 0 comment Print

Notice under section 274 of the Act should specifically state the ground mentioned in Section 271(1)(c), i.e., whether it is for concealment of income or for furnishing of incorrect particulars of income. Sending printed form where all the ground mentioned in Section 271 are mentioned would not satisfy requirement of law.

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