"21 June 2018" Archive

Brand is an intellectual property eligible for depreciation U/s. 32

Dy. CIT Vs Kuantum Papers Ltd. (ITAT Delhi)

As per para 7, 8 and 9 of the Accounting Standard 26 (AS 26) issued by the ICAI, the definition of intangible asset and trade mark specifically includes brand names.It was held by the Hon’ble Mumbai Tribunal that brand is an intangible asset eligible for depreciation under Section 32 of the Act....

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No disallowance under rule 8D(2)(ii) r.w. sec. 14A in absence of diversion of interest bearing funds

DCIT Vs SIL Investment Ltd. & Vice-Versa (ITAT Delhi)

In the present case As assessee had established nexus of interest expenses with its main activity of financing and there was not a single amount of interest bearing borrowings which could be related with investment which yielded tax-free dividend income, no disallowance under rule 8D(2)(ii) was called for. AO was directed to compute disal...

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Reopening for non-disclosure of S. 14A disallowance calculation method is invalid

The Nainital Bank Ltd. Vs Asstt. (ITAT Delhi)

The Nainital Bank Ltd.  Vs Asstt. (ITAT Delhi) When the assessee furnished all the facts and figures including the earning of the tax free income and the expenditure which was accepted by the learned AO, it is not open for the AO to say that the income escaped assessment because assessee did not reveal the […]...

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Prompt investigation in fresh series of cases pertaining to ‘Panama Papers’

The fresh release made in the media today under ‘Panama Paper Leaks’ is being promptly looked into by the law enforcement agencies under the aegis of the Multi Agency Group (MAG) already constituted for facilitating coordinated and speedy investigation. ...

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Posted Under: Income Tax |

Only those goods can be detained in respect of which there is a violation of GST Law

Circular No. 49/23/2018-GST (21/06/2018)

Further, it is clarified that only such goods and/or conveyances should be detained/confiscated in respect of which there is a violation of the provisions of the GST Acts or the rules made thereunder....

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Penalty U/s. 272A (2)(k) cannot be imposed for a mere technical venial breach

The New India Assurance Co. Ltd. Vs JCIT (ITAT Kolkata)

Explanation offered by the assessee would constitute ‘reasonable cause’ within the meaning of section 273B of the Act and hence the assessee would be entitled for immunity from levy of penalty u/s 272A(2)(k) of the Act. ...

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S. 69C Bogus Purchases: Right of cross-examination is not absolute

Soman Sun Citi Vs JT. CIT (ITAT Mumbai)

This appeal, filed by the assesseee, being ITA No. 2960/Mum/2016, is directed against the appellate order dated 16.02.2016 passed by learned Commissioner of Income Tax (Appeals)-3, Thane (hereinafter called the CIT(A)), for assessment year 2011-12, appellate proceedings had arisen before learned CIT(A) from the assessment order dated 25.0...

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What actually happened in PNB scam?

What actually happened in PNB scam? Let’s start from the concept. First, Let’s understand how things work. Some importer, let’s call him Nirav Modi or NM, wants to import pearls or diamonds and then sell them. The purchase requires money, so NM approaches a bank, say Punjab National Bank (PNB). PNB says look, I’ll give […]...

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Posted Under: Income Tax |

Payment by firm to ex-partners or to spouses of deceased partners cannot be treated as application of money

The Astt. CIT-11(2) Vs. M/s. Deloitte Haskins & Sells (ITAT Mumbai)

Granting tax relief to Deloitte India, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the provisions relating to Tax deduction at Source (TDS) are not applicable to the professional fee paid by them to its Group Entities in US and Singapore....

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Discussion Paper- Discharge from Responsibility as IRP, RP or Liquidator

IBBI releases Discussion Paper on Discharge from Responsibility as Interim Resolution Professional, Resolution Professional or Liquidator of the Corporate Processes under the Code for comments...

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Posted Under: Income Tax |

Penalty U/s. 271AAA not leviable if Assessee Discloses manner of earning income

Ashok Kumar Arora Vs ACIT (ITAT Delhi)

That the Commissioner (Appeals) has, in view of the facts and circumstances of the case, grossly erred on facts and in law in observing that the surrender made by the assessee is not in course of the statement recorded under section 132(4) and hence section 271 AAA benefit cannot be granted to the appellant....

