"08 February 2018" Archive

RBI Cautions about Fake Websites in its Name

Press Release: 2017-2018/2166 (08/02/2018)

It has come to the notice of the Reserve Bank of India that a fake website of the Reserve Bank of India has been created with the URL www.indiareserveban.org by some unknown person(s). ...

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No excise on supply of various bought-out electrical items and accessories as BPL Kits

M/s TGL Enterprises Pvt Ltd Vs. Principal CCE (CESTAT Delhi)

Quashing the demand of excise duty on the activity of providing BPL Kits, the Delhi bench of the CESTAT observed that to levy central excise duty on any goods, the same should have been produced or manufactured in India....

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Sec. 292 cannot cure mistake of sending notice in the Name of Deceased Assessee

ITO Vs. Late Sh. Ram Kumar (ITAT Delhi)

ITO Vs. Late Sh. Ram Kumar (ITAT Delhi) It is observed from the assessment order passed by Ld. AO that Ld. AO was well informed regarding the demise of assessee. He was supposed to bring the legal heirs on record as per the details submitted before him during assessment proceedings itself. Once the non-existence of […]...

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Gains made on sale of shares now taxable

As per the proposed amendment and insertion of new section 112A of the Income-tax Act, 1961, long-term capital gains made on sale of equity shares or equity-oriented unit to be taxable at the rate of 10% with effect from 1 April 2018....

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Posted Under: Fema / RBI |

Whether subsidy by Government is capital receipt or revenue receipt

Recently the Supreme Court while disposing off the batch of cases along with Chaphalkar Brothers [TS-589-SC-2017] held that grant of subsidies by the State Governments of India by way of exemption from entertainment tax to newly constructed multiplexes would qualify as capital receipt under the Indian Tax Act. ...

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Posted Under: Fema / RBI |

RERA Non-Compliancy Not a Trifling Matter

Much has been said about the all-encompassing Real Estate Regulatory Act (RERA) which is bringing about a decisive change for the long-term success of sellers and buyers alike. The Act is indeed touted to be the Government’s trump card to oust corruption and malpractices from the real estate sector. However, though it was a move worth a...

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Posted Under: Fema / RBI |

Amount paid to RMCs for Foreign Currency Purchase cannot be treated as Commission liable to TDS

DCIT Vs. M/s. Cox & Kings (I) Ltd. (ITAT Mumbai)

DCIT Vs. M/s. Cox & Kings (I) Ltd. (ITAT Mumbai) Assessee has a foreign exchange division approved by the RBI and is authorized to buy foreign exchange and travelers cheques from RMCs and others and sell them to persons in need of them. RMCs are also authorized by RBI to buy foreign currency from non […]...

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Late Fee U/s. 234E for TDS Default Committed prior to 01/06/15 not leviable: ITAT

Sh. Rajesh Kumar Kukreja Vs. DCIT (TDS) (ITAT Delhi)

The Income Tax Appellate Tribunal in its recent order deleted late Fee levied on ground of TDS default since it is committed prior to 1st June 2015. ...

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CBEC: The root cause analysis of corruption reveals interpretation- Part I

The way interpretation is practiced by the miraculous Indian bureaucracy to cheat the Indian citizens in numerous ways on everyday basis. They make a foolish law & then foolishness perpetuates in terms of interpretation to harass the assesses to no end & you may complaint right up to the Cabinet Secretary or the minister but to no avail. ...

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Posted Under: Fema / RBI |

Detailed analysis of new taxation regime of LTCG proposed in Finance Bill 2018

While Finance Bill, 2018 introduced a new tax regime for taxation of on long term capital gain on specified class of asset, there has been a lot of confusion regarding applicability, tax ability and calculation of the same. Here in this article, I have tried to clarify the same along with the illustration....

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Posted Under: Fema / RBI |