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Archive: 06 December 2017

Posts in 06 December 2017

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6321 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19344 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Expense on replacement of optic fibre cables on regular basis to retain existing Customers is revenue expense

December 6, 2017 3681 Views 0 comment Print

Contention of that assessee was that the traditional cable was cut and damaged by the rival cable network operators. The assessee therein had to necessarily replace the damaged part of the cables alone and not the entire cable by optical fibre cable for transmitting TV signals.

Reduce DDT and bring down maximum rate of Income Tax to 20%- Budget Suggestions

December 6, 2017 8199 Views 0 comment Print

Other suggestions include reduction in Dividends Distribution Tax and to bring down the maximum rate of Income Tax to 20% to encourage investment, at par with other development countries. It was also suggested to create Regulations Free Export Zone for setting-up 100% Export Oriented Units both by domestic and foreign investors which in turn would help not only in creating employment opportunities but also in earning foreign exchange for the country.

Abated assessments cannot be disturbed if no incriminating material found during search

December 6, 2017 5022 Views 0 comment Print

Legislature had conferred powers on AO to just follow assessments already concluded unless there is an incriminating material found in search to disturb concluded assessment.

No Section 14A disallowance for dividend earned on Strategic Investment in Subsidiary Company

December 6, 2017 4683 Views 0 comment Print

This appeal as well as Cross Objection (CO) by the Revenue and assessee is directed against the order of Commissioner of Income Tax (Appeals)-9, Kolkata dated 01.12.2015. Assessment was framed by DCIT, Circle-11, Kolkata u/s 143(3) of the Income Tax Act, 1961

Expenses incurred to earn Interest Income can be claimed u/s 57(iii)

December 6, 2017 31722 Views 0 comment Print

ITO Vs. M/s Borojalingh Tea Co. (ITAT Kolkata) The question before us arises so as to whether the assessee is entitled for claiming the interest expense against the interest income in the given facts and circumstances. It is undisputed fact that the loan was provided to the parties on interest and accordingly interest income was […]

Section 194C TDS not applicable on Transport Charges Reimbursed to suppliers

December 6, 2017 16980 Views 0 comment Print

This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals), Burdwan dated 20.01.2016 and the solitary issue involved therein relates to the deletion by the ld. CIT(Appeals) of the disallowance of Rs.32,06,445/- and Rs.3,58,000/-

IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017

December 6, 2017 13122 Views 0 comment Print

(1) These regulations may be called the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017. (2) These regulations shall come into force on the date of their publication in the Official Gazette.

TDS U/s. 194H not deductible on bank guarantee commission

December 6, 2017 5202 Views 0 comment Print

When the bank issues a bank guarantee on behalf of the assessee, all it does is to accept the commitment of making payment of a specified amount to the beneficiary on demand and it is in consideration of this commitment that the bank charges of fee which is termed as ‘bank guarantee commission’

Payments made towards making copies of films- TDS U/s. 194C or 194J?

December 6, 2017 9228 Views 0 comment Print

DCIT Vs. Yash Raj Films (P) Ltd. (ITAT Mumbai) In this case stand of assessee has been that assessee company had deducted TDS on the negative processing charges paid to Kodak India Ltd. as per the provisions of section 194J of the Act, as the negative processing involves specific tasks of editing, enhancement of quality […]

Mitusubishi TDS Case: Delhi HC Refers matter to Chief Justice due to difference of opinion

December 6, 2017 2511 Views 0 comment Print

CIT Vs. Mitsubishi Corporation India P. Ltd. (Delhi High Court) Due to difference of opinion on below issues  between Justices S Muralidhar and Prathiba M Singh, Delhi High Court, has referred the Mitusubishi’s TDS case to Chief Justice for appropriate orders:- (i) Whether the ITAT fell into error in holding that Section 40(a) (i) of […]

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