"19 February 2017" Archive

Know more on Overseas Direct Investment (ODI) with more & more Indian Co.’s going global

ODI primarily refers to a situation in which an Indian party is willing to acquire stake or some other form of a financial commitment, partially or wholly, in an overseas company....

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Posted Under: Fema / RBI |

GST Business Impact Analysis on Manufacturing Companies

Branch and depo transfers will be treated as taxable supplies accordingly IGST will be chargeable on such transfers made from one state to other. It will result in increase in working capital requirements as though the tax paid by receiving unit/depo is allowed as input tax credit but there will be a time gap between the time of payment o...

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Posted Under: Fema / RBI |

Comedy of corruption! The curious case of Sale Tax Department

I hurried inside the elevator of the Sale Tax Department among others and breathed in the usual fragrance of tobacco and paan plastered colourfully on the door. ...

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Posted Under: Fema / RBI | ,

Mark to Market Losses on open forward exchange contract is allowable

M/s. Bharat Serums & Vaccines Ltd. Vs ACIT (ITAT Mumbai)

AO held that it had entered into derivative transaction by swapping the loan, that the liability was paid in the subsequent year, that the notional loss of Rs.4.74 crores could not be allowed. ...

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Sec 14A r.w. rule 8D not applies if assessee has kept shares as stock in trade

CIT Vs M/s. G K K Capital Markets (P) Limited (Calcutta High Court)

Assessing Officer had treated the claim of long term capital gain as business income. The assessee did not object to that. In such situation there could be no application of Section 14A for disallowance of expenditure incurred to earn exempt income....

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Non-Service of notice U/s. 143(2) at correct address of assesse within prescribed time limit makes notice invalid

CIT Vs Abacus Distribution Systems (India)Pvt. Ltd. (Bombay High Court)

This Appeal under Section 260-­A of the Income Tax Act, 1961 (the Bombay Act) challengesthe order dated 6th December, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2006­-07....

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No section 40A(3) disallowance on cash refund of excess money received on sale of goods

Asstt. Commissioner of Income tax Vs Kishore Singh Gehlot (HUF) (ITAT Jaipur)

This is an appeal filed by the Revenue against the order of Ld. CIT(A)-II, Jaipur dated 3.12.2013 for A.Y 2009-10 wherein the Revenue has taken following grounds of appeal...

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Non resident assessee eligible to avail benefit of proviso to Section 112(1)

Deputy Director of Income Tax Vs. Shri Anand Persad Jaiswal (ITAT Delhi)

From the proviso, it is evident that where the tax payable in respect of the transfer of a long term capital asset in the case of a listed company exceeds 10% of the amount of the capital gain before giving effect to the provisions of second proviso to Section 48, then such excess shall be ignored for the purpose of computing the tax paya...

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Aishwarya Rai gets relief from Penalty in TDS deduction default case

Smt. Aishwarya Rai Bachchan Vs Additional Commissioner of Income-tax (ITAT Mumbai)

In Aishwarya Rai Bachchan vs. ACIT, the assessee had not deducted tax at source, AO treated the assessee as an assessee in default under section 201(1) and passed an order demanding tax of Rs. 4,27,910 and interest under section 201(1A) of Rs. 34,233....

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Startup India Initiative

The Government of India announced Startup India Action plan, in order to build a strong eco-system for nurturing innovation and to provide bank finance for the startup, that results in sustainable economic growth and generate large scale employment opportunities....

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Posted Under: Fema / RBI |
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