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No Disallowance U/s. 14A if no expenditure incurred to earn exempt income; ITAT Restores file to AO

May 31, 2017 2007 Views 1 comment Print

Vision EL Tech & Services (P.) Ltd. Vs DCIT (ITAT Bangalore) From the details filed it is observed that there are several instances of fresh investment as well as sale of investment in shares, evidencing frequent movement in the assessee’s investment portfolio and accordingly it cannot be accepted that no expenditure has been incurred by […]

Expense on PF in respect of Contractual Labors is allowable

May 31, 2017 4548 Views 0 comment Print

Assessee is not in a position to recover the amounts paid as provident fund contribution for the respective contract laborers, or considering the business exigencies when the Assessee bears the expenses on account of Provident Fund contribution, then whether in such a situation the expenses can be disallowed?

SEBI discussion paper on Draft Code of Conduct for Index Providers

May 31, 2017 1917 Views 0 comment Print

To solicit the comments/ views from market participants on the issue of code of conduct for index providers to enhance greater level of transparency, increased disclosure requirements and to provide broad framework for Index Providers while managing/ maintaining Indices.

Notification No. 51/2017-Customs (N.T.) Dated 31st May, 2017

May 31, 2017 5868 Views 0 comment Print

Notification No. 51/2017-Customs (N.T.) Silver, in any form, in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed

Facility for Online Generation of Rotation Number by Shipping Lines/ Agents – reg.

May 31, 2017 5826 Views 4 comments Print

The present system for allotment of ‘Rotation Number’ for vessels has been reviewed. Under the present process for the allotment of ‘Rotation Number’ for a vessel that calls on a port, the concerned Shipping Line or Shipping Agent (SL/SA) must file an application with the designated section in the Custom House, along with the desired particulars in the prescribed format.

Notification No. 22/2017-Customs Dated: 31st May, 2017

May 31, 2017 4494 Views 0 comment Print

The following categories of exports made from 1st April, 2005 to 19th February, 2006 shall not be counted for calculation of export performance or for computation of entitlement under the scheme -(i) export of imported goods covered under para 2.35 of the Foreign Trade Policy or exports made through transshipment;

Disposal of Departmental Inquiries pending beyond 6 months -reg.

May 31, 2017 966 Views 0 comment Print

I would like to bring to your notice that as many as 296 cases of disciplinary proceedings are pending in the Zones across India where the Inquiry Officers have not submitted the Inquiry Reports.

New Composition Scheme for Builder and Developer

May 31, 2017 46728 Views 0 comment Print

A Developer who opted for the said Composition Scheme was required to pay 1% composition amount in lieu of the tax, on the agreement (i.e. registered) value or the value determined for the purpose of payment of Stamp Duty, whichever is higher

GST: Padharo Mhare Desh

May 30, 2017 5505 Views 3 comments Print

We, the Marwaris of India, traditionally either traders or (chartered) accountants, are inherently of ‘adjustive’ nature. We adjust well with native people wherever we settle and we are also good in making book adjustments! It is another matter that due our book adjustment skills, demonetization was a cat among us Marwari pigeons! Now, the lion called ‘GST’ has entered our life and our day-to-day conversations.

Aadhaar Shouldn’t Be a Pre-requisite to Get Food Articles from Ration Shops

May 30, 2017 1074 Views 0 comment Print

The respondents are directed to ensure that all those who hold a Ration Card are issued the Rations as per the entitlement without insisting upon the holder of the Ration Card obtaining an Aadhar Card.

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