"10 March 2017" Archive - Page 2

Taxes on Petrol / Diesel & CNG and neighboring Countries

Compressed Natural Gas (CNG) attracts a concessional rate of 5% Basic Customs Duty (BCD) and 14% Basic Excise Duty (BED). The comparison of Retail Selling Price of Petrol and Diesel, as on 01.03.2017, with neighbouring countries is as under:-...

Read More
Posted Under: Excise Duty |

When no interest is received same cannot be taxed on hypothetical basis

M/s. Chhaganlal Kishanlal & Co. Vs DCIT Khandwa (ITAT Indore)

ITAT held that that if interest income does not result at all, there cannot be any tax and that if an income has not materialized, then merely an entry made about a hypothetical income by following book keeping methods, the liability to tax cannot be attracted....

Read More

Seven foreign Re-insurers to set up branches in India

Seven foreign Re-insurers to set up branches in India The Insurance Regulatory and Development Authority of India (IRDAI) has issued Certificate of Registration to Seven foreign Re-insurers to set up branches in India. The details are as follows: 1)Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft. 2) Swiss Reinsurance Company L...

Read More
Posted Under: Excise Duty |

Activity of Mere Hiring of Machineries and Equipments does not attract TDS: Allahabad HC

CIT­ Vs M/S Jai Prakash Enterprises Ltd. (Allahabad High Court)

Taking of machinery and equipment on hire would not amount to a contract for carrying out any work as contemplated in section 194C of Act.The said contract i.e. taking of machinery and equipment on hire also cannot be treated with a contract for supply of labour. ...

Read More

Indian Stocks Soar but Banks are Weighing on the Nifty 50

The Nifty 50, India’s most liquid basket of stocks, broke out this week, testing the 9K level, following positive news about the potential growth of the economy according to the U.S. based credit rating agency Fitch.  With animal spirits across the globe driving share trading markets higher, India’s riskier assets will likely continu...

Read More
Posted Under: Excise Duty |

With GST on anvil, do we really need TDS in income tax now?

With advent of GST, government will be able to track much more transactions due to invoice wise return, difficulty to bypass the credit chain and linking of income tax with indirect tax through PAN....

Read More
Posted Under: Excise Duty |

Royalty is revenue expense if no right after License termination to Assessee

CIT Vs. H-One India Pvt. Ltd. ( Allahabad High Court)

Royalty and fee for technical assistance are revenue in nature if upon license termination rights created in favour of assessee gets extinguished....

Read More

Be credit alert to be credit healthy

Life is tough for 35-year-old Sachin Shinde who moved from Solapur to Mumbai about five years back. Working as an executive assistant of a film director earns him just about enough to survive in a big city like Mumbai where his dream is to give his daughter a good education. ...

Read More
Posted Under: Excise Duty |

sec. 2(22)(e) covers only those transactions which benefit shareholder alone

Deputy Commissioner of Income-tax Vs M/s. The Hooghly Mills Co. Ltd. (ITAT Kolkata)

Thus, section 2(22)( e) of the Act covers only such situations, where the shareholder alone benefits from the loan. In the instant case the company benefits from the said transaction, it will take the character of a commercial transaction and hence will not qualify to be dividend. ...

Read More

Assessment cannot be reopened on expiry of period of limitation prescribed u/s 149(2)

Shri Narayandas Tolani, Prop. Vs ITO (ITAT Indore)

Plain language of sub-section (2) of Section 150 clearly restricts the application of sub-section (1) of Section 150 to enable the authorities to reopen the assessments which have not already become final on the expiry of the period of limitation prescribed u/s 149(2) of the Act....

Read More
Page 2 of 41234