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Direct Tax Laws
  
 SC/HC
  
 [2015] 54 taxmann.com 343 (Delhi)
AO could estimate net profit rate of 8% by referring to Sec. 44AD even if such provision wasn’t applicable -IT : In absence of any material to show net profit rate, presumptive net profit rate of 8 per cent as stipulated in section 44AD could be taken for estimation of income though said provision as such was not applicable to assessee, its turnover being more than Rs. 40 lakhs Read Morenew
  
 [2015] 54 taxmann.com 346 (Andhra Pradesh and Telangana)[2015] 274 CTR 71 (Andhra Pradesh and Telangana)
ITAT couldn’t ignore decision of Special bench even though appeal against such decision was pending before High Court -IT : Tribunal was not justified in passing order of remand for redecision ignoring Special Bench decision of Tribunal on issue even though appeal against same was pending adjudication before High Court Read Morenew
  
 [2015] 54 taxmann.com 132 (Gujarat)[2015] 229 Taxman 166 (Gujarat)
Society to claim exemption under sec. 80P as earlier exemption notification relied by it was repealed by I-T Act, 1961 -IT : Where assessee-co-operative society claimed exemption under notification no. SRO/992 dated 22-12-1950 of Income-tax Act, 1922, which was repealed by Income tax Act, 1961, claim of assessee was to be decided according to section 80P Read Morenew
  
 [2015] 54 taxmann.com 324 (Madras)
Sum paid by bank for installation of application software which enhanced efficiency of operations was revenue exp. -IT : Payment for application software, though there is an enduring benefit, does not result in acquisition of any capital asset and it merely enhances productivity or efficiency of business of assessee and, hence, it has to be treated as revenue expenditure Read Morenew
  
 [2015] 54 taxmann.com 290 (Bombay)
Exp. incurred by a Co. on production of TV commercial for its products is revenue exp. -IT : Expenditure incurred by assessee on film production by way of advertisement films was allowable as revenue expenditure Read Morenew
  
 [2015] 54 taxmann.com 258 (Bombay)[2015] 229 Taxman 252 (Bombay)
Mere routing of gift through banking channel won’t establish its sanctity, says Bombay High Court -IT : Mere routing of a gift through a banking channel would not by itself establish that gift is genuine Read Morenew
  
 [2015] 54 taxmann.com 247 (Bombay)[2015] 229 Taxman 247 (Bombay)
Trust applying 85% of its income on charitable activities would be entitled to sec. 11 relief -IT : Where 85 per cent of gross income of assessee-trust was spent on charitable activities, assessee would be entitled to exemption under section 11 Read More
  
 [2015] 55 taxmann.com 1 (Delhi)
Assessee not entitled to interest on refund of excess self-assessment tax paid by him, rules Delhi HC -IT : Refund of excess self-assessment paid by assessee would not be eligible for interest under section 244A as the provisions of section 244A would not apply thereto Read More
  
 [2015] 54 taxmann.com 289 (Allahabad)
Advance to shareholder was deemed dividend as money lending wasn’t part of business of lending Co. -IT : Where lending of money was not part of business of lending companies, loan/advance given to assessee-shareholder would be treated as deemed dividend under section 2(22)(e) Read More
  
 [2015] 53 taxmann.com 489 (Himachal Pradesh)[2015] 229 Taxman 246 (Himachal Pradesh)[2015] 273 CTR 168 (Himachal Pradesh)
Activity of converting heena leaves into herbal heena powder would amount to manufacture for sec. 80-IB relief -IT : Condition specified in section 80-IB(2)(iv) requiring employment of ten or more workers in process carried out could not be said to have been complied with, when most of workers had not actually worked for more than four months during year Read More
  
 [2015] 54 taxmann.com 256 (Gujarat)[2015] 229 Taxman 215 (Gujarat)
Payment by theater owners to distributors won’t attract sec. 194C TDS as exhibition of films won’t be held as work -IT : Cine-casting/distribution of movies would be outside purview of section 194C requiring tax deduction at source Read More
  
 [2015] 54 taxmann.com 190 (Allahabad)[2015] 229 Taxman 279 (Allahabad)
No denial of registration to educational institution due to existence of other objects besides education -IT: Merely because there are other objects of society does not mean that educational institution is not existing solely for educational purpose Read More
  
 [2015] 54 taxmann.com 334 (Rajasthan)[2014] 369 ITR 132 (Rajasthan)[2015] 273 CTR 522 (Rajasthan)
Mere non-registration of asset in name of assessee doesn’t lead to denial of deprecation claim thereon -IT: Where certain assets were already transferred to assessee-society, assessee's claim for depreciation could not be rejected merely because those properties had not yet been registered in name of assessee Read More
  
 [2015] 54 taxmann.com 310 (Madras)
ITAT rightly determined market value of land on 1-4-1981 after considering doc of 1984 in respect of nearby land -IT: Where Tribunal determined fair market value of land inherited by assessee before 1-4-1981 by considering document of 1984 in respect of nearby land and after allowing certain deductions, no interference was required with such determination Read More
  
 [2015] 54 taxmann.com 288 (Bombay)
HC dismissed condonation plea of revenue alleging non-service of order as it was false explanation of revenue -IT: If explanation for delay in filing appeal is found to be concocted or demonstrate through negligence in prosecuting cause, then, it would be a legitimate exercise of discretion not to condone delay Read More
  
 [2015] 54 taxmann.com 299 (Delhi)
HC exempts interest earned by trust on funds deposited in foreign bank following order of CBDT -IT : Once income derived from property held under by assessee-trust was applied in accordance with charitable objects in view of specific exemption granted by a special order issued by CBDT, there would be no violation of section 13(1)(d) so as to deny exemption Read More
  
 [2015] 54 taxmann.com 293 (Bombay)
AO couldn’t make addition of deemed dividend when assessee wasn’t a shareholder of lending Co. -IT: Where assessee itself was not shareholder of lending company, addition made by Assessing Officer by invoking provisions of section 2(22)(e) was not sustainable Read More
  
 [2015] 54 taxmann.com 316 (Delhi)
Issue relating to promotion of ACIT is first appealable before Central Administrative Tribunal, rules High Court -IT: Where petitioners working on different posts with respondent/CBDT, raised a grievance with regard to their promotions, they were required to approach Central Administrative Tribunal (CAT) in first instance and, thus, writ petition filed by them was not maintainable Read More
  
 [2015] 54 taxmann.com 255 (Karnataka)[2015] 229 Taxman 274 (Karnataka)
No revocation of trust’s registration alleging misuse of funds by trustees if trust was fulfilling its objects -IT : Where assessee-trust was fulfilling its main object of imparting education, registration of trust could not be cancelled only on basis that trustees were misappropriating funds of said trust Read More
  
 [2015] 54 taxmann.com 246 (Gujarat)[2015] 229 Taxman 241 (Gujarat)
No TDS on sum paid for extra cost incurred by contractor due to delay in completion of work by sub-contractor -IT : Amount paid by sub-contractor to main contractor on account of extra costs that main contractor had to incur due to delay in completion of work by sub-contractor was not liable to TDS under section 194C Read More
  
