"22 February 2017" Archive

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

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....

Posted Under: CA, CS, CMA |

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

General Circular No. 01/2017 22/02/2017

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

Mohammed Ashraf Vs State of Kerala (Kerala High Court)

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

Reliance Infrastructure Ltd. Vs CIT (Bombay High Court)

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 q...

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

M/s Sagar Foods Vs ITO (ITAT Ahmedabad)

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)

RBI/FED/2016-17/52 FED Master Direction No.1/2016-17 22/02/2017

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

Notification No. 39/2015-2020-DGFT 22/02/2017

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

Notification No. S.O. 620(E) 22/02/2017

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

No.M-626/2017 22/02/2017

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

Farmson Pharmaceuticals Gujarat Pvt. Ltd. Vs Deputy Commissioner of Income Tax (ITAT Ahmedabad)

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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