V.Vivek Rajan

Taxation Laws (Amendment) Ordinance, 2019 – Analysis

Income Tax - The, TAXATION LAWS (AMENDMENT) ORDINANCE, 2019 (hereinafter 'Ordinance'), is an ordinance to further amend the Income-tax Act, 1961 and the Finance (No.2) Act, 2019. Since the parliament is not in session and the President of India is satisfied that circumstances exist which render it necessary for him to take immediate action, this Ordin...

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Transfer Pricing – The Expanded Version

Income Tax - The Finance Act, 2012 expanded the scope of the term International Transaction thereby giving the clarity as to what the legislature meant or rather deemed fit to be International Transaction and consequential amendments were also made to other connected sections of Transfer Pricing in the Income-tax Act, 1961. ...

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Suggestions on Draft Companies (Auditor’s Report) Order, 2016

Income Tax - CA Vivek Rajan. V 1. Background : The Ministry of Corporate Affairs [ MCA] vide its notice dated 9th February 2016 had invited suggestions/ comments along with justification in brief on the draft Companies ( Auditor’s Report) Order, 2016, (CARO, 2016). This article contains the suggestions/ comments....

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Assessee has to claim unabsorbed c/f depreciation if he has claimed depreciation allowance for current year

Income Tax - Whether it is open to the assessee to claim depreciation for the current year and not claim unabsorbed depreciation of the previous years. Whether it is unabsorbed investment allowance which is to be allowed as set off in computing the income of the assessee or unabsorbed depreciation. ...

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Allowance of balance additional depreciation under Income-tax Act, 1961- Finance Bill 2015

Income Tax - The Finance Bill, 2015 has proposed to provide allowance for the balance 50% of additional depreciation which has not been allowed in the year of acquisition, in the immediately succeeding previous year. This will apply from AY 2016-17 and subsequent Assessment Year's. ...

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Sec. 80P Principle of mutuality applies to Transfer fees, Non-occupancy/ Car parking charges

Lands End Co-operative Housing Society Limited Vs ITO (ITAT Mumbai) - ITAT Mumbai held in the case of In the case of Lands End Co-operative Housing Society Limited vs ITO, that receipt of transfer fees, Non-occupancy charges and car parking charges are covered by the principle of mutuality....

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Allowance of interest on bank loan is case of Advance to subsidiary & Loans to directors out of reserves

Hero Cycles Private Limited Vs Commissioner Of Income Tax, Central (Supreme Court Of India) - The court also agreed with the view of Delhi HC in CIT vs Dalmia Cement Ltd [ 2002 (254) ITR 377], wherein the court held that once it is established that there is nexus between expenditure and purpose of business (which need not be necessarily be the business of the assessee itself), the Revenue ca...

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AO has to record his satisfaction before proceeding to make addition u/s 14A

I.P. Support Services India (P) Ltd Vs CIT (Delhi High Court) - Delhi High Court Held In the case of I.P. Support Services India (P) Ltd vs CIT that AO cannot invoke Section 14A read with Rule 8D (2) without recording his satisfaction and noted that the recording of satisfaction as to why the voluntary disallowance made by the assessee was unreasonable ...

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Specially designed ponds for rearing of prawns can be treated as a Plant

Victory Aqua Farm Ltd Vs ACIT (Supreme Court of India) - Victory Aqua Farm Ltd vs ACIT (Supreme Court) The assessee has claimed depreciation in respect of these ponds by contending that these prawn ponds are tools to its business and therefore constitute ‘plant’ within the meaning of Section 32 of the Income-tax Act, 1961....

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Interest u/s 234B is automatic even if assessment order does not contain any direction for payment- SC

Bhagat Construction Co Private Limited Vs Commissioner of Income-tax, Delhi (Supreme Court of India) - In the case of Bhagat Construction Co Private Limited vs CIT Hon;ble Supreme Court has held that Interest u/s 234B of Income Tax Act, 1961 is automatic even if assessment order does not contain any direction for payment subject to computation of same in Form I.T.N.S 150...