 [2015] 54 taxmann.com 315 (Madras)
Computation of period to levy interest for assessee-in-default not to be adjudicated in writ; rules Madras HC -IT: Where petitioner had been called upon to pay interest under section 220(2), demand having been raised consequent to order passed by Settlement Commission, computation of period for purpose of levy of interest could not be adjudicated in a writ petition and, hence, petitioner was to be directed to file a revision before Commissioner under section 264 Read More
  
 [2015] 54 taxmann.com 321 (Madras)
No mandate to file audit report alongwith return to claim deduction under sec. 32AB -IT : Deduction under section 32AB claimed by assessee cannot be disallowed on ground that assessee had not filed audit report along with return Read More
  
 [2015] 54 taxmann.com 257 (Bombay)[2015] 229 Taxman 267 (Bombay)
Assessee’s failure to substantiate capital exp. on R&D leads to sec. 35(2AB) disallowance and levy of penalty -IT : Where out of 9 items in respect of capital expenditure of research and development, bills or supporting documents in relation to 6 items had not been produced by assessee, imposition of penalty under section 271(1)(c) after disallowance of said expenditure was justified Read More
  
 [2015] 54 taxmann.com 63 (Madras)
Unexplained cost of construction to be spread over total period of construction for making sec. 69 additions -IT: Where construction was spread over a number of years, addition for unexplained cost of construction would be spread over to said years Read More
  
 [2015] 54 taxmann.com 217 (Allahabad)
No reassessment after 4 years if there was no failure of assessee to disclose material facts at assessment stage -IT : In absence of failure on part of assessee to disclose truly and fully all material facts necessary for assessment, Assessing Officer could not initiate reassessment proceedings after expiry of four years from end of relevant assessment year Read More
  
 [2015] 54 taxmann.com 216 (Allahabad)
Appellate authorities rightly deleted sec. 68 addition after relying on confirmation of advance by lenders; HC -IT : Where appellate authorities after considering balance sheet of lender as well as confirmatory certificates in respect of advances given to assessee, deleted addition made by Assessing Officer under section 68, said order did not require any interference Read More
  
 [2015] 54 taxmann.com 212 (Delhi)
Assembling of air purification system by simple tools would qualify as manufacture for sec. 80-IC relief -IT : Assembling of altogether different constituent parts in air purification system by using simple tools and testing equipments would qualify as a manufacturing activity eligible to deduction under section 80-IC Read More
  
 [2015] 54 taxmann.com 82 (Bombay)[2014] 369 ITR 758 (Bombay)
Mistake in rectification order is rectifiable by Tribunal -IT : A mistake from any source, be it parties or Tribunal, as long as it becomes part of record, would require examination by Tribunal under section 254(2) Read More
  
 [2015] 54 taxmann.com 73 (Madras)[2015] 229 Taxman 243 (Madras)
Rectification order passed by ITAT after 4 years was valid as it took time to dispose of petition of assessee -IT: Where Tribunal took its own time to dispose of petition filed by assessee for rectification order and passed said order after 4 years, was well within time limit as specified under section 254(2) Read More
  
 [2015] 54 taxmann.com 78 (Karnataka)
No penalty under sec. 158BFA on admission of undisclosed income without hearing assessee -IT : A notice to assessee is a must before any penalty is imposed under section 158BFA Read More
  
 [2015] 54 taxmann.com 103 (Gujarat)[2015] 229 Taxman 199 (Gujarat)
Exp. incurred on issuance of debentures is allowable as revenue exp. -IT : Expenses incurred in issue of debentures could be allowed as revenue expenditure Read More
  
 [2015] 54 taxmann.com 194 (Bombay)[2015] 229 Taxman 263 (Bombay)
Issue of determining market value of property being converted into stock-in-trade couldn’t be decided in writ -IT : Question of determining fair market value of property of assessee converted into stock-in-trade from investment is a question of fact which can not be determined in writ jurisdiction Read More
  
 [2015] 54 taxmann.com 75 (Allahabad)
Mere incompleteness in import declaration form won't invite penalty when goods were recorded in books -IT : Where in respect of credit entries, assessee established identity of creditors by bringing on record their PAN and complete addresses and, moreover, transaction was made through proper banking channel, impugned addition made under section 68 was not sustainable Read More
  
 [2015] 54 taxmann.com 248 (Kerala)[2015] 229 Taxman 222 (Kerala)
Employee couldn’t file writ due to excess tax deducted by employer as he could claim its credit in return -IT : Where assessee filed writ petition seeking a direction to respondents to assess him for tax only after deducting monthly instalments recovered from his salary towards housing loan repayment, in view of fact that any excess deduction would be taken care of in regular assessment, relief sought for could not be granted Read More
  
 [2015] 54 taxmann.com 76 (Bombay)
Bombay High Court levied sec. 234D interest on 'Indian Oil Corporation' following its order of earlier year -IT : In view of order passed in case of CIT v. Indian Oil Corporation Ltd. [2012] 25 taxmann.com 284/210 Taxman 466 (Bom.) interest on excess refund under section 234D was to be charged from assessee Read More
  
 [2015] 54 taxmann.com 74 (Delhi)
Gain from share transaction couldn't be taxed as business profit without considering material brought by assessee -IT: Without considering period of holding to shares, number of transactions and criteria elucidated in Circular No. 4 of 2007, income from share transactions could not be held as 'business income' as against claim as 'capital gains' Read More
  
 [2015] 54 taxmann.com 159 (Delhi)[2015] 229 Taxman 254 (Delhi)
No penalty alleging sec. 269SS violation in absence of any evidence showing acceptance of cash loan by assessee -IT : Where Assessing Officer made addition under section 69C in respect of interest paid on loan taken in cash, since revenue had not filed any document or material to show that in fact loan was taken and interest payment was made, impugned addition was to be deleted Read More
  
 [2015] 54 taxmann.com 68 (Punjab & Haryana)
Interest paid on borrowed sum isn't deductible when income is determined by applying estimated rate of net profit -IT : Depreciation is allowable even if total income is estimated by applying net profit rate Read More
  
 [2015] 54 taxmann.com 70 (Bombay)[2015] 370 ITR 154 (Bombay)
Reassessment set aside as AO had disallowed interest by treating it as capital exp. due to change of opinion -IT : Assessing Officer having allowed deduction in respect of assessee's claim for payment of interest, could not initiate reassessment proceedings merely on basis of change of opinion that interest expenditure in question was capital in nature Read More
  
 [2015] 54 taxmann.com 77 (Bombay)[2015] 229 Taxman 226 (Bombay)[2015] 370 ITR 325 (Bombay)[2015] 273 CTR 430 (Bombay)
No capital gain on transfer of transferable development rights as its cost of acquisition couldn't be determined -IT : Where assessee had not incurred any cost to acquire TDR attached to land owned by society, transfer of same to developer for consideration for construction of a floor space index would not be eligible to capital gains tax Read More
  
 [2015] 54 taxmann.com 225 (Gujarat)
HC deletes sec. 69B additions as AO failed to prove that purchases were made out of undisclosed income -IT : Where Assessing Officer could not show that assessee had made purchases out of undisclosed income, addition was not justified under section 69B Read More
  
 [2015] 54 taxmann.com 221 (Madras)
HC directed AO to analyse provisions of clubbing before making addition of gift in name of HUF -IT : Where assessee received cheques as gift in his individual name, but deposited same in HUF account, before making addition in hand of HUF matter to be readjudicated for in-depth analysis of section 52(2)(vii) and section 64(2) Read More
  
