Monthly Archives: October 2015

RBI :Auction of Government of India Dated Securities

By | October 7, 2015
0 Comment

Auction of Government of India Dated Securities RBI/2015-16/197 Ref.No. IDMD/670/08.02.032/2015-16 October 05, 2015 All Scheduled Commercial Banks All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers. Dear Sir/Madam, Auction of Government of India Dated Securities Government of India has offered to sell (re-issue/new) four dated securities for notified amount… Read More »

Investment by Foreign Portfolio Investors (FPI) in Government Securities

By | October 7, 2015
0 Comment

October, 07th 2015 RBI/2015-16/198 A.P. (DIR Series) Circular No 19 October 6, 2015 To, All Authorised Persons Madam/ Sir, Investment by Foreign Portfolio Investors (FPI) in Government Securities Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident… Read More »

Penalty of Section 271(1)(c) could not be imposed if notice did not contain any grounds on which penalty sought to be imposed

By | October 7, 2015
0 Comment

Where show-cause notice under section 274 to assessee was defective as it did not spell out grounds on which penalty was sought to be imposed, order imposing penalty was invalid and, consequently, penalty imposed was to be cancelled IN THE ITAT BANGALORE BENCH ‘A’ H. Lakshminarayana v. Income-tax Officer N.V. VASUDEVAN, JUDICIAL MEMBER AND JASON… Read More »

Purchase of software is not payment for royalty, not liable to TDS

By | October 7, 2015
0 Comment

Definition of ‘royalty’ could not be applied to purchase of software by assessee which did not involve any commercial exploitation thereof Latest Books on TDS IN THE ITAT BANGALORE BENCH ‘C’ Deputy Commissioner of Income-tax v. WS Atking India (P.) Ltd. N.V. VASUDEVAN, JUDICIAL MEMBER AND ABRAHAM P. GEORGE, ACCOUNTANT MEMBER IT APPEAL NO. 1467… Read More »

Interest free advance to Son,Interest Disallowed by ITAT

By | October 7, 2015
0 Comment

Section 36(1)(iii) of the Income-tax Act, 1961 Where assessee having taken loan from bank, gave interest free advance to his son which was not utilised for assessee’s business purpose, Assessing Officer was justified in disallowing interest parallel to bank interest rate on said interest free advance IN THE ITAT CHANDIGARH BENCH ‘SMC’ Jagat Singh v.… Read More »

Estimation of income shall be based on income of that preceding year which is closer to relevant year

By | October 7, 2015
0 Comment

Where Assessing Officer proceeded to calculate agricultural income on basis of agricultural income declared by assessee for assessment year 1998-99 instead of assessment year 2001-02 which was a closer assessment year and made addition, same was to be deleted HIGH COURT OF KARNATAKA S.L. Basavaraj (HUF) v. Assistant Commissioner of Income-tax, Circle-1, Shimoga VINEET SARAN… Read More »

Registration under section 12AA to be granted even if Trust have both charitable and religious objects

By | October 7, 2015
0 Comment

Where assessee trust could have both charitable and religious objects, registration under section 12AA was to be granted to assessee IN THE ITAT CHENNAI BENCH ‘D’ Gilgal Mission India v. Income-tax Officer N.R.S. GANESAN, JUDICIAL MEMBER AND A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER IT APPEAL NO. 3067 (MDS.) OF 2014 JULY  10, 2015 A.S. Sriraman for… Read More »

TDS on Bill management services u/s sec 194C and not u/s 194J as this service is not professional services

By | October 7, 2015
0 Comment

TDS on Bill management services Where assessee made payments towards bill management services, since said services were not in nature of professional services, rather it was a case of service contract, provisions of section 194J would not apply and, tax was required to be deducted under section 194C in respect of said payments HIGH COURT… Read More »