In the Case of the Dasrathbhai Narandas Patel v ITO, ITAT-Ahmedabad held that the assessment Proceedings are completely different from Penalty Proceedings and before initiating the penalty proceedings there should be some convincing and corroborative evidence.
ITAT Bangalore held In the case of DCIT vs. M/s. Makino India Pvt. Ltd. that the relief under Section 10A is in the nature of exemption even though termed as deduction. The profits from such 10A units are neither subject to the charge of income tax nor includible in total income.
ITAT Pune held In the case of M/s Jagdamba Sahakari Sakhar Karkhana Ltd. vs. CIT that it is not justified to show the rental income from the leasing out of its entire factory premises and industrial unit as income from business & profession as the assessee has not carried out any business
ITAT Delhi held In the case of ITO (E) vs. M/s Calorex Foundation that application of income is not computation of income and the provisions of application of income would come into play after only the income chargeable to tax is determined
This festive season, service sector has witnessed imposition of Swachh Bharat Cess (SBC) in very hasty move by government. It was promised at the time of the budget that it would only be imposed on some services. Govt has gone back on its word. Further they have been left with very little time to prepare for this new tax. This owed to lack of clarity over various issues, holiday period and limited time between issuance of notification for levy and actual levy.
In the previous article, it was discussed in detail that what is meant by Principle of Destination and Origin Based Taxation and how they work. In this article I would dwell upon another key aspect of taxation i.e. Principle of Neutrality in Taxation. This principle is one of the key foundation principles alongwith the concept of destination based taxation upon which Goods and Services Tax has been implemented around the world.
Refund mechanism under GST: simplified and tech-based:-The report says that GST law shall provide for the cases in which refund claim can be filed. It states some of such cases as excess payment of tax by mistake, export of goods and services under rebate claim, refund of accumulated credit in case of exports, finalization of provisional assessment, refund of pre-deposit where the demand is dropped wholly or partly, refund of tax payment made by embassies or UN bodies, credit accumulation due to output tax being nil or concessional, etc.
Whereas the Official Liquidator attached to the Hon’ble High Court of Punjab and Haryana has moved the following application Under Section 481 of the Companies Act, 1956 for dissolution of the Companies enlisted below.
CIRCULAR No. CIR/CDMRD/DEICE/01/2015, Pursuant to Section 131 of the Finance Act, 2015 and Central Government notification F.No. 1/9/SM/2015 dated August 28, 2015, all recognized associations under the Forward Contracts (Regulation) Act, 1952 are deemed to be recognized stock exchanges under the Securities Contracts (Regulation) Act, 1956 with effect from September 28, 2015. This circular applies to National Commodity Derivatives Exchanges (Exchanges) as defined in the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2015.
G.S.R. (E).-In exercise of the powers conferred under sub-sections (2) and (3) of section 92 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Management and Administration) Rules, 2014, namely:-