 [2015] 54 taxmann.com 215 (Allahabad)
Failure to file timely return of TCS isn't a technical mistake; HC upheld proceedings for such failure -IT : Where assessee, a State Government undertaking, did not furnish return in Form No. 27EC well in time, impugned penalty order passed under section 272A(2)(c) was to be upheld Read More
  
 [2015] 54 taxmann.com 196 (Delhi)[2015] 229 Taxman 277 (Delhi)[2015] 370 ITR 490 (Delhi)
No disallowance if trust was accumulating funds to pay on death of bank employees to fulfill its objects -IT: Where assessee-society constituted for welfare of employees of a bank, had accumulated a sum under heading 'Further utilization' for making payments to members or their legal representatives in case of their death, retirement or permanent disability, assessee had fulfilled its obligation as required under section 11(2) and no disallowance was called for Read More
  
 [2015] 53 taxmann.com 140 (Madras)
HC quashed block assessment order as it was made on basis of time-barred notice of sec. 158BD -IT : Where notice issued to assessee under section 158BD was beyond time limit specified under section 158BE, block assessment order was void ab initio Read More
  
 [2015] 54 taxmann.com 67 (Allahabad)
AO couldn't make partial disallowance of exp. After accepting the genuineness -IT: Where Assessing Officer had accepted genuineness of payment of consultancy charges to architect, entire amount should have been allowed and allowing part payment was not justified Read More
  
 [2015] 53 taxmann.com 108 (Madras)[2015] 370 ITR 87 (Madras)
Timely service of sec. 143(2) notice is mandatory and not only a mere procedural requirement -IT : Service of notice under section 143(2) within time-limit prescribed is mandatory and it is not a mere procedural requirement Read More
  
 [2015] 54 taxmann.com 227 (Gujarat)
No reassessment alleging excess payment to related if there was no failure of assessee to disclose material facts -IT : In absence of any failure on assessee's part to disclose all material facts necessary for assessment, Assessing Officer could not initiate reassessment proceedings merely on basis of change of opinion that assessee had paid excessive interest on loan taken from related parties Read More
  
 [2015] 54 taxmann.com 229 (Allahabad)
ITAT couldn't delete sec. 68 addition when mystery pertaining to creditworthiness remained unresolved, says HC -IT : Mystery pertaining to creditworthiness being unsolved, matter was remanded to Tribunal for fresh adjudication where it deleted addition made under section 68 in absence of departmental representatives Read More
  
 [2015] 54 taxmann.com 348 (Bombay)
No sec. 115E benefit on short-term cap gain from sale of foreign exchange asset as it isn't an investment income -IT/ILT : Short-term capital gains arising on sale of assets is not income 'derived from' foreign exchange asset so as to qualify as 'investment income' within the meaning of section 115E of the Act so as to be entitled to concessional tax rate of 20% Read More
  
 [2015] 54 taxmann.com 347 (SC)
SC: Sum paid to NR professional for preparation of scheme for raising finance and tie up for loans was 'FTS' -IT/ILT : Where assessee-company, intending to set up a power project, took services of non-resident company who prepared scheme for raising required finance as well as tie up for required loan from Indian and international financial institutions, and loans were availed by assessee, said services would come within ambit and sweep of term 'consultancy service' Read More
  
 [2015] 54 taxmann.com 108 (Bombay)[2015] 229 Taxman 256 (Bombay)
Sale of shares couldn't be treated as unexplained when AO failed to prove that share transaction was bogus -IT : Where DMAT account and contract note showed details of share transaction, and Assessing Officer had not proved said transaction as bogus, capital gain earned on said transaction could not be treated as unaccounted income under section 68 Read More
  
 [2015] 54 taxmann.com 188 (Allahabad)[2015] 229 Taxman 281 (Allahabad)
In development agreements capital gain is levied on transfer of possession of land irrespective of transfer of title -IT : Where assessee had transferred possession of land and all other rights except title at time of entering into an agreement with a builder, capital gain would not be levied in relevant assessment year in which title of land was transferred Read More
  
 [2015] 54 taxmann.com 109 (Delhi)[2015] 229 Taxman 143 (Delhi)[2015] 370 ITR 338 (Delhi)
AO can invoke rule 8D when sec. 14A disallowance made by assessee is found unsatisfactory -IT: It is only when voluntary disallowance made by assessee under section 14A is found to be unsatisfactory on examination of accounts, that Assessing Officer is entitled and authorised to compute deduction under rule 8D Read More
  
 ITAT
  
 [2015] 54 taxmann.com 382 (Lucknow - Trib.)
Appeal against order of DIT is to be filed before ITAT and not before CIT(A) -IT: Appeal against an order of Director of Income-tax passed under section 271FA is to be filed before Tribunal who is higher in rank and not before Commissioner (Appeals) who is equivalent in rank with Director of Income-tax Read Morenew
  
 [2015] 54 taxmann.com 298 (Pune - Trib.)
No tax on advance received by builder if allotment letter didn’t confer possession rights on allottees -IT : Where allotment letter stipulated that possession of plots was to be given to buyers only on execution of sale deed, advance money given by buyers prior to that date was not required to be treated as income Read Morenew
  
 [2015] 54 taxmann.com 344 (Pune - Trib.)
Legal consultancy fee paid to foreign lawyer wasn’t taxable in absence of his base in India -IT/ILT: Where assessee paid a certain sum to Foreign agent, on account of legal consultancy fee for initiating anti-counterfeiting proceeding, since agent was not having any fixed base in India, it could not be taxed in India in respect of fees paid by assessee Read Morenew
  
 [2015] 54 taxmann.com 53 (Delhi - Trib.)
A potential comparable Co. can't be excluded merely because of its high or low turnover -IT/ILT : Company with marked differences as regards risk profile, nature of services, ownership of IP rights, expenditure on R&D etc. cannot be selected as comparable company Read Morenew
  
 [2015] 54 taxmann.com 295 (Delhi - Trib.)
Block assessment proceedings is invalid unless initiated on basis of incriminating material found during search -IT : Where there was no incriminating material belonging to assessee found during course of search under section 132A, proceedings under section 153C were not valid Read More
  
 [2015] 54 taxmann.com 377 (Ahmedabad - Trib.)
Purchase of technical know-how couldn't be taxed as royalty, says ITAT -IT/ILT : Purchase of technical know-how could not be taxed as royalty and, therefore, provisions of section 195 were not applicable Read More
  
 [2015] 54 taxmann.com 379 (Delhi - Trib.)
ITAT quashed sec. 153C block proceedings as AO didn't record satisfaction that seized docs belonged to other person -IT : Where Assessing Officer of 'B', 'P' and 'MB' did not record any satisfaction that some money, bullion, jewellery or books of account or other documents found from these persons belonged to assessee, initiation of proceedings under section 153C on assessee was void ab initio Read More
  
 [2015] 54 taxmann.com 384 (Pune - Trib.)
Interest on sums lent to foreign AE is to be benchmarked at LIBOR and not at domestic prime lending rate -IT/ILT : While benchmarking international transactions where assessee had advanced money to its AE and charged interest, international rates fixed being LIBOR + rate would be applicable and not domestic prime lending rates Read More
  
