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Direct Tax Laws
 [2015] 56 160 (Karnataka)
Losses of eligible business were to be reduced while computing sec. 80-IA relief even if they were already set-off -IT: While computing profits from eligible business for allowing deduction under section 80-IB, deduction of losses set off against profits from other business has to be taken into consideration Read Morenew
 [2015] 56 300 (Gujarat)
Decision by third judge due to difference of opinion between two judges couldn’t be termed as decision by larger bench -IT : Decision of the High Court u/s 259(2) by referring to a third Judge where the two Judges hearing the appeal differ in opinions is not the same as a decision rendered by a Bench of three Judges with one dissenting. Therefore, past Division Bench judgments of the same HC would bind the third Judge(referee Judge) who is hearing on the point of difference between the two Judges Read Morenew
 [2015] 56 36 (Andhra Pradesh and Telangana)[2014] 369 ITR 180 (Andhra Pradesh and Telangana)
Sale proceeds of diamonds weren't unexplained when assessee had furnished details of buyer and manner of payment -IT : Where in support of sale of diamonds not only particulars of persons who purchased diamonds were furnished but also manner of payment was disclosed, impugned addition made under section 68 in respect of sale proceeds of diamonds was to be set aside Read Morenew
 [2015] 56 176 (Karnataka)
Sec. 54F relief available in entirety if investment exceeds sale proceeds, irrespective of usage of housing loan -IT: Where even before sale of agricultural land, assessee borrowed housing loan and started construction on site belonging to him and after sale of agricultural land, amount spent towards construction of house was more than consideration received, assessee was entitled to benefit of section 54F Read Morenew
 [2015] 56 173 (Delhi)
HC didn't interfere with depreciation allowed on asset which was purchased and leased back without overvaluation -IT : Where assessee purchased assets from an unrelated party and leased them back to said party and there was no overvaluation of assets so as to claim higher depreciation for reducing tax liability, Explanation 3 to section 43(1) could not be applied to deny depreciation Read Morenew
 [2015] 56 86 (Bombay)
Reassessment upheld as assessee claimed sec. 80-IB relief without declaring that he didn't have license to manufacture -IT : Where during original assessment proceedings, assessee-company had not declared to department that it did not possess factory license to manufacture and claimed deduction under section 80-IB, initiation of re-assessment proceedings was justified Read Morenew
 [2015] 56 163 (Karnataka)
HC allows sec. 54F relief even if sale proceeds not deposited in CG scheme as assessee intended to invest -IT: Where assessee had already started construction of a residential house within one year prior to date of sale of land and utilised entire sale consideration within three years from date of transfer of land, he could not be denied exemption under section 54F Read More
 [2015] 56 164 (Delhi)
AO of searched person has to record satisfaction that undisclosed income belongs to other person u/s 158BD -IT : Satisfaction of Assessing Officer of person searched or against whom an order under section 132A has been passed, that any undisclosed income belongs to a third person, is prerequisite before proceedings under section 158BD are initiated Read More
 [2015] 56 147 (Karnataka)[2015] 370 ITR 246 (Karnataka)
Sum received under MOU entered with owner to identify buyers for property was taxable as business income -IT: Where assessee entered into a memorandum of understanding with owner of property for a consideration, to identify buyers of property, and he had no intention to acquire capital asset in lieu of transfer and only facilitated transfer of capital asset from owner to purchaser and made profits, such profits would be assessible as business income and not capital gains Read More
 [2015] 55 426 (Bombay)
Confirmation of postal authorities is sufficient to prove service of assessment order in time -IT : Where postal authorities evidenced that assessee had received copy of assessment order within prescribed time, contention of assessee that he received same late, was unjustified, and, revision petition filed by him against said order was time barred Read More
 [2015] 55 421 (Gujarat)
No reassessment on basis of auditor's objections when AO was aware of controversy at assessment stage -IT : Where reassessment proceedings made on basis of audit objection and mere change of opinion on same set of evidence on record, available at time of assessment, reassessment was to be quashed Read More
 [2015] 56 162 (Delhi)[2015] 371 ITR 11 (Delhi)
AO couldn’t deny sec. 80-IC relief to manufacturer of LCD monitors merely by doubting genuineness of claim -IT: Where LCD monitors manufactured by assessee was covered under Schedule XIV and Assessing Officer proceeded on basis of doubts as to genuineness of claim rather than some concrete material, disallowance of deduction under section 80-IC was not justified Read More
 [2015] 56 141 (Bombay)
No reassessment on basis of mere change of opinion by AO to deny depreciation on non-compete fees paid -IT : Where assessee's claim of depreciation on non-compete fees paid, was accepted by Assessing Officer in regular assessment after verifying details, notice issued for reassessment was based on change of opinion and same was not sustainable Read More
 [2015] 55 534 (Bombay)
No sec. 194J TDS on sale of goods to stockiest below MRP by treating the differential amount as managerial fees -IT : Where assessee had received sale price from stockist but had not paid/credited any amount to stockist, question of invoking section 194J against assessee did not arise Read More
 [2015] 56 67 (Delhi)
Sec. 69A invoked against company on basis of statement of director recorded during survey -IT: Where assessee had not offered any satisfactory explanation regarding surrendered amount being not bona fide and it was also not borne out in any contentions raised before lower authorities, additions so made after adjusting expenditure were justified Read More
 [2015] 56 41 (Madhya Pradesh)
HC denied to condone delay in filing appeal by a Co. as director didn't give true facts about service of ITAT's order -IT : Where assessee-company filed contradictory affidavits and had not given true and correct facts about service of order of Tribunal, delay in filing appeal could not be condoned Read More
 [2015] 55 428 (Madras)[2014] 369 ITR 500 (Madras)
Filing of return by power generating unit has to be treated as an exercise of option by it to claim depreciation -IT : Filing of return of income within prescribed time under section 139(1) along with audit report has to be treated as an option exercised by assessee in terms of second proviso to rule 5(1A) for claiming depreciation Read More
 [2015] 56 151 (Bombay)
Exp. incurred on issue of shares to set-up a manufacturing unit couldn't be capitalized; deductible u/s 35D -IT: Depreciation is not allowable on capitalised expenditure on issue of shares; such expenditure would fall within provision of section 35D Read More
 [2015] 55 425 (Gujarat)
No penalty on assessee without considering his explanation, even though he had accepted additions made by revenue -IT : Where addition was made an account of non-existing liabilities which was accepted by assessee only to avoid litigation, penalty imposed solely on basis of said addition overlooking details and explanation filed by assessee could not be sustained Read More
 [2015] 56 149 (Karnataka)
