"15 August 2016" Archive

Independence of taxpayer, but how?

Uur Indian Constitution has given freedom of speech, residence, etc. to every citizen. Similarly, following the tax laws is also mentioned in the constitution. Every taxpayer should follow the tax laws applicable to him. But sometimes it happens that the taxpayer evades tax, commits an error while maintaining books, or he may misunderstan...

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Posted Under: Income Tax |

CVD Exemption to Importer

The Central Excise duties are duties on manufacture of goods. The Counter vailing duty (CVD) u/s 3(1) of customs Act, 1965 is a customs duty in disguise of central excise duty leviable on importer when the goods are imported instead of domestically procured. More or less these two duties work on similar footings....

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Posted Under: Income Tax |

High frequency & volume in share deals with short holding period is trading activity

Pine Tree Finserve Pvt. Ltd. vs. CIT (Bombay HC): IT Appeal No.- 2242 OF 2013

Bombay HC in the above cited case held that when the assessee’s volume of purchasing and selling shares is quite high with higher frequency of buying and selling with holding 75 days or less then its prima facie indicate that it is engaged in trading of shares unless assessee provide a sound reasoning that why transactions should not be...

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