 [2015] 54 taxmann.com 361 (Kolkata - Trib.)[2014] 165 TTJ 13 (Kolkata - Trib.)(UO)
AO couldn’t make addition of unaccounted stock when he failed to point out defects in book of accounts -IT : Where Assessing Officer could not point out any defect in books of account maintained by assessee, he was not supposed to make addition of unaccounted closing stock being difference in stock on mathematical calculation Read More
  
 [2015] 54 taxmann.com 364 (Pune - Trib.)
Purchase of material for R&D would provide sec. 35 deduction irrespective of its usage in that year -IT : Whenever any material is purchased for research & development, same should be allowed as deduction under section 35 and it is immaterial whether material is consumed or held as closing stock Read More
  
 [2015] 54 taxmann.com 195 (Mumbai - Trib.)
Independent manufacture couldn’t be chosen as a comparable for job worker -IT/ILT : Where assessee was only a job worker comparables chosen by assessee of full fledged independent manufacturers could not be prima facie considered for purpose of comparability analysis Read More
  
 [2015] 54 taxmann.com 251 (Hyderabad - Trib.)
Co. engaged in BPO services couldn’t be a comparable for software development Co. -IT/ILT : A software development company cannot be compared with a company mainly engaged in BPO services Read More
  
 [2015] 54 taxmann.com 252 (Mumbai - Trib.)
Income from letting out shopping complex alongwith host of facilities would be business receipts -IT : Where assessee company developed shopping malls and business centres on properties owned by it and let out same by providing host of facilities in said business centre, income derived therefrom was business income Read More
  
 [2015] 54 taxmann.com 259 (Mumbai - Trib.)
Exp. for increasing share capital is revenue exp. when capital is utilized to purchase trading stock, says ITAT -IT : Where assessee incurred certain expenditure for increase in share capital, in view of fact that entire incremental share capital was used for purchase of trading stock, expenditure in question was to be allowed as revenue expenditure Read More
  
 [2015] 54 taxmann.com 287 (Mumbai - Trib.)
Commission held at ALP in earlier year had to be accepted in later years if facts remained unchanged -IT/ILT : Where similar commission payments were being made by assessee to an individual as per agreement and were considered at arm length in earlier years, then same could not be considered as not being at arm's length in year under consideration unless it was shown by department that facts in year under consideration had undergone a change Read More
  
 [2014] 51 taxmann.com 357 (Mumbai - Trib.)
No agency PE under India-France DTAA even if agent is wholly dependent on foreign Co. unless transaction isn’t at ALP -IT/ILT : As per Article 5(6) of India-France DTAA, even if agent is wholly or almost wholly dependent on the foreign enterprise he still will not constitute dependent agent PE unless additional condition of the transactions being not at arm’s length price is fulfilled. The initial onus is upon the Revenue to show that the transactions are not at arm’s length price, thus, AO was directed to examine whether the transactions between the agent and assessee (i.e., foreign company) were at arm’s lengt Read More
  
 [2015] 54 taxmann.com 297 (Panaji - Trib.)
Co-operative banks to withhold taxes while making payment of interest in excess of Rs. 10,000 to its depositors -IT: Where assessee co-operative bank had made interest payments in excess of Rs. 10,000 on term deposits to its depositors, assessee would be liable to deduct TDS on said payment Read More
  
 [2015] 54 taxmann.com 250 (Panaji - Trib.)
No addition in block assessment for completed assessments unless any incriminating evidence found in search -IT : Determination of 'total income' in respect of assessment years for which assessments were already completed on date of search, shall not be influenced by items of income other than those based on material unearthed during course of search Read More
  
 [2015] 54 taxmann.com 186 (Mumbai - Trib.)
ITAT allows deduction of interest as loan was utilized to acquire property for business of pre-schooling -IT : Where assessee, engaged in business of running pre-schools, took term loan and utilised it for acquiring property used for purpose of pre-schooling business, assessee's claim for deduction of interest on said loan was to be allowed Read More
  
 [2015] 54 taxmann.com 312 (Chennai - Trib.)
Co. providing engineering and geospatial services isn't comparable to a Co. offering only engineering services -IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering engineering and structural designing services to its AE, in view of fact that one of comparables selected by TPO was functionally different as it was offering both engineering as well as geospatial services, only a part of impugned addition deserved to be confirmed Read More
  
 [2015] 54 taxmann.com 313 (Jaipur - Trib.)
ITAT deleted penalty as revenue failed to point out any non-compliance regarding production of TP docs -IT/ILT : Where in course of transfer pricing proceedings, revenue could not point out any specific non-compliance on part of assessee regarding production of documents maintained under section 92D(1), impugned penalty order passed under section 271G was to be set aside Read More
  
 [2015] 54 taxmann.com 296 (Delhi - Trib.)
A software development Co. can’t be a chosen as comparable for a Co. developing software without any IP rights -IT/ILT: Assessee that was engaged in software development services on contract basis without having any IP rights in software developed by it was functionally not comparable to a company engaged in developing software tools after enough research and development activity and tools so produced were intellectual property of this company Read More
  
 [2015] 53 taxmann.com 389 (Bangalore - Trib.)[2015] 67 SOT 222 (Bangalore - Trib.)(URO)
TP adjustment is to be made only in respect of purchases made from AE and not from unrelated parties -IT/ILT : TP adjustment is to be made only in respect of purchases made from AE and not from unrelated parties Read More
  
 [2015] 54 taxmann.com 222 (Delhi - Trib.)
Date of receipt of seized material would be considered to count limitation period for issuing sec. 153C notice -IT: Where pursuant to search proceedings in case of 'R', seized material relating to assessee was received on 12-3-2009, in view of proviso to section 153C, notice issued to assessee for assessment years 2001-02 and 2002-03 was barred by limitation Read More
  
 [2015] 54 taxmann.com 197 (Cochin - Trib.)
For sec. 80-IB relief initial AY would being when hotel starts functioning and not when approval is granted to it -IT : For purpose of computing ten assessment years for granting of deduction under section 80-IB, initial assessment year is year in which business of hotel started functioning and not year in which approval was granted by prescribed authority Read More
  
 [2015] 54 taxmann.com 224 (Cochin - Trib.)
No sec. 11 relief if trust was doing supermarket business on commercial lines, being not incidental to its objects -IT : Where assessee trust carried on supermarket business for and on behalf of trust on commercial basis and there was no nexus between supermarket business and activity incidental to attainment of objects of assessee, assessee would be disentitled for exemption under section 11 Read More
  
 [2015] 54 taxmann.com 81 (Pune - Trib.)
Related party threshold should be relaxed when sufficient comparables aren't found for TP study, says Pune ITAT -IT/ILT: A company engaged in development of software products and services could not be functionally comparable to assessee providing software development services Read More
  
 [2015] 54 taxmann.com 210 (Hyderabad - Trib.)
ITAT directs AO to exclude seven comparables to determine ALP following decisions of co-ordinate benches of ITAT -IT/ILT : Following decisions of co-ordinate Benches, seven companies were directed to be excluded from comparables for computing ALP of transactions entered into by assessee with its AEs Read More
  
