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Archive: 16 June 2018

Posts in 16 June 2018

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

May 15, 2024 7344 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.

In absence of understanding between parties about reimbursement TDS is deductible on Salary paid to Staff

June 16, 2018 3051 Views 0 comment Print

Power Plant Engineers Ltd. Vs ITO (ITAT Delhi) It is apparent that the persons deputed by the recipient of the income were not routine employees, but were highly qualified and technical employees who were providing the head and brain’ to the assessee company. It cannot be said to be the reimbursement of salary expenditure when […]

Interest on borrowed capital cannot be disallowed for Investment in subsidiaries out of Sufficient own funds

June 16, 2018 1533 Views 0 comment Print

Assessee held own funds of Rs. 23,580 lakhs, whereas investment in subsidiaries stood at Rs. 1,576 lakhs. Presumption in such case would be that assessee had used only its own funds for making investments. Further, there was commercial expediency in making said investments, hence no disallowance was called for.

Audit fees provisions as per NABARD norms is allowable

June 16, 2018 2370 Views 0 comment Print

DCIT Vs Jhajjar Central Coop Bank Ltd. (ITAT Delhi) Ld. Authorised Representative submitted that the provision pertained to audit fee payable to the statutory auditor for the ensuing year. It was further submitted that the statutory audit has to be carried out by a CA Firm recommended by NABARD and the audit fee is also […]

Remuneration paid to Management Graduates related to business is allowable

June 16, 2018 1359 Views 0 comment Print

These are the appeals filed by assessee against the order of CIT(A)-12, Mumbai dated 30/05/2014 for A.Y. 2008-09 and A.Y. 2009-10 in the matter of order passed under Section 143(3) of the Income Tax Act (hereinafter the Act). In the A.Y. 2010-11, Revenue is in appeal before us with respect to disallowance of similar expenses.

Amount received for grant of user rights in a copyright software is royalty income

June 16, 2018 4245 Views 0 comment Print

Elektrobit Automotive GmbH AM Vs Deputy DIT (ITAT Delhi) It was held that license agreement as entered by the assessee itself points out the word royalty. Moreover, considering the facts of case, that license terms obliges the licensee to furnish to assessee monthly statement of supplied products to customers using his software and consequent raising […]

Provisions not backed by any actual expenditure cannot be allowed as deduction

June 16, 2018 798 Views 0 comment Print

DCIT Vs Dia Vikas Capital Pvt. Ltd. (ITAT Delhi) On going through the above details from the assessee’s ledger account, it is seen that sum of Rs. 80,00,000/- is a provision made on 31.12.2008 against the consultancy fees. Similarly there is another item of Rs. 84,50,000/- which is again a provision for consultancy fee. This […]

Revised PAN & TAN application fees wef 16.06.2018

June 16, 2018 46943 Views 11 comments Print

Refer to Circular No.: NSDL/TIN/2018/012 dated Jun 13, 2018, related to Revised PAN application fees . Income Tax Department (ITD) has decided to revise the PAN application fee to be collected from applicants. The PAN applicants shall now have the option to get a physical PAN card or an e-PAN card while submission of PAN application. Following is the revised PAN application fees – applicable from June […]

No GST on reimbursement of expense to Liaison office in India by HO

June 16, 2018 5271 Views 0 comment Print

If the liaison office in India does not render any consultancy or other services directly/indirectly, with or without any consideration and the liaison office does not have significant commitment powers ,except those which are required for normal functioning of the office, on behalf of Head Office, then the reimbursement of expenses and salary paid by M/s Habufa Meubelen B.V. (HO) to the Liaison Office, established in India, is not liable to GST and the applicant i.e. M/s Habufa Meubelen B.V. Jaipur, is not required to get itself registered under GST.

GST on Bio Fertilizer or Organic Manure

June 16, 2018 94026 Views 5 comments Print

The goods (Bio Fertilizer or Organic Manure); other than those put up in Unit Container and bearing a brand name; will be covered under Schedule I of rate of GST on Goods and attracts NIL rate of duty & The goods (Bio Fertilizer or Organic Manure); put up in Unit Container and bearing a brand name, will be taxable under GST @ 5%.

CBDT proposes amendments to Form No. 36, 36A and Rule 47

June 16, 2018 6573 Views 0 comment Print

Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.36 for filing an appeal to the Income Tax Appellate Tribunal (ITAT). Further, a memorandum of cross objections to the ITAT can be filed in Form No.36A.

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