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Archive: 22 February 2017

Posts in 22 February 2017

Free Webinar: Analysis of 10 Recent Income Tax Judgments in Favour of Assessee

July 1, 2024 2166 Views 0 comment Print

Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.

Empanelment of CAs / CMAs with Brahmaputra Valley Fertilizer Corporation Ltd.

February 22, 2017 2247 Views 0 comment Print

Appointment of Chartered/ Cost Accountants with Brahmaputra Valley Fertilizer Corporation Limited,Namrup for certification of documents to be submitted to Government of India (FICC) for the FY 2017-18.

Section 391(2) closure of place of business by a Foreign Company

February 22, 2017 2985 Views 0 comment Print

Section 391(2) Companies Act, 2013 would apply only in case of a foreign company which has issued prospectus or IDRs pursuant to provisions of Chapter XXII of Companies Act, 2013.

Luxury Tax leviable on Plinth Area: Kerala HC

February 22, 2017 15231 Views 0 comment Print

The petitioner is aggrieved with the revisional order passed at Ext.P5. The petitioner challenges the assessment made of the building constructed by the petitioner, under Section 5A of the Kerala Building Tax Act, 1975 (Act for short).

Foreign taxes are deductible on real income theory & not deductible to the extent they are eligible for relief u/s 90 & 91

February 22, 2017 1464 Views 0 comment Print

This Court in Inder Singh Gill (supra) was required to answer the question whether for the purpose of computing total world income of the assessee as defined in Section 2(15) of the I. T. Act, the income accruing in Uganda has to be reduced by the tax paid to the Uganda Government in respect of such income? The Court while answering the question in the negative observed that it is not aware of any commercial principle / practice which lays down that the tax paid by one on one’s income is allowed as a deduction in determining the income for the purposes of taxation.

Section 40(b)(v): AO cannot compel assessee to charge interest or remuneration

February 22, 2017 1638 Views 0 comment Print

It is correct that the terms of partnership provided payment of interest at the rate of 12 per cent on capital of partners as well as remuneration to the working partners. The assesses, however, did not make payment thereof to the partners nor made any provision of liability in the books of account

Master Direction on Money Transfer Service Scheme (MTSS)

February 22, 2017 2718 Views 0 comment Print

Money Transfer Service Scheme (MTSS) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India

Reg. Export & re-import of cut & polished diamonds at zero duty

February 22, 2017 930 Views 0 comment Print

The facility for export and re-import of cut and polished diamonds at zero duty for the purpose of certification and grading has been extended to the authorised offices / agencies in India of laboratories mentioned under paragraph 4.74 of Handbook of Procedures 2015-20.

Aadhaar mandatory for Integrated Child Protection Scheme

February 22, 2017 681 Views 0 comment Print

Ministry of Women and Child Development in Government of India is administering centrally sponsored Integrated Child Protection Scheme for children in difficult circumstances and Scheme aims at creating safety net of service delivery structures at national, State and District level

ICAI forms group to recommend on Election of VP & counting of votes

February 22, 2017 846 Views 0 comment Print

The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has constituted a Group for making recommendations in the matter of Election of Vice President and all allied matters including counting of votes

No Penalty for addition due to mere non submission of supportings

February 22, 2017 1428 Views 0 comment Print

There is hardly any dispute about the settled law that quantum and penalty proceedings are altogether different and each and every disallowance/addition made in the course of former proceedings does not ipso facto attract the latter penal action as per hon’ble apex decision in CIT vs. Reliance Petroproducts Pvt. Ltd. 322 ITR 158 (SC).

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