Monthly Archives: January 2016

First Information Report (FIR) FAQ’s

By | January 31, 2016

What are the categories of Criminal offences ? Criminal offences are classified into two categories depending on the degree of seriousness / cognizance i.e. cognizable and non-cognizable offence. What is Cognizable Offence for filing First Information Report (FIR)  ? A cognizable offence is one in which the police may arrest a person without warrant. They are… Read More »

Nexus between the investments and interest bearing funds need to be established for disallowance under Section 14A

By | January 31, 2016

Held As regards the interest referred to in the second limb of Rule 8D of the Rules, the assessee contends that the amounts of investment in such securities in the period under consideration is much less than the amount of capital and surplus funds available with the Company and no portion of the borrowed funds… Read More »

Debenture Interest charged in Profit and Loss A/c but not paid would not attract TDS under Section 193

By | January 31, 2016

Held Although the assessee has neither paid nor paid interest to these financial institutions in respect of debentures. However, the liability was provided for, in its account for purpose of compliance of applicable accounting standards and mandatory requirements of Companies Act, 1956. It was, thus, clear no income had accrue to debenture holders, financial institutions.… Read More »

Interest on FDR under lien with Bank for facilitating letter of credit qualify for deduction under Section 10B

By | January 31, 2016

  Held The interest on FDR, the Court has been shown a note of the balance sheet of the Assessee [which was placed before the AO] which clearly states that “fixed deposit receipts (including accrued interest) valuing Rs. 15,05,875 are under lien with Bank of India for facilitating the letter of credit and bank guarantee… Read More »

Payment to intermediaries for hiring of transport for carriage of goods is also liable for TDS u/s 194C

By | January 31, 2016

Held The assessee has entered into contract with these intermediaries for the work of hiring of transport for carriage of goods for the assessee for which payments are made by the assessee to these intermediaries who are not actual transporters but are arranging actual transporters independently from open market for carriage of goods for assessee… Read More »

Uttar Pradesh Joins Uday Scheme ,Net Benefit of Rs 33000 Crore

By | January 31, 2016

Uttar Pradesh Joins “Uday” Scheme , Would Derive an Overall Net Benefit of Rs.33000 Crore Through “UDAY” Shri Piyush Goyal Unveils Logo of “Uday” Scheme The Government of India, the State of Uttar Pradesh and Uttar Pradesh Power Corporation Limited(UPPCL), on behalf of DISCOMs  of Uttar Pradesh (Dakshinanchal Vidyut Vitran Nigam Limited, Kanpur Electric Supply… Read More »

IRDA Invite comments on Draft of IRDA(GENERAL INSURANCE-REINSURANCE) REGULATIONS 2016

By | January 30, 2016

EXPOSURE DRAFT Ref:Ref No :IRDAI/NL/RI/ RI Reg/ Date:29-01-2016 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (GENERAL INSURANCE-REINSURANCE) REGULATIONS, 2016. IRDA (General Insurance-Reinsurance) Regulations, 2013, was notified on 7th February, 2013, stipulating various matters concerning reinsurance business transacted by the insurers/ reinsurers in India. The Insurance Act 1938 has been amended. The Insurance Laws (Amendment) Act, 2015,… Read More »

Revision in Position Limits for Agricultural Commodities

By | January 30, 2016

Securities and Exchange Board of India CIRCULAR CDMRD/DMP/CIR/32/2016                                          January 29, 2016 To, The Managing Directors / Chief Executive Officers National Commodity Derivatives Exchanges Sir / Madam, Sub.: Revision in Position Limits for Agricultural Commodities 1.… Read More »

Tea Board to take over management control of 7 tea estates

By | January 29, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) NOTIFICATION New Delhi, the 28th January, 2016 S.O. 260(E).—Whereas attention of the Central Government has been drawn through various representations to the deteriorating condition of the tea gardens of West Bengal, in particular the tea gardens owned and… Read More »

Govt notified revised Tariff Policy for Power

By | January 29, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1] MINISTRY OF POWER RESOLUTION New Delhi, the 28th January, 2016 TARIFF POLICY No. 23/2/2005-R&R (Vol-IX).—1.0 INTRODUCTION 1.1 In compliance with section 3 of the Electricity Act 2003, the Central Government notified the Tariff Policy on 6 th January, 2006. Further amendments to the Tariff Policy were… Read More »

Passenger jetty at Kanhoji Angre Island by Mumbai Port Trust

By | January 29, 2016

Mumbai Port Trust to build passenger jetty at Kanhoji Angre Island. Union Minister for Shipping and Road Transport & Highways Shri Nitin Gadkari recently laid the foundation stone for construction of a passenger jetty at Kanhoji Angre Island in the presence of Union Minister for Heavy Industries & Public Enterprises, Shri Anant Geete and the… Read More »

MoU to provide 1 lakh trade apprentices for youth in 3 years

By | January 29, 2016

MoU to provide 1 lakh trade apprentices for youth in over 3 years Ministry of Skill Development and Entrepreneurship in line with Prime Minister’svision to make India skill capital of the world, yesterday signed a Memorandum of Understanding (MoU) with Yashaswi Academy for Skills with an objective to exponentially expand the number of apprentices in… Read More »

Settlement application not valid if self-assessment tax not paid

By | January 29, 2016

Held we uphold the contentions of the Revenue by holding that the assessee had not paid the self-assessment tax in the return of income under Section 153-A and 143(2) of the Act for the assessment years 2007-08 to 2012-13, the application was not valid and quashed the order dated 26.05.2014 (Annexure R/4) passed by the… Read More »

Compensation for loss of source of Income is Capital Receipt

By | January 29, 2016

Held It was further observed in Khanna & Annadhanam (supra) as under: “The arrangement with DHS was in vogue for a fairly long period of time (13 years) and had acquired a kind of permanency as a source of income. When that source was unexpectedly terminated, it amounted to the impairment of the profit-making structure… Read More »

Publishing of newspaper is not charitable activity,Not exempt

By | January 29, 2016

Held Publishing of newspaper is a commercial line which cannot be considered as charitable activity, so as to grant exemption u/s.11 of the Act. Accordingly, we are in agreement with the lower authorities and we deny the exemption u/s.11 of the Act. IN THE ITAT CHENNAI BENCH ‘A’ Murasoli Trust v. Assistant Director of Income-tax… Read More »

Rescind notification No. 10/2010 – Customs dated 19th February, 2010

By | January 28, 2016

Seeks to rescind notification No. 10/2010 – Customs dated 19th February, 2010. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 3/2016-Customs (ADD) New Delhi, the 28th January, 2016 G.S.R.       (E).- In exercise of the powers conferred by sub-sections… Read More »

Anti-dumping duty on Melamine exported from Cina

By | January 28, 2016

Seeks to levy definitive anti-dumping duty on Melamine, originating in, or exported from the People’s Republic of China, for a period of five years. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 2/2016-Customs (ADD) New Delhi, the… Read More »

Anti-dumping duty on Mulberry Raw Silk (not thrown) of grade 3A and below exported from China

By | January 28, 2016

Seeks to levy definitive anti-dumping duty on Mulberry Raw Silk (not thrown) of grade 3A and below, originating in, or exported from the People’s Republic of China, for a period of five years. TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT… Read More »