Chairman CBEC: In Order to have Smooth Flow of Goods Across Border , There is Need for Increasing Cooperation Betrween Customs and Tax Authorities of Different Countries; Inaugurates Two Day 11th Asia Europe Meeting (Asem) Of the Customs’ Directors General – Commissioners at Goa; Representatives from 44 Countries Along with European Union and Asean Secretariate Participate in Two Day International Meet.
Finance Minister Shri Arun Jaitley has emphasized the need for common reporting standards on Automatic Exchange of Information to be implemented globally to prevent international tax evasion and avoidance.
It said the tax authorities should treat each taxpayer as a customer of the Tax Department and make adversarial approach between taxpayer and department a thing of the past. Customer focus should be strengthened and taxpayers should be provided with facilitating services to encourage him to comply with the taxation rules which should be easy.
ITAT Pune held In the case of M/s. Vishay Components India Pvt. Ltd. vs. ACIT that where the revenue from year to year has accepted the method adopted by the assessee for benchmarking its international transactions with its associate enterprises, in the absence of any reasons brought
Delhi High Court held in the case of CIT v Smt. Priyanka Singhania that if the search warrant was issued in the name of the father of Assessee, then the proceedings of the search and seizure against the assessee was totally void and bad in Law.
In the case of CIT v Sri Chand Gupta, Delhi High Court held that during search and seizure under section 132, any declarations made by the assessee could not discharge his liability to the extent of cash seized as Section 132(5) of the Act does not deal with appropriation of the assets seized.
In the Case of DIT v M/s Ericsson Communications Ltd. , Delhi High Court held that when the Industrial policy of Government of India mentions that there should be no royalty paid to the parent foreign collaborator company by the Indian wholly subsidiary company then the reversal
In the case of CIT v Canon India Pvt. Ltd., Hon’ble High Court held that whenever a subsidiary company is getting subsidy from it’s holding company, then the amount of subsidy which has not been spent will not be considered as income of the Assessee.
ASSOCHAM has reiterated for allowing foreign domestic investment (FDI) in retail industry and modernisation of wet market through public-private partnership (PPP) with adequate safeguard so that these new corporations do not become monopolistic and charge high price.
GST constitutional amendment may be passed in Winter Session of Parliament The GST, a much-awaited reform to replace multiple indirect taxes with one levy shall be implemented with effect from April 1, 2016 as all preparations including rules, legislation and others have been duly undertaken, said Mr K.M. Mani, chairman of the GST Empowered Committee […]
