"11 October 2017" Archive

Direct Tax Collections show Growth of 15.8% up to September, 2017

The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period of last year. Net Direct Tax collections represent 39.4% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 9.8 lakh cror...

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Posted Under: Income Tax |

CBDT notification on recent intimations related to ITR 1

Instruction No. 9/2017 (11/10/2017)

While processing income-tax returns filed in Form ITR-1, doubts have arisen regarding the nature, extent and scope of comparison of information as contained in the return of income with the three Forms which might lead to issuance of intimation proposing adjustments to the returned income....

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AO cannot treat Agricultural land as capital Asset on mere assumptions

Mohit Suresh Harchandrai Vs. ACIT (ITAT Mumbai)

Though agricultural land sold by assessee had remained barren for a longer period and had been converted by purchaser thereof into non-agricultural land, however, AO could not give any cogent and convincing reason for disbelieving documentary and circumstantial evidence furnished by assessee prima facie establishing the land in question t...

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Asset-wise subsidy alone can be reduced from the actual cost

Dayal Steel Ltd. Vs Addl. CIT (ITAT Patna)

If the subsidy is intended for meeting a portion of the cost of the assets, then such subsidy should be deducted from the actual cost, for the purpose of computing depreciation. As per Hon'ble Supreme Court, the law is that if the subsidy is asset-specific, such subsidy goes to reduce the actual cost. If the subsidy is to encourage settin...

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Posted Under: Income Tax | |

Cenvat Credit on input Services at Job Workers premises

Larsen & Toubro Ltd. Vs CCE (CESTAT Mumbai)

Larsen & Toubro Ltd. Vs CCE (CESTAT Mumbai) This is an appeal has been filed by the appellants against denial of credit of service tax in respect of services provided to their job workers while doing their job work. 2. Ld. Counsel for the appellants argued that they were operating in Rule 4(5) of Cenvat […]...

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GST rate structure for Petroleum and Oil Sector

To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil in GST and to incentivise investments in the E&P (exploration and production) sector and downstream sector, the GST Council in its 22nd meeting held on 6th October, 2017 has made the following recommendations for GST ...

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Posted Under: Income Tax |

Company with different risk profile / Size cannot be comparable despite similar functional profile

CIT Vs Ut Starcom Inc. (India Branch) (Delhi High Court)

CIT Vs Ut Starcom Inc. (India Branch) (Delhi High Court)- When we examine the profile of the assessee company vis-à-vis Infosys Technologies Limited in the light of the judgment in CIT vs. Agnity India Technologies Pvt. Ltd. (supra), there is no comparability for benchmarking the international transactions for the reasons inter alia that...

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Key Takeaways of 22nd GST Council Meet

Exemption to service providers whose annual aggregate turnover is less than INR 20 lakhs (INR 10 lakhs in Special category States except the State of Jammu & Kashmir) from obtaining registration even if they are making inter-state supplies of services....

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Posted Under: Income Tax |

SEBI Compel Minimum Public Shareholding

CFD/CMD/CIR/P/2017/115 (11/10/2017)

As per Regulation 38 of LODR, 2015 companies has to maintain Minimum Public Shareholding (MPS) in accordance with the methods prescribed in Circular SEBI circular No. CIR/CFD/CMD/14/2015 dated November 30, 2015. Reg. 97 (1) of the Listing Reg. mandates recognized stock exchange to monitor the compliance of listed company with the pro...

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Posted Under: Income Tax |

CBI Registers Case Against Deputy Commissioner of Customs

The Central Bureau of Investigation has registered a case against Deputy Commissioner, Customs; an Appraiser; an Examining Officer, all of Air Cargo Complex, NSCBI Airport, Kolkata; a private person and unknown others on a complaint from Customs Department alleging that the Deputy Commissioner...

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Posted Under: Income Tax |
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