JCIT Vs. Surya Vinayak Industries Ltd. (ITAT Delhi) In the above group cases search was conducted and assessments were framed u/s 153A/143 (3). The search was conducted on 21.03.2007 and concluded on 22.03.2007. Hence last of the authorisation of search u/s 132 was executed on 22.03.2007.
CIT Vs. Five Vision Promotors Pvt. Ltd. (Delhi High Court)- AO made addition on account of share application money u/s 68 which was confirmed by the CIT. On appeal ITAT held that assessee has proved identity, genuineness & creditworthiness of the investors.
In the article instances have been incorporated from various international books and papers and I have acknowledged the names of writers/books wherever required, so the readers are requested not to raise any issues on the content/copy right issues. I express my sincere gratitude to the authors/writers/ my FM Guru and all the finance books which helped me write few words on this topic.
CIRCULAR NO : 20/2015 The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head Salaries during the financial year 2015-16 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules).
Circular No. 1012/19/2015-CX Doubts have been raised regarding availability or otherwise of central excise duty exemption under notification No.20/2007-Central Excise dated 25.04.2007 to new units or units undertaking substantial expansion after 01.12.2014 in the North Eastern Region including Sikkim pursuant to the suspension of fresh registrations by the Department of Industrial Policy & Promotion (DIPP) for the schemes under North East Industrial and Investment Promotion Policy (NEIIPP), 2007 with effect from 1.12.2014 vide OM No.10(1)/2014-DBA-II/ER dated 01.12.2014.
Will food products become dearer? Will Land and Real estate be kept under GST? Will Service providers be happy with GST? How Manufacturers would be affected? What’s going to be in case of Works Contracts? How Power and Telecommunication sector be adversely affected? What about International Trade? Whether it will be zero rated or taxed??
Notification No. 89/2015 – Income Tax For the purposes of sub-section (1) of section 282, the addresses (including the address for electronic mail or electronic mail message) to which a notice or summons or requisition or order or any other communication under the Act (hereafter in this rule referred to as “communication”) may be delivered or transmitted shall be as per sub-rule (2).
F.No.312/109/2015-0T I am directed to say that as on 01.11.2015, there were 2.07 lakh returns involving refund claims of Rs.659 crore for AY 2013-14 and 12.90 lakh returns involving Rs.4,837 crore for AY 2014-15 still pending for processing and issue of refunds. These returns have not been selected for scrutiny under CASS.
Based upon credible information of tax evasion and large scale financial irregularities committed by a group based at Chennai and Tiruchirappalli, the Investigation Wing of the Income Tax Department at Chennai has been conducting investigation. As part of such investigation, searches under section 132 and surveys under section 133A of the Income-tax Act, 1961 are being conducted at the residential and business premises of the key functionaries of the group, today i.e., 1st December 2015.
Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India,change / prescribe for the automatic as well as the approval route of FCCBs, any provision or proviso for issuance of FCCBs.