Income from letting out of building alongwith other facility is taxable as business income if both are inseparable -IT : Where facilities given by assessee along with let out buildings/commercial establishments were inseparable and entire construction and interiors of buildings was done with sole intention of carrying on business, entire income would be assessed as 'business income' Read More
 [2015] 55 447 (Karnataka)
Interest earned by society on short-term deposits in course of providing credit facilities was deductible u/s 80P -IT : Where co-operative society was engaged in business of providing credit facilities to its members, deposited excess amount for short term in bank, interest earned was entitled to be deducted under section 80P Read More
 [2015] 56 89 (Delhi)
No additions by AO relying upon report of Valuation Officer in absence of any material indicating undervaluation -IT: Where due disclosure of acquisition of properties had been made in course of regular assessments by assessee, Assessing Officer in block assessment could not have brought to tax said amounts based upon DVO's report in absence of any material pointing to under valuation Read More
 [2015] 55 478 (Allahabad)
HC lambasts AO for making suo-motu rectification when superior authority had passed order in favour of assessee -IT : Assessing Officer could not pass order suo motu under section 154 levying interest under sections 234B and 234C when superior authority had already passed an order against levy of interest Read More
 [2015] 56 112 (Karnataka)
No deemed income of NR u/s 9 when it had established Liaison office in India to purchase goods for export -IT/ILT: Activity of assessee-liaison office of a foreign company being confined to purchase of goods in India for purpose of export, fall under purview of Explanation 1(b) to section 9(1)(i) and, thus, not exigible to tax Read More
 [2015] 55 422 (Bombay)
Firm couldn't be assessed for transfer of tenancy rights vested in individual partners of firm -IT : Where on examination of evidence it was clear that tenancy of rental premises belonged to individual partners and not to assessee-firm and consideration was received by partners in individual capacity, addition made in income of assessee-firm was not justified Read More
 [2015] 55 477 (Gujarat)
HC allowed revenue exp. even if it was claimed for first time in course in assessment proceedings -IT: Claim of revenue expenditure made for first time in course of assessment proceeding without revising return of income, was allowable under section 37(1) Read More
 [2015] 56 16 (SC)
Non-mentioning of block period in notice doesn’t invalidate notice or vitiate block proceedings; SLP dismissed -IT : SLP dismissed against High Court ruling that non-mentioning of block period in notice issued under section 158BC would not invalidate notice nor would vitiate proceedings as one without jurisdiction Read More
 [2015] 56 68 (Allahabad)[2014] 369 ITR 307 (Allahabad)
Chief CIT can't condone delay in filing exemption application under sec. 10(23C) -IT : Where assessee's application under section 10(23C)(vi) was rejected on ground that it was filed beyond prescribed date, in view of fact that Chief Commissioner in whom power is vested for condonation of delay is not a Court within meaning of section 5 of Limitation Act, 1963, impugned order rejecting said application was to be confirmed Read More
 [2015] 56 50 (Bombay)[2015] 370 ITR 38 (Bombay)(MAG.)[2015] 274 CTR 113 (Bombay)
Super built area couldn't be equated with built-up area while allowing relief under sec. 80-IB -IT : Super-built up area cannot be equated with built-up area to determine area of a residential flat to allow deduction under section 80-IB Read More
 [2015] 55 448 (Bombay)
HC denied to admit writ against Setcom's order as its admission would lead to abatement of application -IT : Revenue's writ petition against order of Settlement Commission was not entertained having regard to fact that entertaining same would result in expiry of 18 months time-limit stipulated in section 245D(4A)(iii) and abatement of settlement application, but revenue was given liberty to raise its contention at hearing under section 245D(4) Read More
 [2015] 55 454 (Bombay)
Depreciation claimed on basis of incorrect valuation calls for reassessment -IT: Where assessee was allowed depreciation on intangible assets but thereafter during survey assessee's managing director agreed to withdraw 50 per cent of such depreciation and valuer of said assets stated that his valuation could not be used for claiming depreciation, there was tangible material for reopening of assessment Read More
 [2015] 56 44 (SC)
SLP granted against HC's order holding that 15% of profit of Dutch Co. was attributable to its PE in India -IT/ILT : SLP granted against order of High Court where it was held that since assessee-Dutch company was engaged in providing travel industry services of Computerized Reservation System and its Indian distributor merely gave connection to Indian travel agents for booking and major functioning of collecting and data analysis/development took place in, USA, attribution of 15 per cent of assessee's profit to India was just and proper Read More
 [2015] 56 85 (Bombay)
High Court rebukes ITAT for taking decision by simply relying upon HC's order without adverting to relevant material -IT : Matter was remanded to Tribunal where Tribunal disallowed advertisement expenses, ignoring its order for prior assessment years allowing deduction of similar expenditure Read More
 [2015] 56 87 (Calcutta)
High Court gives opportunity to S.R. Batliboi to furnish evidences to justify incurring of huge conference exp. -IT : Matter needed readjudication where assessee claimed for opportunity to produce all relevant evidences to justify incurring of huge business expenditure Read More
 [2015] 56 19 (SC)
SLP granted as HC held that deemed dividend was taxable in hands of registered shareholder instead of beneficiary -IT : SLP granted against High Court Ruling that deemed dividend was to be taxed in hands of shareholder whose name was entered in register of shareholder and not in hands of beneficially/beneficiary firm Read More
 [2015] 56 18 (SC)
Certificate of incorporation and PAN don't prove genuineness of Co. if evidence indicated it as paper Co. -IT : SLP dismissed against High Court ruling that certificate of incorporation, PAN etc., are not sufficient for purpose of identification of subscriber company when there is material to show that subscriber was a paper company and not a genuine investor Read More
 [2015] 56 17 (SC)
SLP dismissed against HC's order making additions u/s 68 as assessee failed to prove genuineness of transaction -IT : SLP dismissed against ruling of High Court that where assessee could not prove capacity of creditor and genuineness of transaction, addition of gift amount under section 68 was to be allowed Read More
 [2015] 56 35 (Kerala)[2014] 369 ITR 536 (Kerala)
Notification specifying higher depreciation on commercial vehicles acquired in specific period wasn't discriminatory -IT : Notification providing for accelerated depreciation at rate of 50 per cent for new commercial vehicles acquired on or after 1-1-2009 but before 1-10-2009 is not discriminatory and not violative of fundamental rights of assessee who purchased vehicles between 1-10-2009 to 31-3-2010 Read More
 [2015] 56 42 (Calcutta)
Exp. incurred on office to repair damages caused by floods would be treated as revenue exp. -IT : Expenditure which was necessary to repair damage caused by fire/flood, was to be treated as revenue expenditure Read More
 [2015] 56 20 (SC)
No reassessment to disallow sec. 35D deduction which was allowed after scrutiny assessment; SLP dismissed -IT : SLP dismissed against High Court ruling that where for several years deduction for amortization of GDR issue expenses under section 35D had already been allowed, that too after scrutiny assessment, same could not be disallowed in current year by reopening Read More
