M/s Nikon India (Pvt) Ltd. Vs. DCIT (ITAT Delhi) In the light of various case laws & on bare reading of the provision prescribed in Act: ITAT held that as AMP is an international Transaction and TPO is having jurisdiction over it even without any reference is made by A.O.
ITAT Delhi in DCIT Vs Deepsons Southend held that if there is change in the profit sharing ratio of the partnership and all the partners remain same in the new partnership deed then that would not be change in the constitution of the firm so the loss of the firm could be carried forward.
ITAT New Delhi held in ACIT Vs Phonix Lamps India Ltd that if the assessee was selling its final product to particular parties continuously and there was no return of the final product. Moreover there was no complaint of any defect in the finished product.
ITAT Mumbai held In the case of J.P MORGAN SERVICES PVT LTD Vs. ITO held that ‘benefits of enduring nature’ is not the sole factor to categorise an expense as capital expense. Expenditure for improving “operational efficiency” regarding Project Management Study will be considered as Revenue in Nature.
CIRCULAR NO. 34 of 2015-16 I, S.S.Yadav, Commissioner, Value Added Tax, do hereby extend the last date of filing of online return in Form 9 for the year 2014-15, prescribed under Rule 4 of Central Sales Tax (Delhi) Rules, 2005 to 29/2/2016.
Notification No. 13/2016 – Customs (N.T.) Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-
Considering the technical snag in uploading the 704-audit report for 2014/15,in the last week, the last date for filing 704-Audit report for the period 2014/15 is extended up to 21st January 2016. Source- http://mahavat.gov.in/Mahavat/index.jsp
Trade Notice No.13/2015-20 all those exporters of services who do not possess IEC are urged to voluntarily obtain IEC from Regional Authorities of (RAs) of DGFT. All trade and industry chambers are requested to impress upon their members (exporters of services) to voluntarily obtain IEC and use it while effecting export /import of services so that trade statistics relating to export/import of services can be captured effectively.
Reducing litigation with the taxpayers has been a key focus area for the Income Tax Department. Several initiatives have been taken by the Central Board of Direct Taxes in the last three months up to December 2015 to significantly reduce disputes and provide relief to taxpayers facing long standing litigation.
The fundamental principles with respect to Board Meetings are laid down in the Act. SS-1 facilitates compliance with these principles by endeavouring to provide further clarity where there is ambiguity and establishing benchmark standards to harmonise prevalent diverse practices. For the benefit of companies, SS-1 provides necessary flexibility in many cases viz. with respect to […]
