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Writ of quo-warranto cannot be issued, if appointment is temporary

December 11, 2015 3882 Views 0 comment Print

The High Court in a quo warranto proceeding should be slow to pronounce upon the matter unless there is a clear infringement of the law.

Top 5 Must Haves of a Complete Financial Plan

December 11, 2015 525 Views 0 comment Print

and hazards. Take a look at these statistics: Every four minutes, an Indian is killed in a road accident. Every year, chronic illnesses like cancer, heart disease, and respiratory ailments contribute to 60% of all deaths in India[2].

Reassessment without application of mind and examining the facts is invalid and liable to quash

December 11, 2015 775 Views 0 comment Print

Hon’ble ITAT decided in this matter that reopening without application of mind is liable to quash and also elaborate that examination of facts and information received is necessary before reopening. In addition to this legal ground ITAT also heard the appeal on merits

Assessee not entitled to claim any fresh deduction for completed assessments in return filed u/s 153A

December 11, 2015 1275 Views 0 comment Print

ITAT Pune held In the case of M/s. D.J. Malpani vs. ACIT that in respect of the assessments which are completed prior to the date of search, no fresh claim of deduction can be made by the assessee. Therefore in the given case, assessee is not entitled to make a fresh claim in the return filed u/s.153A

Income attributable to activities carried out outside India is not taxable in India

December 11, 2015 848 Views 0 comment Print

ITAT Delhi held In the case of Hyundai Heavy Industries Co. Ltd. vs. ADIT that the said issue is already covered in favour of the assessee by tribunal decision given in earlier years in which the tribunal held that the contracts are divisible.

Clarification on classification of Biodiesel under oleochemicals – reg.

December 11, 2015 811 Views 0 comment Print

F. No. 528/22/2015-STO (TU) The matter has been examined by the Board and it is observed that 100% Biodiesel (referred to as B 100) is an oleochemical derived from vegetable oils or animal fats.

India and Japan signs a Protocol for amending existing Convention for avoidance of double taxation and for prevention of fiscal evasion

December 11, 2015 363 Views 0 comment Print

The Government of India and the Government of Japan signed here today a Protocol for amending the existing Convention for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The existing Convention was signed way back in 1989. Dr Hasmukh Adhia, Revenue Secretary signed the protocol on behalf of the Government of India while Mr Kenji Hiramatsu, Ambassador of Japan on behalf of the Government of Japan.

Re-designation of the post of Chief Commissioner(TPS) as Director General (TPS)

December 11, 2015 2050 Views 0 comment Print

Office Order No. 07/Ad.IV/ 2015 In continuation of Board’s Office Order No.02/Ad.IV/2015 dated 27.08.2015 (F.No.A-11013/20/2015-Ad.IV) regarding creation of Directorate General of Tax Payers Services in CBEC, the post of Chief Commissioner Tax Payers Services will stand re-designated as Director General Tax Payers Services (DGTPS).

Notification No. 61/2015-Customs (ADD), Dated-11th December, 2015

December 11, 2015 7317 Views 0 comment Print

Notification No. 61/2015-Customs (ADD) Seeks to levy definitive anti-dumping duty on import of Cold Rolled Flat Products of Stainless Steel originating in, or exported from the People s Republic of China, Korea, European Union, South Africa, Taiwan (Chinese Taipei), Thailand and USA for a period of five years

Minimum Export Price (MEP) revised to US$ 400 F.O.B. per MT.

December 11, 2015 751 Views 0 comment Print

Notification No. 26/2015-20 The Minimum Export Price (MEP) for export of all varieties of onions as described above is revised from US$ 700 F.O.B. per MT to US$ 400 F.O.B. per MT.

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