 [2015] 56 51 (SC)
Assessee has to reply to sec. 148 notice even if jurisdiction of AO is disputed, Supreme Court dismissed SLP -IT/ILT: SLP dismissed against order of High Court where it was held that even if existence of PE of petitioner non-resident company within jurisdiction of Assessing Officer was in dispute, if petitioner had not made aware Assessing Officer that no income chargeable to tax had escaped assessment and had merely told him that he had no jurisdiction to issue reassessment notices, it did not act strictly in accordance with law Read More
 [2015] 56 72 (Punjab & Haryana)
HC sets aside order transferring jurisdiction of assessee as it was made without hearing to assessee -IT : Where revenue authorities transferred assessee's jurisdiction from one place to another without serving it a notice or affording an opportunity of hearing, order so passed being in violation of provisions of section 127(2), deserved to be set aside Read More
 [2015] 55 470 (Delhi)
AO to examine whether Co. was entitled to investment allowance on transfer of machinery under amalgamation scheme -IT: Where, under scheme of arrangement, 9 out of 13 industrial units held by respondent company were transferred to three newly formed companies, scheme would be covered under expression 'otherwise transferred' in sub-section (5) of section 32A, hence benefit of investment allowance was rightly withdrawn Read More
 [2015] 55 453 (Gujarat)
Interest paid after execution of slump sale and initiation of business operations couldn't be capitalized -IT : Where at time of acquisition of assets, assessee had no income to reduce its tax liability by way of enhanced WDV of assets, Assessing Officer was in error in invoking Explanation 3 to section 43 for disallowance of excess depreciation Read More
 [2015] 55 531 (Bombay)
No reassessment by AO solely on basis of ground raised in assessment without having any tangible material -IT: Where Assessing Officer raised query with regard to bad debts claimed by assessee and after satisfaction passed original assessment order, re-assessment without recording any tangible material was unjustified Read More
 [2015] 55 449 (Madras)[2015] 370 ITR 173 (Madras)
Issuance of credit note to purchaser due to excess billing couldn't partake the character of bad-debts -IT : Where assessee, having found that it had charged higher amount in respect of certain export, issued credit notes to purchasers and correspondingly revised debts, it could not be said to be a case of writing off of debt Read More
 [2015] 55 443 (Karnataka)
Addition of unexplained investment in building held as stock-in-trade would be allowed as deduction on its sale -IT : Where building was already sold by developer and alleged excess amount of investment on building was actually in nature of expenditure, net tax would be nil Read More
 [2015] 56 182 (Madras)
Donation of educational trust not to be held as capitation fee without enquiring from students; sec. 11 relief given -IT : Denial of exemption u/s 11 to "capitation fees disguised as donations" has to be based on relevant material Read More
 [2015] 56 15 (SC)
SLP dismissed against HC's order denying sec. 154 rectification as re-computation of turnover required explanations -IT : SLP dismissed against order of High Court where it was held that since recomputation of turnover of assessee would not be confined to arithmetical or adding figures, rather explanation and answers would be required, said determination could not be undertaken under section 154 Read More
 [2015] 55 438 (Bombay)[2015] 371 ITR 225 (Bombay)[2015] 274 CTR 1 (Bombay)
No reassessment on pretext of wrong allocation of exp. between units if sec. 80-IA relief was granted in assessment -IT: Assessing Officer having allowed assessee's claim for deduction under section 80-IA/80-IB in course of assessment under section 143(3), could not initiate reassessment proceedings merely on basis of change of opinion that there was inappropriate allocation of expenses between various units eligible for deduction Read More
 [2015] 56 14 (SC)
SetCom’s order wasn’t to be interfered with due to error in computing penalty unless exercise of power was perverse -IT: SLP dismissed against High Court ruling that even if there was an error of law or fact in calculating penalty by Settlement Commission, discretion exercised by it requires no interference unless exercise of power made by Settlement Commission was perverse requiring interference under article 226 of Constitution Read More
 [2014] 52 112 (Andhra Pradesh and Telangana)[2014] 367 ITR 421 (Andhra Pradesh and Telangana)
High Court upheld sec. 69 additions as assessee failed to explain source of investment -IT : In view of failure of assessee to explain source of investment for earning certain undisclosed income, reasonable addition suggested by revenue on account of unexplained investment on estimate basis was to be confirmed Read More
 [2015] 55 536 (Delhi)
High Court allows Sec. 54 relief on provisional booking of a house as it amounts to acquisition of 'capital asset' -IT: Even where assessee acquired property by provisional booking, he was eligible for section 54 deduction for cost of improvement along with cost of investment Read More
 [2015] 56 13 (Andhra Pradesh and Telangana)[2015] 370 ITR 205 (Andhra Pradesh and Telangana)(MAG.)
Assessee can't claim interest on refund if there is no delay on part of department in granting refund -IT : Where there was no delay on part of department in making refund after furnishing indemnity bond by assessee, no interest on refund was allowable Read More
 [2015] 56 7 (Delhi)
Doc seized during search not to be relied upon by AO to make additions when doc was undated and unsigned -IT : Where Assessing Officer made addition to assessee's income on basis of a document seized in course of search, in view of fact that document seized was both undated and unsigned and even taken at face value did not lead to further enquiry on behalf of Assessing Officer, impugned order of Tribunal deleting addition was to be confirmed Read More
 [2015] 55 446 (Bombay)[2014] 368 ITR 655 (Bombay)
Limitation period to revise an order won't begin from date of reassessment if issue isn't subject to reassessment -IT : For issues which were not subject of reopening, period of limitation for revision would commence from date of order of assessment and not reassessment Read More
 [2015] 55 518 (Calcutta)[2014] 368 ITR 395 (Calcutta)
HC directs Chief CIT to examine whether assessee engaged in teaching music/dance is educational institution -IT : HC directs Chief CIT to examine whether assessee engaged in teaching music/dance is educational institution Read More
 [2015] 55 480 (Kerala)
Assessee has to collect TCS on sale of imported timber to dealers -IT : Where assessee was engaged in importing timber and thereupon selling it to registered dealers in country, assessee was required to collect tax at source from purchasers/dealers in terms of section 206C at time of sale Read More
 [2015] 55 468 (Gujarat)
Non-refundable membership fees received from members to be apportioned and taxed over period of membership -IT : When services were to be rendered for a period of years, both revenue and expenditure were to be shown proportionate to degree of completion of service Read More
 [2015] 55 423 (Calcutta)
Plastic Pouch development exp. is in nature of scientific research exp; allowable under Sec. 35 -IT : Plastic pouch development expenses being in nature of scientific research or acquisition of patent rights or copy right would come under purview of section 35 or 35A; said expenses were not allowable under section 37(1) Read More
 [2015] 55 489 (Delhi)[2015] 274 CTR 84 (Delhi)
