"04 May 2021" Archive - Page 4

No revision by CIT if AO had taken a possible view

Venkatesh Technokraft Pvt. Ltd. Vs ITO (ITAT Chandigarh)

CIT was not justified in exercising his powers under section 263 and considering the assessment order passed by AO as erroneous and prejudicial to the interest of the Revenue as AO after appreciating the complete documentary evidences placed on record and applying his mind to the facts of the case, accepted the evidences filed by assessee...

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Rule 10B | Transfer Pricing | Adjustment to eliminate differences in accounting policies

PCIT Vs Novell Software Development (India) Pvt. Ltd. (Karnataka High Court)

PCIT Vs Novell Software Development (India) Pvt. Ltd. (Karnataka High Court) Facts:  1. Taxpayer, a captive software development and support service provider, is subsidiary of Novell Inc US. The taxpayer provided software development and support services to its US Associated Enterprise and adopted Transactional Net Margin Method. 2. The ...

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Golden Opportunity to file ITR for A.Y-2020-21- Section 139 (4) – Belated Return

Dear friends, as we all know, India is one of the highest populated country of the world but income tax payers are very less in comparison to size of population. To run a country government needs funds which can be collected in the form of taxation. Taxation is of 2 kinds – Direct Tax like […]...

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Posted Under: Income Tax |

Incorporating Internal Financial Controls over Financial Reporting Empirically- Series 1 –Insurance Process (Listed Companies Call)

Incorporating Internal Financial Controls over Financial Reporting Empirically- Series 1 –Insurance Process (Listed Companies Call) As I already stated in my introductory part of this topic, any process will be parted into static and strategic meaning thereby one which is in as it is form and the other requires professional skepticism....

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Posted Under: Income Tax |

Compilation of SEBI Informal Guidance on Insider Trading Regulations

Compilation of Informal Guidance sought by the Market Participants under SEBI (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations) for the period October 14, 2015- March 31, 2021 COMPILATION OF INFORMAL GUIDANCE – SEBI (PROHIBITION OF INSIDER TRADING) REGULATIONS, 2015 (Period October 2015 – March 2021) PREFACE...

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Posted Under: Income Tax |

Whether High Court Judgment can have Pan India applicability

1. As per Article 226(1) of the Constitution, High Courts have territorial jurisdiction to issue writs to any person including government and the judgments and orders passed by them operate within such territorial limits. Article 226(2) provides that even if the seat of the government or authority is not within the territory in which juri...

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Posted Under: Income Tax |

SC directs Rajasthan Private Schools to give 15% deduction in School Fees

Indian School Vs State of Rajasthan & Ors. (Supreme Court of India)

Indian School, Jodhpur & Anr. Vs State of Rajasthan & Ors. (Supreme Court) Ordinarily, we would have thought it appropriate to relegate the parties before the Regulatory Authority to refix the school fees for the academic year 2020­-21 after taking into account all aspects of the matter including the advantage gained by the schoo...

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NEET-PG Exam to be postpone for at least 4 months

A decision was taken to postpone NEET-PG for at least 4 months & the exam will not be held before 31st August 2021. Students will also be given atleast one month of time after announcement of exam before it is conducted. This will make a large number of qualified doctors available for Covid duties....

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Posted Under: Income Tax |

Public Notice No. 4/2015-2020-DGFT, Dated: 04.05.2021

Public Notice No. 4/2015-2020-DGFT 04/05/2021

Inclusion of agency in Appendix 2G of Appendices and Aayat Niryat Forms of Foreign Trade Policy, 2015-20 in terms of Para 2.55 (d) of HBP 2015-20. Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan, New Delhi Public Notice No. 4/2015-2020-DGFT Dated the 4 May, 2021 F. No. 01/53/8/AM20/PSIA-2/IC.—...

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SC judgement in the case of CIT West Bengal Vs. Durga Prasad More

CIT West Bengal Vs. Durga Prasad More (Supreme Court of India)

CIT West Bengal Vs. Durga Prasad More (Supreme Court of India) A brief anaylysis In the Supreme Court of India. CIT west Bengal filed appeal before SC against the order of High Court and SC delivered judgement on 27.8.1971. The name of the assessee was Sh. Durga Parshad More. This is with 82 ITR 540. […]...

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