 [2015] 54 taxmann.com 162 (Bangalore - Trib.)
Initiation of search would provide sec. 153A jurisdiction even if no undisclosed income was unearthed in search -IT : Where expenses on renovation and cost of improvement of leased building were incurred only for purpose of carrying on day to day business and did not bring into existence of any capital assets, same would be allowable as revenue expenditure Read More
  
 [2015] 54 taxmann.com 137 (Panaji - Trib.)
Sec. 80P: Co-operative society not to be deemed as co-operative bank if it didn't accept deposits from non-members -IT: A co-operative society, not accepting deposits of money from non-members, cannot be regarded as primary co-operative bank and provisions of section 80P(4) would not be applicable in its case to deny deduction under section 80P(2)(a)(i) to it Read More
  
 [2015] 54 taxmann.com 6 (Delhi - Trib.)
No disallowance for cash payment for purchase of gold bars held as investment: ITAT -IT: Where assessee had shown purchase of gold as investment in balance sheet as well as in wealth-tax return and, further, purchases and sales were made at prevalent market price, loss incurred on sale of gold within a year was to be treated as short term capital loss Read More
  
 [2015] 54 taxmann.com 228 (Mumbai - Trib.)[2014] 35 ITR(T) 314 (Mumbai - Trib.)
Penalty leviable if assessee didn't add back depreciation charged under Companies Act in computation of income -IT: Where assessee-company charged depreciation both under Companies Act and Income-tax Act while failed to add back depreciation charged under Companies Act, same could not be held as mistake not liable to penalty Read More
  
 [2015] 54 taxmann.com 72 (Delhi - Trib.)
ITAT deleted disallowance following earlier order of HC as DRP hadn't given cogent reasons for disallowance -IT/ILT : Following order passed by High Court in assessee's own case relating to earlier assessment year, in absence of any cogent reasons, disallowance made by TPO in respect of certain allied payments made by assessee to AE such as technical fee, training and testing expenses, was to be deleted Read More
  
 [2015] 54 taxmann.com 80 (Mumbai - Trib.)
Co. engaged in 3D animation software services isn't comparable to a Co. providing various software products -IT/ILT: A company providing variety of software products in area of web solutions, e-commerce, software consultants, content management ERP applications etc. could not be functionally comparable to assessee purely providing software services in field of 3D animation Read More
  
 [2015] 54 taxmann.com 219 (Cochin - Trib.)
Reassessment initiated on receiving info of TDS default made by assessee after scrutiny assessment held valid -IT : Assessee cannot challenge disallowance made under section 40(a)(ia) taking a plea that it could not collect Form 15-I from recipients due to lapse of time Read More
  
 [2015] 54 taxmann.com 366 (Delhi - Trib.)
Sub-contractor not disentitled from availing the benefit of presumptive taxation under section 44BB -IT/ILT : The basic condition to be satisfied for applicability of section 44BB is that the plant or machinery(which term includes ship) supplied or rented on hire by the assessee-non-resident should be used in the prospecting for or extraction or production of minerals oils or where equipment has been supplied, such equipment should have been used for the purposes of prospecting for or extraction or production of mineral oils. There is nothing in the said provision so as to disentitle a sub-cont Read More
  
 [2015] 54 taxmann.com 64 (Jodhpur - Trib.)[2014] 165 TTJ 11 (Jodhpur - Trib.)(UO)
Estimated addition curtailed by CIT(A) following ITAT's order of preceding year couldn't be interfered with -IT : Where Commissioner (Appeals) had reduced net profit rate to 7.75 per cent from 12.5 per cent as applied by Assessing Officer, following Tribunal's order in immediately preceding year, no interference was required with Tribunal's order Read More
  
 [2015] 53 taxmann.com 495 (Chennai - Trib.)
Sum paid to NR agent for rendering marketing services outside India wasn't taxable in absence of its PE in India -IT/ILT: Where foreign agents rendered marketing services to assessee outside India, since those agents did not have PE in India, commission paid to them was not taxable in India Read More
  
 [2015] 54 taxmann.com 220 (Cochin - Trib.)
ITAT invoked sec. 40(a)(ia) disallowance as payment was made for labour contract work without deducting tax -IT : Where assessee had disclosed relevant particulars at time of original assessment, but they are found to be untrue on basis of material discovered by a later date by Assessing Officer, assessment would be validly re-opened section 147(a) Read More
  
 [2015] 54 taxmann.com 214 (Mumbai - Trib.)
No disallowance of depository charges paid by broker without deducting tax as Stock Exchange paid taxes thereon -IT : Where assessee made payment of depository charges on account of services provided with regard to transactions in securities through stock exchange without deducting tax at source, since taxes on said amount were already paid by recipient, impugned disallowance made by authorities below was not sustainable Read More
  
 [2015] 53 taxmann.com 516 (Cochin - Trib.)
Prior to 1-4-2013, TDS disallowance was attracted in payer’s hand even when payee paid taxes thereon -IT : Position prior to 1-4-2013 - Where assessee-partners borrowed amounts from their respective partnership firms, assessee would be required to deduct TDS on interest payment made even firm paid taxes Read More
  
 [2015] 54 taxmann.com 112 (Mumbai - Trib.)
Income of Swiss shipping Co. is taxable only in Switzerland and not in India as per India-Switzerland DTAA -IT/ILT : Where assessee, a Switzerland based company, was engaged in business of operation of ships in international water, in terms of article 22 of India-Switzerland DTAA, freight income earned by assessee was taxable in Switzerland and not in India Read More
  
 [2015] 54 taxmann.com 185 (Bangalore - Trib.)
Capital gain arose on sale of land as assessee didn’t bring evidence to prove that land was held as stock-in-trade -IT : Where assessee failed to bring any evidence on record showing that land was purchased by him as stock-in-trade for business purpose, Assessing Officer was justified in treating it as investment and computing capital gain arising from sale of land on basis of guidance value determined by State Government for stamp duty purposes Read More
  
 [2015] 53 taxmann.com 459 (Hyderabad - Trib.)
Exp. on domestic transaction with non-AE not to be held as an operating exp. for international transaction with AE -IT/ILT : Expenditure incurred on account of domestic transaction with non-AE cannot be considered as operating expenditure in relation to international transactions with AE while computing profit margin of assessee Read More
  
 [2015] 54 taxmann.com 57 (Cochin - Trib.)
No recalling of ITAT's order if it disallowed interest when borrowed sum wasn't used in business of assessee -IT: Where Tribunal specifically found that borrowed money was not used in money lending business by assessee, and, hence giving any credit towards payment of interest on borrowed fund did not arise, recalling of Tribunal's order was not justified Read More
  
 [2015] 54 taxmann.com 139 (Mumbai - Trib.)
Reimbursement of technical exp. to foreign head office without making available technical service wasn't FTS -IT/ILT: Technical expenses allocated by head office to assessee-Indian division was in nature of reimbursement of technical expenses to head office and not on account of any specific technical services having been 'made available' and, therefore, such amount could not be brought to tax in hands of assessee under article 13 of Indo-French Tax Treaty Read More
  
 [2015] 54 taxmann.com 134 (Mumbai - Trib.)
Builder was entitled to sec. 54EC relief on sale of land being held as capital asset and not as stock-in-trade -IT : Where assessee builder sold property which was held for 30 years and same was shown as land asset not as land stock, asset was capital in nature and assessee was to be exempted under section 54 EC on investment of said capital gain Read More
  