Amount paid for using know-how to produce hydro-power equipment is taxable as royalty: High Court -IT/ILT : Where assessee, an Austria based company, entered into agreement with Indian company for furnishing know-how and technical assistance for producing hydro power equipment, amount received for right to use technical know-how would be taxable in India as 'royalty' whereas amount received for rendering technical services would be taxable to extent it is attributable to activities actually performed in India Read More
 [2015] 55 315 (Karnataka)
Directors not liable for tax dues of Co. if AO failed to show that dues were not recoverable from Co. -IT : Unless it was shown that it was not possible to recover tax due from said company, no liability could be fixed on assessee-director of said company to pay due tax Read More
 [2015] 56 117 (Uttarakhand)
Sec. 5 shall not operate to exclude income of NR which is covered under presumptive provisions of sec. 44BB -IT/ILT : Sec. 5(2) shall not operate to exclude amount received outside India for computing income presumptively u/s 44BB Read More
 [2015] 55 473 (Karnataka)[2014] 369 ITR 463 (Karnataka)
Units should be custom bonded is a pre-requisite to claim exemption for custom duty and not for sec. 10A exemption -IT : Customs bonding is not a requirement or a condition precedent for granting exemption under section 10A Read More
 [2015] 55 479 (Bombay)
Failure to consider satisfaction recorded under sec. 158BD is a mistake apparent from record -IT : There was an error apparent on record in Tribunal's order where Tribunal had not considered evidence of satisfaction recorded under section 158BD Read More
 [2015] 55 475 (Allahabad)
Payment made to transporter for providing buses on hire basis along with driver would attract TDS u/s 194C -IT : Where assessee-company entered into contract with transporters for providing buses for giving pick-up and drop facilities to its employees, in view of fact that transporters were contractually obliged to maintain buses in proper condition and drivers and conductors were also to be provided by them, assessee was liable to deduct tax at source under section 194C while making payments to transporters Read More
 [2015] 55 511 (Karnataka)
Cash payments exceeding 20,000 made to fisherman to purchase fish won't invite sec. 40A(3) disallowance -IT: Where assessee had purchased fish from fisherman/headman of fisher, no disallowance under section 40A(3) would be made even if payment in cash exceeded prescribed limit Read More
 [2015] 55 514 (Bombay)
No revision by CIT treating exp. on creation of brand as capital exp. when AO examined this issue in assessment -IT : Where view taken by Assessing Officer that brand building expenses incurred by assessee were revenue expenditure was possible view on facts, order of Assessing Officer could not be set aside in section 263 proceedings Read More
 [2015] 55 467 (Karnataka)
No reassessment if revenue didn't furnish copy of sworn statement on basis of which proceedings were initiated -IT : Where assessee was not furnished with copy of statement made by person allegedly providing accommodation entries in respect of sale purchase of shares by assessee, reassessment on basis of said statement was not justified Read More
 [2015] 55 512 (Calcutta)
Sec. 68 additions upheld on failure of assessee to prove source of cash receipts credited in books -IT : Where two cash receipts were found credited in books of account of assessee on account of repayment of his dues and sale of shares but he could not satisfy Assessing Officer by adducing proper evidence regarding source of said money, said amounts were rightly added to assessee's income under section 68 Read More
 [2015] 56 81 (Bombay)
Tax Recovery Officer couldn't pass arrest order against petition for non-submission of proposal to pay SEBI's dues -IT : Where in recovery proceedings initiated by SEBI, petitioner failed to furnish proposal of payment of dues, detention and arrest order passed by Tax Recovery Officer against petitioner was arbitrary and illegal Read More
 [2015] 55 380 (Gujarat)
No disallowance of interest even if borrowed sum was re-invested at lower rate -IT : While considering assessee's case under section 57(iii), competent authority cannot split transaction in more than one part and select any particular part so as to say that such part is illegal or illegitimate or impermissible and deny to extend benefit in respect of same Read More
 [2015] 55 515 (Karnataka)
Provision made for obsolete inventory was deductible as such treatment was in accordance with AS-2 -IT : Where assessee did not reduce value of obsolete items from value of inventory and instead made provision for obsolescence, such accounting treatment was in compliance with AS-2 and said provision was an allowable deduction Read More
 [2015] 55 513 (Madras)
No denial of sec. 10B benefit if transaction with AE wasn't made for shifting profits to assessee -IT: Where finding of Assessing Officer that related parties had sold granite to assessee at lesser price thereby shifting their profit to assessee, and that such amount of profit was to be reduced from business profits of assessee while computing deduction under section 10B, was berefit of details and based on incomplete investigation, disallowance made under section 10B was to be deleted Read More
 [2015] 55 516 (Karnataka)
No denial of exemption to a trust if trustees were paid for their services in proportion to growth of trust -IT : When there was substantial growth in trust on account of services rendered by trustees, to trustes payment made to trustees for such services was not in violation of section 13 and benefit under section 11 was available Read More
 [2015] 55 540 (Mumbai - Trib.)
A merchant banker isn't functionally comparable with an investment advisor for TP study -IT/ILT: Merchant banking and investment banking services are functionally different from investment advisory support services Read Morenew
 [2015] 55 429 (Hyderabad - Trib.)
Sum appropriated by co-operative bank towards education fund out of earlier year wasn't deductible -IT :Where assessee, a co-operative bank, credited one per cent of profits earned in earlier years to Co-operative Education Fund maintained by National Co-operative Union, since amount paid was not out of profits of year which were subjected to tax it could not be allowed as deduction Read Morenew
 [2015] 56 159 (Delhi - Trib.)
Co. having huge turnover and brand value in comparison to assessee is excludible from list of comparables -IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering software development services to its AE, in view of fact that some of comparables selected by TPO were inappropriate on account of turnover, brand value and functional difference as they were involved in development of softwares, impugned addition was to be set aside and, matter was to be remanded back for disposal afresh Read Morenew
 [2015] 56 76 (Pune - Trib.)
Even investment in name of partners would provide sec. 54EC relief to partnership firm -IT : Where partners of assessee-firm introduced land and building as their capital contribution to firm, said land and building became property of firm and, therefore, capital gain arising on sale of said property was taxable in hands of assessee-firm Read Morenew
 [2015] 56 77 (Mumbai - Trib.)
ITAT reduces disallowance as claim was reasonable even if certain vouchers were self-made and not verifiable -IT: Deduction on account of 'raw material discarded' could not be allowed to assessee where it could not furnish any relevant detail to satisfaction of Assessing Officer Read Morenew
 [2015] 56 128 (Hyderabad - Trib.)
TPO gets flak from ITAT for comparing a trading concern with manufacturing concern for TP purposes -IT/ILT: Where assessee-company was engaged only in trading of Grey Bentonite Clay, a company engaged in manufacturing of Bentonite could not be selected as comparable Read Morenew
 [2015] 56 256 (Mumbai - Trib.)
