Whether in case of an assessee covered under section 49(1), i.e., in case of gains arising on transfer of a capital asset acquired under a gift or will, capital gains liability has to be computed by considering that assessee held said asset from date it was held by previous owner and on same analogy indexed… Read More »
CIRCULAR NO. 1007/14/2015-CX, F.No. 103/01/2015-CX-3 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS NEW DELHI Dated: October 12, 2015 To Principal Chief Commissioner/Chief Commissioner of Central Excise, Customs and Service Tax (All) Principal Commissioner of Central Excise, Customs and Service Tax (holding charge of Chief Commissioner) (All) Web… Read More »
As per the Following [Notification No.78 /2015/F. No.142/20/2015-TPL Dated 12.10.2015 Govt allows deduction under section 80DDB for treatment of Specified disease on basis of certificate of private hospitals Key Changes : No Need to take certificate from the specialists working in a Government hospital No Need to fill the Form No. 10-I. Note: Specified diseases and ailments for… Read More »
Reference :Section 112, read with section 48, of the Income-tax Act, 1961 and article 14 of the Double Taxation Avoidance Agreement between India & UK/Article 13 of OECD Model Tax Convention Subject Capital gains – Tax on long term capital gains [Equity shares] Assessment year 2010-11 Facts of the Case: Petitioner-Scottish company transferred 4.36 crore… Read More »
Bank cannot simply defer deduction of tax at source on interest on deposits and keep on waiting for certificate under section 197 to be obtained by depositor; it is liable to deduct tax as per mandate of section 194A IN THE ITAT CHANDIGARH BENCH ‘B’ Assistant General Manager (PR) v. Income-tax Officer (TDS), Shimla… Read More »
Where a civil contractor did not produce salary and wage register and other evidences in support of expenses incurred, Assessing Officer was justified in estimating profit at 8 per cent of gross contract receipts under section 44AD IN THE ITAT CUTTACK BENCH Ram Prasad Bhatta v. Assistant Commissioner of Income-tax, Berhampur Circle, Berhampur P.K. BANSAL,… Read More »
Where current account transactions between two group companies were business/commercial transactions, same could not be regarded as deemed dividend under section 2(22)(e) IN THE ITAT DELHI BENCH ‘C’ Ishwar Chand Jindal v. Assistant Commissioner of Income-tax I.C. SUDHIR, JUDICIAL MEMBER AND B.C. MEENA, ACCOUNTANT MEMBER IT APPEAL NOS. 4967 (DELHI) OF 2012 & 2002 (DELHI)… Read More »
SEBI (PROCEDURE FOR SEARCH AND SEIZURE) REPEAL REGULATIONS, 2015 – REPEAL OF SEBI (PROCEDURE FOR SEARCH AND SEIZURE) REGULATIONS, 2014 NOTIFICATION NO.SEBI/LAD-NRO/GN/2015-16/020, DATED 17-9-2015 In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby makes… Read More »
Whether reassessment at instance of audit party on account of non-inclusion of excise duty refund in total income was unjustified ? Held, yes HIGH COURT OF GUJARAT Raajratna Metal Industries Ltd. v. Assistant Commissioner of Income-tax M.R. SHAH AND K.J. THAKER, JJ. SPECIAL CIVIL APPLICATION NO. 7140 OF 2014 JULY 30, 2014 B.S. Soparkar for… Read More »
Assessee would be entitled to interest under section 244A(1)(b) on amount of refund which was deposited by it by way of self assessment tax under section 140A HIGH COURT OF PUNJAB AND HARYANA Commissioner of Income-tax v. Punjab Chemical & Crop Protection Ltd. AJAY KUMAR MITTAL AND FATEH DEEP SINGH, JJ. IT APPEAL NO. 153… Read More »