 [2015] 54 taxmann.com 50 (Delhi - Trib.)
Issue related to selection or rejection of comparables has to be decided by passing a speaking order -IT/ILT : Issue of selection or rejection of a comparable should be decided by a speaking order Read More
  
 [2015] 54 taxmann.com 24 (Mumbai - Trib.)
Segmental results couldn’t be rejected because it was unaudited and break up was done after closing of accounts -IT/ILT: Segmental results determined by assessee could not be rejected merely on ground that accounts segmental results were unaudited or segmental break up was done after accounts were closed Read More
  
 Statutes
  
NOTIFICATION NO. 17/2015 [F. NO. 203/06/2014/ITA-I
'Academy of Scientific and Innovation Research' notified 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 - Academy of Scientific and Innovative Research (Acsir), New Delhi Read Morenew
  
NOTIFICATION NO. 14/2015 [F.NO.203/31/2014/ITA.II]
Govt. notifies agricultural extension projects of 'Godrej Agrovet Ltd' for purpose of Sec. 35CCC deduction -IT : Section 35CCC of The Income-Tax Act, 1961 - Expenditure on Agricultural Extension Project - Notified Eligible Agricultural Extension Project – Godrej Agrovet Limited Read More
  
 News
  
Budget 2015: Scope of residential status of companies widen -Now, a foreign company would be said to be resident in India in any previous year if its place of effective management (POEM) at any time in that year, is in India [04-03-2015] Read Morenew
  
Budget 2015: Payment of interest by Indian branch of a foreign bank to its HO would be subjected to tax in India -Any interest payable by Indian branch of a foreign bank to its HO shall be deemed to accrue or arise in India for tax purposes and, therefore, it would attract TDS provisions also. [04-03-2015] Read Morenew
  
MAT may be Abolished after Corp Tax Breaks are Phased Out -MAT may be Abolished after Corp Tax Breaks are Phased Out [04-03-2015] Read Morenew
  
Corp Tax Cut to Make India Competitive: Revenue Secy -Corp Tax Cut to Make India Competitive: Revenue Secy [04-03-2015] Read Morenew
  
90 Foreign Funds Put on the MAT -90 Foreign Funds Put on the MAT [04-03-2015] Read Morenew
  
Budget proposals that could change the fortunes of real estate companies -Budget proposals that could change the fortunes of real estate companies [04-03-2015] Read Morenew
  
Senior citizen insurance benefits aren’t enough -Senior citizen insurance benefits aren’t enough [04-03-2015] Read Morenew
  
Depository receipt regime hit by Budget fine print -Depository receipt regime hit by Budget fine print [04-03-2015] Read Morenew
  
‘MAT will become irrelevant once tax sops are removed’ -‘MAT will become irrelevant once tax sops are removed’ [04-03-2015] Read Morenew
  
Budget 2015: Measures to curb black money finally announced! -Section 269SS and 269T is proposed to be amended in order to curb generation of black money by way of dealings in cash in immovable property transactions [03-03-2015] Read More
  
Budget 2015: Indirect transfer provisions clarified -Finance Bill, 2015 has proposed certain amendments to the existing provisions related to indirect transfer based upon the recommendations of the Shome committee [03-03-2015] Read More
  
Relief for foreign companies despite having intrinsic worth in India -Amendments proposed by the Finance Bill, 2015 relating to indirect transfer provisions [03-03-2015] Read More
  
Govt May Ease FDI Norms for NRIs to Boost Defence, Rlys -Govt May Ease FDI Norms for NRIs to Boost Defence, Rlys [03-03-2015] Read More
  
Tax relief for consolidation of units of mutual funds -In order to facilitate consolidation of different schemes of mutual funds it has been proposed that transfer of units upon consolidation of such scheme not to be treated as "transfer" u/s 47. [02-03-2015] Read More
  
Jaitley shows the path to acche din for the middle class -Jaitley shows the path to acche din for the middle class [02-03-2015] Read More
  
Does the Budget benefit you -Does the Budget benefit you [02-03-2015] Read More
  
Foreign investors to get more headroom -Foreign investors to get more headroom [02-03-2015] Read More
  
Foreign investors’ MAT woes not over just yet -Foreign investors’ MAT woes not over just yet [02-03-2015] Read More
  
Can Sumitomo Special Bench decision be overruled -Finance Bill provides clarity regarding source rule in respect of interest received by the non-resident in certain cases [01-03-2015] Read More
  
Procedure would be prescribed for filing of appeal by revenue when an identical question of law is pending before Court -A new section 158AA is proposed to be inserted to provide for non-filing of appeal by revenue when identical question of law is pending for an earlier year before the HC or SC [01-03-2015] Read More
  
Orchestrating Growth: Taxation of Indirect transfer clarified -The Finance Bill clarified the meaning of the term “substantially” to define the criteria for taxation of indirect transfer under Section 9(1)(i). [01-03-2015] Read More
  
A complete pass through status has been proposed to be provided to Alternative Investment Funds -With a view to make India as an investment hub, complete pass through status is proposed to be provided to Alternative Investment Funds, inter-alia, PE Funds, Venture capital Funds. [01-03-2015] Read More
  
TDS statement processing procedure defined; Fee u/s 234E may be demanded through intimation -Section 234E fee may be computed at the time of processing of TDS statement under section 200A; TDS Statement procedure defined for the 'Office of Government' deductors [01-03-2015] Read More
  
Manner of processing TCS statement defined; Intimation to be deemed as demand notice -Budget proposed to insert a new section 206CB to define procedure for processing of statements of TCS; Intimation issued for TDS/TCS/Income Tax Return shall be deemed as demand notice [01-03-2015] Read More
  
Jaitley’s white wash of Black Money -FM proposes to use Section 269SS and 269T as a tool to curb the flow of black money in real estate transactions [01-03-2015] Read More
  
Overview of amendments pertaining to charitable organizations -Finance bill has proposed to rationalize provisions relating to accumulation of income by charitable trusts. [01-03-2015] Read More
  
Proposed amendments in TDS/TCS provisions -Finance Bill, 2015 proposes amendments in various TDS and TCS provisions [01-03-2015] Read More
  
'Place of Effective Management' to determine residential status of company instead of Control and Management, FM Proposes -Section 6 proposed to be amended to provide that a company shall be said to be resident in India if its place of effective management, at any time in that year, is in India. [01-03-2015] Read More
  
Clarity on definition of global depository receipts in view of new scheme of GDR's -Amendment under Sec. 115ACA proposed to limit the benefit of section 115ACA to employees of only listed companies (with the underlying securities being shares) [01-03-2015] Read More
  
MAT provisions are proposed to be rationalized in order allow relief to company-member of AOP and FIIs -Share of income received by a Company-member from AOP/ BOI and long-term capital gain derived from securities by FIIs are proposed to be taken out from the MAT ambit [01-03-2015] Read More
  
Three-fold increase in income threshold of cases that may be decided by Single member bench of ITAT -Threshold of maximum income upto which Single bench of ITAT may dispose of any case of assesse has been increased from Rs 5 lakh to Rs 15 lakh. [01-03-2015] Read More
  