Collection centers working for Path Labs can't be compared with trader of goods to decide TDS liability u/s 194H -IT : Traders of goods cannot be compared with service providers / collectors/ aggregators working with pathological laboratories, as latter provide only agency services Read More
 [2015] 56 272 (Mumbai - Trib.)
Order pronounced by ITAT beyond 90 days from date of conclusion of hearing isn't bad in law -IT : Order of ITAT does not become bad in law if pronounced beyond 60/90days as prescribed in Rule 34(5)(c) Read More
 [2015] 56 132 (Delhi - Trib.)
No TP addition by AO on basis of notional price instead of using actual price charged from non-AE under CUP method -IT/ILT : It is actual transaction of charging or paying price in a comparable uncontrolled transaction which is to be considered for purposes of determining ALP under CUP method and there can be no question of substituting such actual price charged with a notional price which could have been charged Read More
 [2015] 56 43 (Mumbai - Trib.)
ITAT directs AO to make same disallowance u/s 14A which was made in earlier year, as facts remained unchanged -IT : Where in earlier assessment year, Assessing Officer had worked out disallowance under section 14A at 10 per cent of exempt income from composit activity, on similar fact in current year, basis of disallowance was to be same Read More
 [2015] 56 129 (Mumbai - Trib.)
Comparable excluded/included earlier had to be given same treatment in later years if facts remained unchanged -IT/ILT: Where a company had been included/excluded from list of comparables in earlier years, consistent with view taken in earlier years and there being no change in facts and circumstances in instant year, same had to be included/excluded in list of final comparables Read More
 [2015] 56 140 (Bangalore - Trib.)
No exclusion of comparable on basis of info obtained u/s 133(6) without making available such info to assessee -IT/ILT: Where Assessing Officer has excluded a company from comparable list on basis of information obtained under section 133(6) but does not make available said information to assessee, comparability should be considered afresh Read More
 [2015] 56 157 (Delhi - Trib.)
Communication of factual inconsistencies by departmental auditor doesn't put fetters on initiation of reassessment -IT : If Assessing Officer fails to examine an issue during assessment proceedings and later developments warrant its examination, it would not be case of 'change of opinion' at time of initiation of re-assessment Read More
 [2015] 56 48 (Kolkata - Trib.)
MAT Companies are liable to pay interest on account of default in payment of advance tax -IT : Interest under sections 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under section 115JB Read More
 [2015] 56 255 (Mumbai - Trib.)
Sec. 54F relief allowed to wife as she gifted one house to her husband and held only single house on date of transfer -IT : Gift of house to spouse cannot be disregarded for the purpose of assessee's eligibility for deduction u/s 54F Read More
 [2015] 55 472 (Panaji - Trib.)[2014] 166 TTJ 174 (Panaji - Trib.)
Sec. 80P : Co-operative society not to be deemed as co-operative bank if it didn't receive any deposits from public -IT: Where assessee, a co-operative society did not receive deposits from public and, moreover, by-laws of society permitted admission of any other co-operative society as its members, assessee could not be regarded as primary-co-operative bank and, there being no application of section 80P(4), its claim for deduction under section 80P(2)(a)(i) was to be allowed Read More
 [2015] 55 452 (Chennai - Trib.)
Fee paid to electricity board for using distribution network isn't FTS as it doesn't involve human intervention -IT : Where assessee paid charges to State power utility for using its distribution network to sell energy generated and same did not involve any human intervention, assessee was not required to deduct TDS under section 194J Read More
 [2015] 56 111 (Delhi - Trib.)
Reimbursement of exp. to foreign AE was taxable if no nexus was found between services rendered and reimbursement -IT/ILT : Where assessee-company, a tax resident of UK, had received certain sum from a foreign company which was engaged in exploration and production of oil in oil fields of India and claimed same to be reimbursement of actual cost, but could not establish one to one nexus between services rendered to said company and alleged reimbursement, it would be fair to tax assessee's receipts under section 44BB Read More
 [2015] 56 40 (Mumbai - Trib.)
Sec. 80-IA: Assessee can't deduct brought forward depreciation from Gross Total Income instead of business income -IT : Where assessee deducted brought forward unabsorbed depreciation from gross total income and claimed deduction, assessee's manner of computing deduction was incorrect and same was to be deducted only from business income Read More
 [2015] 55 488 (Mumbai - Trib.)
Sum incurred in organizing a sports event to promote brand of foreign AE is an international transaction: ITAT -IT/ILT : Where expenditure incurred by sports channel owned by Mauritian AE for organizing brand promotional sport event in UAE was reimbursed by Indian assessee, same would fall under ambit of international transaction and was to be dealt under provisions of transfer pricing Read More
 [2015] 56 113 (Mumbai - Trib.)
Sum paid to manufacture batteries of 'Kodak Camera' without supplying raw materials wasn't liable to sec. 194C TDS -IT : Transaction between assessee and manufacturer for manufacturing of specific batteries with name of assessee printed on cell, was to be treated as an 'agreement of purchase' which would not fall under provisions of section 194C Read More
 [2015] 56 238 (Delhi - Trib.)
No TDS on additional payment made due to Forex fluctuation if tax was deducted at the time of credit of payment -IT/ILT: Provisions of section 195 provide that once tax is deducted at source at the time of credit of payment, there can be no question of deduction of tax at source on full or in part at the time of payment. Once tax was deducted at the first stage when the amount of income was credited to the account of payee, which was done by converting foreign currency into TT buying rate on that particular date, then the assessee could not be called upon to deduct tax at source on the additional liability Read More
 [2015] 55 464 (Mumbai - Trib.)
ITAT directs AO to re-determine whether sum received by foreign Co. was reimbursement or FTS -IT/ILT: Matter be readjudicated to determine whether sum received by a foreign company from Indian subsidiary was reimbursement of expenses or fee for technical services as per article 13 of DTAA between India and UK in absence of relevant agreement Read More
 [2015] 56 49 (Hyderabad - Trib.)
A software product Company isn't comparable to software development service provider -IT/ILT : A software product company cannot be regarded as a comparable to a company engaged in software development services Read More
 [2015] 55 433 (Cochin - Trib.)[2015] 37 ITR(T) 495 (Cochin - Trib.)
Sum paid by trust to other trusts registered either u/s 12AA or u/s 10(23C) won't be held as application of income -IT : Where assessee trusts advanced loan to other trusts which exceeded 15 per cent of their income, claim of exemption was to be decided in view of Explanation to section 11(2) and section 11(3)(d) Read More
 [2015] 56 237 (Delhi - Trib.)
No TP addition for variation between actual price and ALP of fixed asset but depreciation to be re-computed on ALP -IT/ILT: If there is an international transaction in the capital field, which does not otherwise give rise to any income in itself, then even though its ALP may be computed in consonance with the provisions, but no adjustment can be made for the difference between the declared value and the ALP of such international transaction Read More
 [2015] 56 91 (Pune - Trib.)