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Recent Posts in "V.Vivek Rajan"

Taxation Laws (Amendment) Ordinance, 2019 – Analysis

The, TAXATION LAWS (AMENDMENT) ORDINANCE, 2019 (hereinafter 'Ordinance'), is an ordinance to further amend the Income-tax Act, 1961 and the Finance (No.2) Act, 2019. Since the parliament is not in session and the President of India is satisfied that circumstances exist which render it necessary for him to take immediate action, this Ordin...

Read More
Posted Under: Income Tax |

Transfer Pricing – The Expanded Version

The Finance Act, 2012 expanded the scope of the term International Transaction thereby giving the clarity as to what the legislature meant or rather deemed fit to be International Transaction and consequential amendments were also made to other connected sections of Transfer Pricing in the Income-tax Act, 1961. ...

Read More
Posted Under: Income Tax |

Suggestions on Draft Companies (Auditor’s Report) Order, 2016

CA Vivek Rajan. V 1. Background : The Ministry of Corporate Affairs [ MCA] vide its notice dated 9th February 2016 had invited suggestions/ comments along with justification in brief on the draft Companies ( Auditor’s Report) Order, 2016, (CARO, 2016). This article contains the suggestions/ comments....

Read More
Posted Under: Income Tax |

Sec. 80P Principle of mutuality applies to Transfer fees, Non-occupancy/ Car parking charges

Lands End Co-operative Housing Society Limited Vs ITO (ITAT Mumbai)

ITAT Mumbai held in the case of In the case of Lands End Co-operative Housing Society Limited vs ITO, that receipt of transfer fees, Non-occupancy charges and car parking charges are covered by the principle of mutuality....

Read More

Allowance of interest on bank loan is case of Advance to subsidiary & Loans to directors out of reserves

Hero Cycles Private Limited Vs Commissioner Of Income Tax, Central (Supreme Court Of India)

The court also agreed with the view of Delhi HC in CIT vs Dalmia Cement Ltd [ 2002 (254) ITR 377], wherein the court held that once it is established that there is nexus between expenditure and purpose of business (which need not be necessarily be the business of the assessee itself), the Revenue cannot proceed to disallow the claim....

Read More

AO has to record his satisfaction before proceeding to make addition u/s 14A

I.P. Support Services India (P) Ltd Vs CIT (Delhi High Court)

Delhi High Court Held In the case of I.P. Support Services India (P) Ltd vs CIT that AO cannot invoke Section 14A read with Rule 8D (2) without recording his satisfaction and noted that the recording of satisfaction as to why the voluntary disallowance made by the assessee was unreasonable ...

Read More

Specially designed ponds for rearing of prawns can be treated as a Plant

Victory Aqua Farm Ltd Vs ACIT (Supreme Court of India)

Victory Aqua Farm Ltd vs ACIT (Supreme Court) The assessee has claimed depreciation in respect of these ponds by contending that these prawn ponds are tools to its business and therefore constitute ‘plant’ within the meaning of Section 32 of the Income-tax Act, 1961....

Read More

Interest u/s 234B is automatic even if assessment order does not contain any direction for payment- SC

Bhagat Construction Co Private Limited Vs Commissioner of Income-tax, Delhi (Supreme Court of India)

In the case of Bhagat Construction Co Private Limited vs CIT Hon;ble Supreme Court has held that Interest u/s 234B of Income Tax Act, 1961 is automatic even if assessment order does not contain any direction for payment subject to computation of same in Form I.T.N.S 150...

Read More

Tax at source not deductible on reimbursement of cost

Lionbridge Technologies Private Limited Vs ITO (International Taxation) (TDS) (ITAT Mumbai)

ITAT Mumbai has held in the case of Lionbridge Technologies Private Limited vs ITO (International Taxation) (TDS) that There is no liability to deduct tax at source on reimbursement of cost. Consequently for not deducting tax at source, the assessee cannot be treated as assessee in default under sections 201/ 201(1A). ...

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Assessee has to claim unabsorbed c/f depreciation if he has claimed depreciation allowance for current year

Seshasayee Paper and Board Limited vs DCIT (Supreme Court of India)

Whether it is open to the assessee to claim depreciation for the current year and not claim unabsorbed depreciation of the previous years. Whether it is unabsorbed investment allowance which is to be allowed as set off in computing the income of the assessee or unabsorbed depreciation. ...

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Posted Under: Income Tax |

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