I am honored to be elected as the President of the Institute for the year 2014-15 to serve this great profession with the support of all of you. I am grateful to my council colleagues for showing confidence and faith in me. I thank all of you for your trust, and shall strive to live up to your expectations.
Earlier there was dispute on duty liability and classification of Polyester Staple Fiber (PSF) and Polyester Filament Yarn (PFY) manufactured from plastic waste or scrap or plastic waste including waste polyethylene terephthalate (PET) bottles.
In the case of the assessee, summons issued by the Assessing Officer to the shareholder companies were duly served upon them and the shareholder companies responded to the Assessing Officer by affirming the investment made
Tribunal has come to the conclusion that for the purpose of imposition of penalty u/s 271(1)(c) as a result of search assessments made u /s 153A, original return of income filed u/s 139 cannot be considered. It was held that concealment of income has to be seen with reference to additional income brought to tax over and above the income returned by the assesee in response to notice issued u/s 153A
Grossing up of Dividend for distribution tax – increase in effective Dividend Distribution tax rate of 3.47% The Finance (No.2) Bill, 2014 proposes to levy dividend distribution tax by grossing up the dividend payable for the purpose of computing liability towards dividend distribution tax. As per the existing provision of Section 115-O dividend distribution tax […]
Section 15C of the Indian Income-tax Act 1922, which deals with exemption from tax of newly established industrial undertakings, provides in sub-s. 2(i) that the section applies, among others, to any industrial undertaking which is not formed by the splitting up, or the reconstruction of business already in existence.
Recently, MCA came out with an advertisement in national dailies apprising the investors of the new regulations which the Companies should follow while inviting deposits from general public.
If the production of cinematograph film amounts to manufacture of an article or goods within the meaning of section 104(4)(a) as it then stood, it follows that the said activity must be treated as an industrial undertaking within the purview of section 80J of the Income-tax Act, 1961. Apart from the circular, we are satisfied that, even on a common sense view, “film production” will have to be considered as a manufacturing activity and the undertaking will have to be considered as an industrial undertaking.
Issue – Whether on the facts and in law, the Hon’ble Tribunal was correct in holding that the investment in tax free securities/investments are represented by assessee’s own funds in the shape of share capital and reserves, ignoring the fact that the assessee is a bank involved in transactions
What the section is designed to strike at is advance or loan to a shareholder and the word shareholder can mean only the registered shareholder. The Hon’ble Supreme Court following the judgment in the case of Commissioner of Income Tax v/s C. P. Sarathy reported in 1972 (83) ITR 170(SC) held that the beneficial owner of shares whose name does not appear in the register of the shareholders of the company cannot be said to be a shareholder though he may be beneficially entitled to the shares but he is not a shareholder.