Co. providing services to its AE from off-shore location couldn't be compared with a co. rendering on-site services -IT/ILT : A company providing off-shore services to its associated enterprise stands on a different footing from a company rendering on-site services to clients Read More
 [2015] 55 471 (Pune - Trib.)[2014] 165 TTJ 721 (Pune - Trib.)
'Bakshish' paid to harvesting labours by sugarcane manufacturer on behalf of farmers won't attract sec. 194C TDS -IT : Where assessee a sugar manufacturer made payment of harvesting and transportation charges to harvesting and transport contractors on behalf of farmers which formed part of purchase price of sugar cane for assessee, and same had not been claimed as separate deduction, provisions of sections 194C and 194H were not applicable and consequently said payments could not be disallowed under section 40 (a) (ia) Read More
 [2015] 56 92 (Bangalore - Trib.)
Sum received by foreign co. from sale of software licence to end user customers in India held as royalty -IT/ILT : Payment received by assessee a non-resident company for sale of software license to end user customers in India amounts to royalty in hands of assessee Read More
 [2015] 56 53 (Hyderabad - Trib.)
ITAT denied to rectify its order as it was passed after considering arguments of assessee and materials on record -IT : Where Tribunal, while upholding addition by invoking section 50C on account of capital gains on sale of property, considered arguments of assessee and all materials on record, rectification application was to be dismissed Read More
 [2015] 56 73 (Lucknow - Trib.)[2014] 36 ITR(T) 435 (Lucknow - Trib.)
AO couldn't refer matter to departmental valuation officer without rejecting books of assessee -IT : Assessing authorities could not refer matter to Departmental Valuation Officer without books of account being rejected Read More
 [2015] 56 45 (Hyderabad - Trib.)
DRP to reconsider case as assessee contended that reassessment was invalid due to assessment being held as void -IT/ILT : Matter was to be remanded to DRP to consider preliminary objection of assessee challenging validity of reassessment proceedings Read More
 [2015] 55 485 (Delhi - Trib.)
TP adjustments set aside as comparables had functional differences with entity engaged in investment advisory -IT/ILT : TPO's adjustment to assessee's ALP in respect of rendering investment advisory services to its AE, was to be rejected when some of comparables selected by him were functionally different Read More
 [2015] 56 78 (Hyderabad - Trib.)
Amount reimbursed to AE which doesn't affect profitability is excludible from operating cost for TP study -IT/ILT : Where companies selected by TPO as comparables had been held by co-ordinate bench of Tribunal in assessee's own case for earlier years, as not comparable due to functional difference from assessee ITE service provider, said companies were to be excluded from list of comparables in current year also Read More
 [2015] 56 90 (Delhi - Trib.)
TPO gets flaks from ITAT for treating a manufacturing Co. as comparable to a Co. rendering travel support services -IT/ILT: A company engaged in manufacturing activity has different FAR from company rendering project support services to its associated enterprise and cannot be selected as comparable Read More
 [2015] 55 533 (Jaipur - Trib.)[2014] 166 TTJ 485 (Jaipur - Trib.)
Disallowance made due to retrospective amendment in law doesn't invite concealment penalty on assessee -IT: Assessee could not be penalized under section 271(1)(c) for claims which were not disallowable by any express provision at relevant time, but were disallowed in view of retrospective amendment Read More
 [2015] 56 88 (Visakhapatnam - Trib.)
Assessee can claim sec. 54B and 54F reliefs, simultaneously, on sale of agricultural land -IT: Assessee is entitled to exemption under both sections 54B and 54F and they are not mutually exclusive and independent of each other Read More
 [2015] 56 79 (Pune - Trib.)
Pune ITAT allows depreciation on Goodwill following verdict of Apex Court in Smifs Securities -IT : Where under share sale and purchase agreement assessee purchased 51 per cent shareholding of company 'M' while assigned debts of Rs. 1.35 crores to 'M' for Re. 1 only and subsequently recovered amount was shown and taxed in hand of company 'M', original loss of Rs. 1,34,99,999 was in fact compensation paid to company 'M' for surrendering their 51 per cent share; hence, a capital expenditure Read More
 [2015] 55 487 (Mumbai - Trib.)
ITAT rejects entities with high related party transactions and functional differences in comparable lists -IT/ILT : Addition made to assessee's ALP in respect of rendering advisory and support services to its AE for development of business in petroleum, natural gas etc. was not sustainable as some of comparables selected by TPO were improper on account of related party transactions and functional difference etc. Read More
 [2015] 55 486 (Delhi - Trib.)
Mistake apparent from records when income having been offered to tax wasn't considered in scrutiny assessment -IT/ILT: Where assessee himself had offered dividend income and paid tax thereon at rate of 15 per cent but Assessing Officer had not considered this income while making order under section 143(3), there was apparent mistake in assessment order which could be rectified under section 154 Read More
 [2015] 56 52 (Delhi - Trib.)
AO couldn't presume suppression of sale consideration of property transferred merely on basis of DVO's report -IT : Where full value of consideration received as a result of transfer of a 'capital asset' is less than stamp value, then, such stamp value is to be substituted with full value of consideration Read More
 [2015] 56 156 (Delhi - Trib.)
Receipts predominantly for use of property rather than incidental services taxable as income from house property -IT : Where shops situated in hotel premises which included commercial complex also, were let out on rent without any dominant incidental services as part of this arrangement for purposes of running offices and commercial establishments, it was not a case of anything more than simple letting out of property as emphasis was on property itself rather than services; rental income is to be taxed under the head 'income from house property' Read More
 [2015] 55 538 (Hyderabad - Trib.)
Section 50C won't apply to an encumbered property, says ITAT -IT : Where property held by assessee was encumbered and, thus, she was not absolute owner of property, while computing capital gain arising from transfer of such a property, market value of property as taken for purpose of payment of stamp duty could not be adopted as sale consideration by applying provisions of section 50C Read More
 [2015] 55 539 (Pune - Trib.)
TP adjustment has to be made only for international transaction with AE and not with unrelated parties -IT/ILT: Determination of transfer pricing adjustment should be restricted to value of international transactions carried out by assessee with its associated enterprises and not to unrelated parties Read More
 [2015] 55 537 (Hyderabad - Trib.)
Interest-free loan taken from tenant isn't includible in 'Annual Letting Value' of property on notional basis -IT : Where assessee let out its hotel premises, in view of fact that apart from rent assessee also received interest free loan from tenant which had no nexus with leasing of property, notional interest on said loan could not be included while computing ALV of property Read More
 [2015] 55 424 (Delhi - Trib.)
Voluntary disallowance by assessee under Sec. 14A couldn't be enhanced by AO without showing any reason -IT: Where Assessing Officer could not found any deficiency in assessee's books of account and could not prove that assessee's computation of section 14A disallowance for earning exempt income was incorrect, assessee's claim was to be allowed Read More
 [2015] 56 12 (Pune - Trib.)
