Daily Archives: October 17, 2016

Payment for broadcasting rights of Olympic games isn’t royalty :Federal Court of Australia

By | October 17, 2016

Issue is whether s 128B of the Income Tax Assessment Act 1936 (ITAA 1936) applied to payments that Seven Network Limited (Seven), a resident of Australia, paid to the International Olympic Committee (IOC), a resident of Switzerland, between March 2006 and August 2008 for the broadcasting rights to the Olympic Games. Whether s 128B of… Read More »

CBDT notifies conditions for deemed demerger of erstwhile PSU

By | October 17, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 14th October, 2016 (INCOME-TAX) S.O. 3204(E).— In exercise of the powers conferred by Explanation 5 to clause (19AA) of section 2 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that the reconstruction or splitting up… Read More »

21 KG Gold seized from old Delhi area by Govt

By | October 17, 2016

Department of Revenue Intelligence (DRI) makes seizure of about Rs 12.91 crore including 21 kg Gold worth Rs. 6.47 crore, and Indian Currency notes worth Rs 6.44 crore The Delhi Zonal Unit (DZU) of the Directorate of Revenue Intelligence (DRI), Ministry of Finance seized 20.64 kilogram gold and Indian currency notes worth Rs 6.44 crore… Read More »

Section 40A of Income Tax Act

By | October 17, 2016

Section 40A of Income Tax Act Expenses or payments not deductible in certain circumstances. [ Inserted by the Finance Act, 1968, w.e.f. 1-4-1968.] 40A. (1) The provisions of this section shall have effect notwithstanding anything to the contrary contained in any other provision of this Act relating to the computation of income under the head “Profits and… Read More »

Constitution 101st Amendment Act 2016

By | October 17, 2016

Constitution 101st Amendment Act 2016 of India Constitution 101st Amendment Act 2016 was notified . Relevant provisions are :- Article 246A after Constitution 101st Amendment Act 2016 Article 248 after Constitution 101st Amendment Act 2016 Article 249 after Constitution 101st Amendment Act 2016 Article 250 after Constitution 101st Amendment Act 2016 Article 268 after Constitution… Read More »

Undisclosed income must be found in Search to issue Block Assessment Notice

By | October 17, 2016

Held No incriminating documents were found during the course of search nor was it found that he was in any manner involved in the bank account with his name in the said Bank. Thus it appears that the Respondents-revenue took search and seizure proceedings in respect of the Petitioner on account of mistaken identity. In… Read More »

No job losses under GST: FinMin to CBEC

By | October 17, 2016

No job losses under GST: FinMin to CBEC The finance ministry has assured Central Board of Excise and Customs (CBEC) officers that there will be no reduction of manpower under the new goods and services tax (GST) regimeand the HR policy will be drafted after taking their views on board. In a meeting with the… Read More »

Category: GST