Steps to motivate investment - Allows deduction for additional depreciation and Investment Allowance -It is proposed to provide that the balance 50% of the additional depreciation on new plant or machinery acquired and used for less than 180 days [01-03-2015] Read More
  
Intimation generated after processing of TCS return to bemade appealable -Intimation generated after processing of TCS return shall be subject to rectification, deemed as notice of demand and appealable under Section 154. [01-03-2015] Read More
  
Additional deduction of Rs 20,000 under sec. 80DDB for medical treatment of Super Senior Citizens -Section 80DDB proposes to allow additional deduction of Rs 20,000 to Super Senior Citizens for medical treatment of prescribed disease. [01-03-2015] Read More
  
'Accountant' under the I-T Act should not be one as disqualified under Companies Act, 2013 -An auditor who is not eligible to be appointed as an auditor under Companies Act, 2013 shall not be eligible for carrying out audit in respect of non-company cases also. Explanation to Section 288(2) substituted [01-03-2015] Read More
  
Orders passed by prescribed authority for hospitals/universities under Sec. 10(23C) is appealable before ITAT -It is proposed to provide that an order passed by the prescribed authority under section 10(23C)(vi)/(via) may be appealed to the Tribunal. [01-03-2015] Read More
  
Deduction under section 80U raised by Rs.25000 -It is proposed to amend Section 80U to raise deduction limit by Rs. 25000. Now, a person with disability or with severe disability can claim deduction of Rs. 75000/Rs.125000, respectively. [01-03-2015] Read More
  
Very Senior citizen would be entitled to claim Sec. 80D relief in respect of medical expenditure upto Rs. 30000 -As a welfare measure towards very senior citizens, it is proposed to amend section 80D to provide them deduction of up to Rs. 30000 in respect of medical expenditure. [01-03-2015] Read More
  
Wealth tax abolished to make way for 'super-rich' tax -The wealth tax levy is proposed to be abolished w.e.f. April 1, 2016. The abolishment is, however, to be compensated from enhanced surcharge on the high net worth persons. [01-03-2015] Read More
  
Additional deduction of Rs 25,000 for medical treatment of differently-abled persons -It is proposed to provide additional deduction of Rs 25,000 under section 80DD to dependents with disability or severe disability. [01-03-2015] Read More
  
Amendment to facilitate better monitoring of deductions claimed for R&D activities -Report on feasibility of research to be sent to the Principal CIT or Chief CIT having jurisdiction over assessee claiming deductions under Sections 35(2AA) and 35(2AB). [01-03-2015] Read More
  
Books of account belonged to searched person could be used against other person if it has a bearing on his income -Section 153C is proposed to be amended to provide that books of account belonged to searched person could be used against other person if it has a bearing on his income [01-03-2015] Read More
  
Service Tax provisions proposed to include reimbursable expenses incurred by Service Provider -It is proposed to increase rate of service tax to 14% and to include reimbursable expenses in value of service except as may be prescribed. [01-03-2015] Read More
  
Make in India Budget: Changes in Customs Laws -This time, problems in inverted duty structure have been taken care of in budget. Further it is proposed to reduce penalties under various provisions. [01-03-2015] Read More
  
Conditions prescribed for deeming an order as erroneous for Sec. 263 revision -Order passed by AO is deemed to be erroneous for purpose of making revision under Section 263 if it was passed without satisfying prescribed conditions. [01-03-2015] Read More
  
Proposal to facilitate location of fund managers of off-shore funds in India -Finance Bill, 2015 proposes to insert Section 9A to clarify that location of fund managers of offshore funds of FPIs would not constitute business connection in India. [01-03-2015] Read More
  
TCS Statement to cover under preview of rectification provisions of Sec. 154 -A new Section 206CB is proposed to be inserted to provide for processing of TCS statement. Accordingly, amendments are also proposed in Section 154 to cover it in rectification provision. [01-03-2015] Read More
  
GAAR again deferred for another 2 years -GAAR is proposed to be deferred for another 2 years in order to implement it as a part of comprehensive regime to deal with BEPS and aggressive tax avoidance [01-03-2015] Read More
  
Threshold for applicability of Domestic TP provisions increased from Rs. 5 crores to Rs. 20 crores -Taking into consideration the compliance burden under TP provisions, it is proposed to amend section 92BA to increase threshold to Rs. 20 Crore for applicability of Domestic TP provisions [01-03-2015] Read More
  
Budget proposals relating to Settlement of cases -Certain changes have been proposed in the Finance Bill, 2015 on issues relating to settlement of cases before Settlement Commission. [01-03-2015] Read More
  
Benefit of Section 80JJAA is proposed to be extended to all assessees and not only for Indian Cos -With a view to create job opportunities in India, it is proposed to amend section 80JJAA so as to extend the benefit to all assessees having manufacturing units and not only to Indian Cos [01-03-2015] Read More
  
Tax rate on Royalty and FTS reinstated to 10% -Section 115A is proposed to be amended to reduce the tax rate on Royalty or FTS received by Non-resident to 10 % in order to encourage R & D and technology development in India. [01-03-2015] Read More
  
Seized assets can be adjusted towards liability arising on application made before SetCom -Finance Bill. 2015 is proposed to amend Section 132B to allow appropriation of seized asset towards payment of liability arising on application made before the settlement commission. [28-02-2015] Read More
  
FEMA norms gets tougher against black money held abroad -If any person holds any forex, foreign security or any immovable property outside India in violation of sec. 4 then equivalent value of his property in India could be sized as per new Sec. 37A [28-02-2015] Read More
  
Tax saving bonanza for investments in ‘Sukanya Scheme’; all withdrawals and interest would be tax free -All investments in ‘Sukanya Samridhi Scheme’ were already eligible for deduction under Section 80C. Now all the withdrawals and interest accrued on such Scheme will be exempt from tax. [28-02-2015] Read More
  
Additional deduction of Rs. 50,000 is provided for contribution to pension Scheme under Sec. 80CCD -A new sub-section (1B) is proposed to be inserted to provide for an additional deduction of Rs. 50000 for contributions made by any individual assessees towards NPS. [28-02-2015] Read More
  
No interest under section 220 could be levied if interest has already been levied for TCS default -A new section 206CB is inserted for processing of TCS return. Further, it is clarified that no Section 220 interest could be levied if interest has already been levied for TCS default. [28-02-2015] Read More
  
Budget provides much needed pass-through clarity for REITs -Budget provides pass through status to REITs on its rental income and it provides benefit of taxation of short-term capital gain at a reduced rate of 15% to transferor or sponsor [28-02-2015] Read More
  
Approval regime for issuance of reassessment notice streamlined -Proposal to simplify the administrative hurdles in the Income-tax Department to obtain prior sanction for reopening of assessments. [28-02-2015] Read More
  
Union Budget 2015 makes return filing mandatory for substantially financed educational institutions or hospitals -Section 139 is proposed to be amended to provide for mandatory filing of return of income by substantially financed educational institutions/hospitals and pass through investment funds. [28-02-2015] Read More
  
Budget provides clarity on issues regarding levy of Sec. 234B interest in settlement of cases and reassessment -Finance Bill, 2015 is proposed to amend section 234B to clarify the issue of levy of interest in case of re-assessment and where additional income is disclosed before the SetCom. [28-02-2015] Read More
  
