What is Domain name ? Domain names are used to identify one or more IP addresses. For example, the domain name microsoft.com represents about a IP addresses (IP address is a 32-bit numeric address written as four numbers separated by periods. Each number can be zero to 255. For example, 1.160.10.240 could be an IP… Read More »
IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “B”, KOLKATA [Before Hon’ble Sri N.V.Vasudevan, JM & Hon’ble Sri M.Balaganesh, AM] ITA No.464/Kol/2008 Assessment Year : 2001-02 A.C.I.T., Circle-6, Vs West Bengal Infrastructure Development Finance Corporation, Kolkata Facts of the Case The assessee had not recognized as income interest that has to receive on loans that it… Read More »
IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “B”, KOLKATA [Before Hon’ble Sri N.V.Vasudevan, JM & Hon’ble Sri M.Balaganesh, AM] ITA No.388/Kol/2008 Assessment Year : 2001-02 West Bengal Infrastructure Development Finance Corporation, Kolkata -vs- A.C.I.T., Circle-6, Facts of the case The assessee is a Government company wholly owned by the Government of West Bengal. It… Read More »
Reopening based on retrospective amendment after 4 years not permissible in absence of failure in disclosure of material facts by assessee IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI M/s.Golden Tobacco Limited Vs The Jt.Commissioner of Income-tax Date of Pronouncement :28. 10.2015 The perusal of `Reasons’ would show that, again, these `Reasons’… Read More »
A company (ABC Ltd.) is engaged in the business of manufacturing of packing materials. It owns heavy plant & machineries and other fixed assets. Recently it has revalued its fixed assets and adjusted the resulted gain or loss with total book value of fixed assets, instead of book value of individual asset. Whether accounting treatment… Read More »
A company involved in clinical research and manufacture of bio-products could not be accepted as valid comparable in case of software development services Provider IN THE ITAT BANGALORE BENCH ‘A’ Mindteck (India) Ltd. v. Income-tax Officer, Circle 12 (1), Bangalore N.V. VASUDEVAN, JUDICIAL MEMBER AND ABRAHAM P. GEORGE, ACCOUNTANT MEMBER IT (TP) APPEAL NO. 1082 (BANG.)… Read More »
Due date for filing of Form DP-1 under DVAT further extended to Dec 31, 2015
Date : Nov 24, 2015 RBI grants “in-principle” approval to three applicants for setting up Trade Receivables Discounting System (TReDS) In the Union Budget for 2015-16 the Honourable Union Finance Minister had highlighted the need for and use of TReDS for improving flow of funds to MSME sector by reducing the receivables realisation cycles. TReDS… Read More »
RBI grants ‘in-principle’ approval to NPCI to function as the central unit for Bharat Bill Payment Systems (BBPS) Date : Nov 24, 2015 The Reserve Bank of India has today decided to grant ‘in principle’ approval to the National Payments Corporation of India (NPCI) to function as the Bharat Bill Payment Central Unit (BBPCU) in… Read More »
RBI/2015-16/245 IDMD.CDD.No. 1157/14.04.050/2015-16 November 24, 2015 The Chairman & Managing Director All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/Madam, Sovereign Gold Bonds, 2015-16 A reference is invited to circular IDMD.CDD.No. 939/14.04.050/2015-16 dated October 30, 2015 on Sovereign Gold Bond scheme. 2. It has been decided to shift the issue date of the Sovereign Gold Bond… Read More »