"14 August 2017" Archive

Assessee’s submission in arriving at the ALP is not final, It is for TPO to examine and find out companies listed as comparables

CIT Vs M/s. Tata Power Solar Systems Ltd. (Bombay High Court)

We find that the impugned order of the Tribunal holding that a party is not barred in law from withdrawing from its list of comparables, a company, if the same is found to have been included on account of mistake as on facts, it is not comparable. The Transfer Pricing Mechanism requires comparability analysis to be done b...

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SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2017

Notification No. SEBI/LAD-NRO/GN/2017-18/016 (14/08/2017)

1. These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2017....

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SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2017

Notification No. SEBI/LAD-NRO/GN/2017-18/015 (14/08/2017)

1. These regulations may be called the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2017....

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Govt relaxes export policy of gold jewellery (plain or studded)

Notification No. 21/2015-2020 (14/08/2017)

Para 4.32(i) and Para 6.01(a) of Foreign Trade Policy 2015-20 are amended to allow export of gold jewellery (plain or studded) and articles containing gold of 8 Carats and above up to a maximum lint of 22 Carat only from domestic tariff area and EOU/EHTP/STP/BTP Units....

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Notification No. 78/2017-Customs (N.T.) Dated: 14.08.2017

Notification No. 78/2017-Customs (N.T.) (14/08/2017)

Tariff Notification No. 78/2017-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver ...

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Taxability of Interest on interim compensation received pending final disposal by HC

Smt. Premlata Purshottam Paldiwal Vs CIT, (Bombay High Court- Nagpur Bench)

Bombay High Court held that Interest on interim compensation received pending final disposal by the High Court is income if there is no direction given by the Court.  The source of funds to earn income cannot determine the taxability of the income earned on the capital amount which has been invested. This in the absence […]...

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GST: Guidelines on composition and levy on directives/instructions regarding migration

Memo No. 1470/ST-5 (14/07/2017)

As per section 10(1) of the CGST/HGST Act, 2017, read with Rule 7 of GST Composition Rules rates under composition scheme are as under: (i) 2% (1% CGST+1% SGST) of the turnover in the State in case of manufacturers. (ii) 5% (2.5% CGST+2.5% SGST) of the turnover in the State in case of food/restaurant services. (iii) 1% (0.5% CGST...

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Sec. 194J TDS not deductible on Payments for SMS Services

CIT (TDS) Vs Bajaj Allianze Life Insurance Co. Ltd. (Bombay High Court)

1. These appeals pertain to Assessment Years 2007-­08 and 2008­-09. 2. Mr. Singh, learned Counsel for the appellant submits that the Tribunal was not justified in law to hold that the provisions of Section 194J is not applicable in respect of the payments made to M/s. Valuefirst Messaging Pvt. Ltd. for providing SMS services as [&hellip...

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No restriction on export of eggs & pulses to Maldives during 2017-18

Notification No. 20/2015-2020 (14/08/2017)

Export of eggs and pulses (dhal) has been permitted to the Republic of Maldives under bilateral trade agreement between Government of India and Government of Maldives during the period 2017-18 w.e.f. April, 2017 as per the quantities indicated in the Table at Para 1 above...

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4 year limitation period for Re-Assessment is an Exception and not the Rule

Unitech Limited Vs DCIT (Delhi High Court)

This is yet another case in the ever increasing number of cases filed before this Court challenging the issuance of notice under Section 148 of the Income Tax Act, 1961 (hereinafter referred to as the Act)....

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