Budget 2015: Govt releases Notifications on Service Tax Law -Notifications on Service Tax Law for changes brought through Finance Bill, 2015. [28-02-2015] Read More
  
Budget 2015: Govt releases Customs Notifications -Notifications to reduce Basic Customs Duty on certain inputs, raw materials, intermediates and components [28-02-2015] Read More
  
Budget 2015: Govt releases Excise Notifications (Tariff) -Notifications effecting changes in Excise Duty brought through Finance Bill, 2015 [28-02-2015] Read More
  
Budget 2015: Govt releases Excise Notifications (Non-Tariff) -Amendments in Excise Laws brought through Finance Bill, 2015 [28-02-2015] Read More
  
Highlights of Union Budget 2015 -Government releases document containing highlights of Union Budget 2015. [28-02-2015] Read More
  
Union Budget 2015-16: Copy of Budget Speech released -The Hon’ble Finance Minster ‘Arun Jaitley’ has delivered Budget Speech and now copy of Budget Speech is available. [28-02-2015] Read More
  
Govt. releases copy of Finance Bill, 2015 -The Finance Minister has presented Union Budget 2015 in the Parliament and now copy of Finance Bill is available. [28-02-2015] Read More
  
Union Budget 2015: FM proposes to reduce corporate tax rate to 25% from 30% over the next 4 years -The Union Budget 2015 is being presented today in the Parliament. Stay connected with us to get latest updates of the Union Budget. [28-02-2015] Read More
  
Budgetary FAQs issued by FinMin -Ministry of Finance today issued a document on the Frequently Asked Questions about the Budget, i.e., what is budget, different types of budget, etc. [28-02-2015] Read More
  
Highlights of Economic Survey -The Economic Survey 2014-15 shows that decline in Inflation and reduction of current account deficit has made India an attractive investment destination [28-02-2015] Read More
  
Copy of Economic Survey -Economic Survey anticipates double digit economic growth that could help in wiping every tear from every eye [28-02-2015] Read More
  
Manage your Budget expectations -Manage your Budget expectations [27-02-2015] Read More
  
Bigger initiative needed to cut tax litigation -Bigger initiative needed to cut tax litigation [27-02-2015] Read More
  
Euphoric states may gain little from new tax devolution plan -Euphoric states may gain little from new tax devolution plan [27-02-2015] Read More
  
Black- money sleuths seek HSBC transaction data -Black- money sleuths seek HSBC transaction data [27-02-2015] Read More
  
Pre-Budget - Key Expectations from the Budget 2015-16 -‘Taxmann’ has identified various provisions in the Income-tax Act which requires more clarity to end the unwanted litigations. [26-02-2015] Read More
  
2 more Benches for advance I-T rulings -2 more Benches for advance I-T rulings [26-02-2015] Read More
  
Govt notices to 31,000 NGOs for not filing returns -Govt notices to 31,000 NGOs for not filing returns [26-02-2015] Read More
  
PEs demand tax pass-through, more pension money in Budget -PEs demand tax pass-through, more pension money in Budget [26-02-2015] Read More
  
SEZ developers bat for lower taxes -SEZ developers bat for lower taxes [26-02-2015] Read More
  
A something- for- everyone Budget or an epoch- making one à la 1991 -A something- for- everyone Budget or an epoch- making one à la 1991 [26-02-2015] Read More
  
Sustainable turnaround still elusive, say CEOs -Sustainable turnaround still elusive, say CEOs [25-02-2015] Read More
  
SpiceJet clears tax dues -SpiceJet clears tax dues [25-02-2015] Read More
  
HSBC Under I-T Lens, Says Probe May Lead to Fines -HSBC Under I-T Lens, Says Probe May Lead to Fines [24-02-2015] Read More
  
ITAT Says Marriott Indian Franchisees' Revenue is Taxable -ITAT Says Marriott Indian Franchisees' Revenue is Taxable [24-02-2015] Read More
  
HSBC profit drop hits shares with bank mired in tax scandal -HSBC profit drop hits shares with bank mired in tax scandal [24-02-2015] Read More
  
Budget may be positive for most sectors -Budget may be positive for most sectors [24-02-2015] Read More
  
2courts to start functioning for criminal, tax cases: SC -2courts to start functioning for criminal, tax cases: SC [24-02-2015] Read More
  
Budget might give relief on some personal taxes -Budget might give relief on some personal taxes [24-02-2015] Read More
  
SBI eyes higher tax benefits for home loans -SBI eyes higher tax benefits for home loans [24-02-2015] Read More
  
Insurance sector seeks higher tax incentives -Insurance sector seeks higher tax incentives [24-02-2015] Read More
  
Decision on Vodafone tax case has given a positive signal to British businesses -Decision on Vodafone tax case has given a positive signal to British businesses [24-02-2015] Read More
  
Cairn Energy lays off 40% staff following India tax dispute -Cairn Energy lays off 40% staff following India tax dispute [24-02-2015] Read More
  
HSBC office raided; bank fears penalty -HSBC office raided; bank fears penalty [24-02-2015] Read More
  
Now, 35 foreign private equity firms in tax soup -Now, 35 foreign private equity firms in tax soup [24-02-2015] Read More
  
Financial, spending reforms top govt’s economic agenda -Financial, spending reforms top govt’s economic agenda [24-02-2015] Read More
  
Please don’t tax arbitrage funds retrospectively -Please don’t tax arbitrage funds retrospectively [23-02-2015] Read More
  
Small steps, big results -Small steps, big results [23-02-2015] Read More
  
Raghuram Rajan disapproves inheritance tax idea -Raghuram Rajan disapproves inheritance tax idea [23-02-2015] Read More
  
Finance Ministry Sets Unfeasible Revenue Targets: TARC Report -Finance Ministry Sets Unfeasible Revenue Targets: TARC Report [21-02-2015] Read More
  
TARC releases its final report on tax administration reforms in India -TARC releases its final report on tax administration reforms in India [20-02-2015] Read More
  
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Expect Tax Goodies to all on B-Day -Expect Tax Goodies to all on B-Day [20-02-2015] Read More
  
MFs set sights on realty capital gains -MFs set sights on realty capital gains [20-02-2015] Read More
  
Budget may pull plug on bonus stripping -Budget may pull plug on bonus stripping [20-02-2015] Read More
  
Ficci prescription to curb black money -Ficci prescription to curb black money [20-02-2015] Read More
  
SC Slams Govt for Vacancies in Tribunals -SC Slams Govt for Vacancies in Tribunals [19-02-2015] Read More
  
HNIs Get a Nudge from Taxman on Advance Tax Liability -HNIs Get a Nudge from Taxman on Advance Tax Liability [19-02-2015] Read More
  
FinMin Likely to Prescribe Threshold for Furnishing TRC -FinMin Likely to Prescribe Threshold for Furnishing TRC [19-02-2015] Read More
  
Brokers Want Sebi to Keep Markets Open on Budget Day -Brokers Want Sebi to Keep Markets Open on Budget Day [19-02-2015] Read More
  
Kick-start likely for finance SEZs in Budget -Kick-start likely for finance SEZs in Budget [19-02-2015] Read More
  
A Budget for the Aam Aadmi -A Budget for the Aam Aadmi [19-02-2015] Read More