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Investment In Fixed Deposits– Income Tax Deduction For Aam Aadmi

Where an Individual or HUF has deposited or paid any amount as Fixed Deposit in any Scheduled Bank for a term not less than 5 Years in any previous year subject to Scheme framed by Central Government in this behalf then such Individual or HUF is eligible to claim deduction to the extent of Rs. 1,00, 000 (Rs1,50,000 from AY 2015-16 onwards...

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Posted Under: Income Tax | ,

Tax Planning under section 80C and Section 80E

DEDUCTION U/s 80E -1. Conditions : Applicable to Individuals not to HUF Loan must be taken for Higher studies Loan must have been taken from approved financial and charitable institutions Only Interest is allowed as deduction Deduction is allowed only for 8 years from the date repayment not more than that ...

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Posted Under: Income Tax |

Clarification of SEIS benefits to Steamer Agents, etc

Policy Circular No. 08-DGFT (21/06/2018)

It is clarified that Service Providers like Steamer Agents, etc. shall be entitled for benefits under Service Exports from India Scheme for the services exclusively rendered by them and for which the foreign exchange earnings (or INR payments as allowed under the scheme) are received and retained by them on this account....

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Section 80C Deduction- Investment in Residential House Property

Do you know that buying an house can also provides you tax benefits Under section 80C of the Income Tax Act,1961? In this article we are discussing the Qualifying Amount, conditions, Limits subject to which we are eligible for deduction U/s. 80C for Investment in Residential House Property....

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Posted Under: Income Tax |

SEBI proposes to amend takeover, buyback & Capital Disclosure Norms

PR No. 20/2018 (21/06/2018)

The Board has approved certain amendments to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. As part of the amendments, it has been decided to grant additional time for upward revision of open offer price till one working day before the commencement of the tendering period....

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Customs Rate of Exchange of Foreign Currency Conversion wef 22.06.2018

Notification No. 55/2018-Customs (N.T.) (21/06/2018)

Customs Rate of Exchange of Foreign Currency Conversion wef 22.06.2018 notified vide Notification No. 55/2018-Customs (N.T.) dated the 22nd June, 2018....

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TNVAT Act, 2006 – Zero rate sales – Issue of refund of input tax credit on capital goods – Modified instructions

Circular No. 12/2018 Audit Cell III/l 1727/2018 (21/06/2018)

In the reference first cited, a revised circular in respect of export refunds in supersession of all earlier circulars relating to export refunds has been issued, in which it has been instructed to defer the refund claim relating to input tax credit on capital goods with respect to zero rate sales including exports in para 14 as given bel...

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GST-A Journey of One Year

Goods and Services Tax is about to complete its first year in our Country. It is really a matter of proud that I belong to a State which has first passed /ratified the GST Constitutional Amendment Bill on 12.08.2016 in its State Legislative Assembly. Assam was the first in the Country to pass the GST Constitutional Amendment Bill. ...

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Posted Under: Income Tax |

Audit Under GST Regime

The most favorite word for an assessee under dictionary of GST is REFUND, and the most favorite word for Chartered Accountant(s) under the same dictionary is AUDIT (of course after REFUND...!). Till date, whichever forms and formats are prescribed for Returns, it clearly emphasizes on self assessment processes...

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Posted Under: Income Tax |

Section 270A –Penalty on Under Reporting of Income

The penal provisions contained in section 271(1)(c) provided for levy of penalty for concealment of income or for furnishing inaccurate particulars of income. The amount of penalty to be levied extends from 100% minimum to 300% maximum of the tax sought soughed to be evaded....

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Posted Under: Income Tax |

Liberalized Remittance Scheme (LRS) is not so liberal anymore!

LRS was introduced on February 4, 2004, vide A.P. (DIR Series) Circular No. 64 dated February 4, 2004 read with GoI Notification G.S.R. No. 207(E) dated March 23, 2004, as a liberalization measure to facilitate resident individuals to remit funds abroad for permitted current or capital account transactions or combination of both. ...

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Posted Under: Income Tax |

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