No TP adjustment by ignoring transaction in entirety and by picking up those which are in revenue's favour -IT/ILT : Where TPO made addition to assessee's ALP in respect of purchase of raw material from AE located abroad by applying internal CUP method, matter was to be remanded back for disposal afresh with a direction that transaction of import from AEs was to be considered in entirety to calculate amount of adjustment instead of only those common products whereby import price from AEs was higher vis-a-vis purchase price from local third parties Read More
 [2015] 55 444 (Kolkata - Trib.)[2014] 34 ITR(T) 549 (Kolkata - Trib.)
No disallowance of loss claimed in return filed u/s 153A after the due date prescribed under sec. 139(1) -IT : Raw materials purchased by assessee for first time production would be allowable as revenue expenditure Read More
 [2015] 56 118 (Mumbai - Trib.)
Application of income by trust for charitable purposes outside India doesn't lead to denial of Sec. 12AA registration -IT : Registration u/s 12AA cannot be refused to a trust which applies its income for charitable purposes outside India Read More
 [2015] 55 520 (Mumbai - Trib.)
Mere establishment of subsidiary in other country won't be deemed as PE of foreign Co. -IT/ILT : Whether establishing a subsidiary in other treaty country would not result in creating and establishing a PE of foreign holding company in said treaty country Read More
 [2015] 55 522 (Lucknow - Trib.) (TM)
Mere non-verifiability of creditors doesn't indicate that they are bogus if purchases are genuine -IT: Where Assessing Officer had drawn an adverse conclusion only on account of non-verifiability of sundry creditors but there being no dispute as regards purchases, and trading results having been accepted, addition made under section 68 was not sustainable Read More
 [2015] 55 469 (Mumbai - Trib.)
Foreign currency futures are transactions of derivative market; they can't be termed as speculative in nature -IT: Transaction of derivative market which included foreign currency and call option/put option could not be termed as speculative in nature Read More
 [2015] 55 484 (Hyderabad - Trib.)
Sum received in foreign currency for rendering technical service abroad isn't taxable in India: ITAT -IT/ILT : Where assessee rendered services as senior drilling engineer at Nigeria to an Indian company, fees was received by assessee in foreign currency for rendering said services outside India could not be brought to tax in India Read More
 [2015] 56 107 (Mumbai - Trib.)
Interest paid on refundable deposits of tenants is allowable u/s 24 if deposits are used to repay housing loan -IT : Interest paid on refundable security deposits received from tenants is allowable under section 24(b) if deposits are used to repay loan taken for purchase of house property Read More
 [2015] 55 412 (Panaji - Trib.)
Payment made to Govt. notified agencies couldn't be deemed as direct payment to Govt.; sec. 40A(3) disallowance upheld -IT: Where assessee, engaged in distributing food grains and Kerosene under PDS scheme, made cash payments to agencies notified by Government, it could not be regarded as payment directly made to Government and, thus, disallowance made under section 40A (3) deserved to be confirmed Read More
 [2015] 55 466 (Visakhapatnam - Trib.)
No TDS disallowance for exp. paid during the year; Visakhapatnam ITAT follows principles of Merilyn Shipping's case -IT: No disallowance under section 40(a)(ia), when payments on which tax was required to be deducted were paid during relevant previous year and nothing remained payable on last day of previous year Read More
 [2015] 55 385 (Kolkata - Trib.)
Amalgamating co. can pass its losses to successor co. only if it was engaged in business for more than 3 years -IT : Unless amalgamating company was engaged in business for three or more years as on date of amalgamation, amalgamated company could not claim set off of brought forward unabsorbed business loss and depreciation of amalgamating company against its income Read More
 [2015] 55 519 (Pune - Trib.)
TPO to allow working cap adjustment when ageing schedule of assessee's debtors was different from comparables -IT/ILT : Where assessee had placed on record a working regarding difference in time lag in sale recoveries in its case and that of three comparables selected by TPO, difference in such time lag was to be applied to Prime Lending Rate (PLR) in order to compute working capital adjustment while determining ALP Read More
 [2015] 55 521 (Lucknow - Trib.) (TM)
Debit entry passed by Co. for allotment of shares to shareholder would invite addition of deemed dividend -IT: Where there were regular trading transactions between assessee-shareholder and company AIL and payments received by assessee from AIL were receipts against sales made during course of commercial transactions, provisions of section 2(22)(e) were not applicable Read More
 [2015] 55 382 (Bangalore - Trib.)
ITAT affirms inclusion of co. with related party transactions of upto 15% in list of comparable entities -IT/ILT : While determining ALP of software development services rendered by assessee to its AE located abroad, comparable companies having RPT upto 15 per cent of total revenues alone could be included Read More
NOTIFICATION NO. 40/2015 [F. NO. 203/3/2014/ITA-II
Govt. notifies 'IIT, Bhubaneswar' as scientific research association under Sec. 35(1)(ii) -IT : Section 35(1)(ii) of the Income-Tax Act, 1961 - Scientific Research Expenditure - Approved Scientific Research Associations/institutions - Indian Institute of Technology, Bhubaneswar Read Morenew
NOTIFICATION NO.41/2015 [F.NO.142/1/2015-TPL]/SO 1
CBDT mandates e-filing for individuals & HUFs claiming tax refund and for ordinarily residents earning overseas income -IT/ILT : Income-Tax (Seventh Amendment) Rules, 2015 – Amendment in Rule 12 and Substitution of Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) And ITR-V Read Morenew
NOTIFICATION NO.39/2015 [F.NO.142/02/2015-TPL]/SO
CBDT doubles exemption limit of conveyance allowance; revised limit notified -IT : Income-Tax (Sixth Amendment) Rules, 2015 – Amendment in Rule 2BB Read More
NOTIFICATION NO.38/2015 [F.NO.142/15/2013-TPL]
Co. intending incorporation can now apply for PAN in Form INC-7 prescribed under Companies Act, 2013 -IT : Income-Tax (Fifth Amendment) Rules, 2015 – Amendment in Rules 114 and 114A Read More
INSTRUCTION NO.3/2015 [F.NO.500/2/2015-APA-II]
Collection of tax from an Indian resident to be suspended during pendency of MAP proceedings invoked by UK based AE -IT/ILT : Section 90 of the Income-Tax Act, 1961 – Double Taxation Agreement – India-Uk Convention for Avoidance of Double Taxation and Prevention of Fiscal Evasion – Suspension of Collection of Taxes during Mutual Agreement Procedure (MAP) Read More
ORDER [F.NO.500/137/2011-FT&TR-III]
Govt. constitutes 'Information Security Committee' in CBDT -IT/ILT : Constitution of An Information Security Committee (ISC) – Broad Responsibilities of Said Committee Read More
Gold and silver rates as on March 31, 2015 -IT/ILT : Gold and Silver Rates as on 31st March, 2015 Read More
NOTIFICATION NO. GSR 235(E) [F.NO.Q.22013/1/2014-A
Govt. revises selection criteria for appointment of Chairman, Vice-Chairman and members of SetCom -IT/ILT/INDIAN ACTS & RULES : Settlement Commission (Income-Tax and Wealth-Tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairmen and Members) Rules, 2015 Read More
Aadhaar Holders Don't Need to Submit ITR-V After E-filing -Aadhaar Holders Don't Need to Submit ITR-V After E-filing [18-04-2015] Read Morenew
HC Offers 3 Options to Taxman in Nokia Case -HC Offers 3 Options to Taxman in Nokia Case [18-04-2015] Read Morenew
FM pitches for low taxes; says taxpayers partners, not hostages -FM pitches for low taxes; says taxpayers partners, not hostages [18-04-2015] Read Morenew
Filing I- T returns becomes tougher -Filing I- T returns becomes tougher [18-04-2015] Read Morenew
Snippets of New ITR Forms and e-Filing requirements: Assessment year 2015-16 -CBDT has amended Rule 12 of Income-tax Rules, 1962 relating to return of income which shall be applicable for the assessment year 2015-16 vide Notification No.4, dated 15-4-2015 [17-04-2015] Read More
Tax Disputes Not Covered under BIPA, Need to be Settled in Court, Says Govt -Tax Disputes Not Covered under BIPA, Need to be Settled in Court, Says Govt [17-04-2015] Read More
HC Questions Cairn India about its Security on Rs.20,000-cr Tax Demand -HC Questions Cairn India about its Security on Rs.20,000-cr Tax Demand [17-04-2015] Read More
Govt draws the line, says no arbitration for tax issues -Govt draws the line, says no arbitration for tax issues [17-04-2015] Read More
PEs seek fine tuning of Budget proposals -PEs seek fine tuning of Budget proposals [16-04-2015] Read More
CBDT names, shames tax defaulters, again -CBDT names, shames tax defaulters, again [16-04-2015] Read More
Coming, a Flood of Tax-free Bonds -Coming, a Flood of Tax-free Bonds [13-04-2015] Read More
FinMin might relax norms for selection of CEO, MD in 5 PSBs -FinMin might relax norms for selection of CEO, MD in 5 PSBs [13-04-2015] Read More
FM launches IFSC at GIFT, assures ‘globally compatible’ tax regime -FM launches IFSC at GIFT, assures ‘globally compatible’ tax regime [11-04-2015] Read More
3 investors keen to take over Nokia plant: TN govt -3 investors keen to take over Nokia plant: TN govt [11-04-2015] Read More
Mumbai Court Orders Investigation Against EIH and Its Board -Mumbai Court Orders Investigation Against EIH and Its Board [10-04-2015] Read More
Regulator may Let Pension Funds Invest in PE and VC -Regulator may Let Pension Funds Invest in PE and VC [10-04-2015] Read More
Ramalinga Raju Jailed for 7 Yrs, Fined Rs 5 crore in Satyam Scam -Ramalinga Raju Jailed for 7 Yrs, Fined Rs 5 crore in Satyam Scam [10-04-2015] Read More
Self-assessment tax paid before due date of filing of wealth tax return isn't subject to interest: CBDT clarifies -IT : Section 17B of the Wealth-Tax Act, 1957 – Return of Wealth – Interest for Defaults in Furnishing of – Chargeability of Interest under Section 17B on Self-Assessment Tax Paid before Due Date of Filing of Return of Net Wealth [09-04-2015] Read More
No capital gain arises on roll over of Mutual Funds under Fixed Maturity Plans as per SEBI norms, CBDT clarifies -IT : Section 2(42A) of the Income-Tax Act, 1961 – Capital Gains - Short-Term Capital Assets – Capital Gains in Respect of Units of Mutual Funds under Fixed Maturity Plans on Extension of Their Term [09-04-2015] Read More
Jewellers Seek a Role in New Gold Monetisation Scheme -Jewellers Seek a Role in New Gold Monetisation Scheme [09-04-2015] Read More
Vigil Tightened to Curb Flow of Black Money from Abroad -Vigil Tightened to Curb Flow of Black Money from Abroad [09-04-2015] Read More
Gilts Need Better Tax, Investment Regime to Draw Retail Investors -Gilts Need Better Tax, Investment Regime to Draw Retail Investors [09-04-2015] Read More
Black money: SIT reviews work of probe agencies -Black money: SIT reviews work of probe agencies [09-04-2015] Read More
Delhi Govt. announces hike in minimum wage rates in Scheduled Employments in NCT of Delhi -IT/CL : Minimum Rates of Wages in Scheduled Employment Under Minimum Wages Act, 1948 in NCT of Delhi Effective From 1-4-2015 [08-04-2015] Read More
Demand notices on FIIs not retrospective -Demand notices on FIIs not retrospective [08-04-2015] Read More
SC rejects Kingfisher plea -SC rejects Kingfisher plea [08-04-2015] Read More
No Retrospective Tax or Tax Exemption -No Retrospective Tax or Tax Exemption [07-04-2015] Read More
Cos Roping in Tax Pros to Avoid Black Money Trap -Cos Roping in Tax Pros to Avoid Black Money Trap [07-04-2015] Read More
I-T Dept Issues Fresh MAT Notices to Foreign Investors -I-T Dept Issues Fresh MAT Notices to Foreign Investors [07-04-2015] Read More
Jaitley Says It Bluntly: India Isn't a Tax Haven -Jaitley Says It Bluntly: India Isn't a Tax Haven [07-04-2015] Read More
About 30% of RGESS demat accounts remain empty -About 30% of RGESS demat accounts remain empty [07-04-2015] Read More
Direct tax collection falls short by Rs. 19,028 cr in FY15 -Direct tax collection falls short by Rs. 19,028 cr in FY15 [07-04-2015] Read More
Cairn India takes govt to court over Rs. 20,494- cr tax demand -Cairn India takes govt to court over Rs. 20,494- cr tax demand [07-04-2015] Read More
Legitimate demands not tax terrorism: FM -Legitimate demands not tax terrorism: FM [07-04-2015] Read More
100 foreign funds get tax demands; total bill might hit USD 10- billion -100 foreign funds get tax demands; total bill might hit USD 10- billion [06-04-2015] Read More
‘UFIA Bill could impact Make in India policy’ -‘UFIA Bill could impact Make in India policy’ [06-04-2015] Read More
Switzerland ups vigil as India threatens criminal action -Switzerland ups vigil as India threatens criminal action [06-04-2015] Read More
Depository receipts’ liberalisation hits income tax hurdle -Depository receipts’ liberalisation hits income tax hurdle [06-04-2015] Read More