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Expert Article : Service of Assessment Order after Limitation Period
Circular No. 13/2014 issued by CBDT
Revised Form 3CD and Other Tax Audit Forms
Finance (No. 2) Bill, 2014 as Passed by Lok Sabha

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Heading
Relaxation of Conditions for FDI in Different Sectors
No Increase in Import Duty on Apple
Grant of Infrastructure Status to Hotel Industry
Subsidy Given to Agri Exporters
RBI Reference Rate for US and Euro
Top earners, high- growth sectors under tax scanner
New Kisan Bonds to Sidestep KYC Norms
Retro Tax Shocks PE Funds, Investors may Stay Away
Amendment of rule 6 of the CCR, 2004 - Regarding.
Clarification regarding taxation of 'Alternate Investment Funds' having status of non-charitable trusts under the Income-tax Act, 1961 - regarding.
Clarification regarding allowability of deduction under section 10A/10AA on transfer of Technical Man-power in the case of software industry.
Revision of rate of duty on pan masala and gutkha under the compounded levy scheme - Regarding.
Fixation of tariff value under section 3(2) of the Central Excise Act, 1944 in respect of goods falling under heading 3304 of the Central Excise Tariff - Regarding.
Filing of online return for 1st quarter of 2014-15 – extension of period thereof.
External Commercial Borrowing (ECB) Policy — Review of all-in-cost ceiling
Trade Credits for Imports into India — Review of all-in-cost ceiling
Compilation of R-return: Reporting under FETERS - Discontinuation of ENC and Sch 3 to 6 file
RBI cancels Certificate of Registration of six NBFCs
Auction for sale (Re-Issue) of Government Stock
No pass- through status for alternative investment funds
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Disallowance of reimbursement expenditure. We find that the issue has been considered by the Co-ordinate Bench in a speaking order considering the very same Agreements and identical activities and nature of evidences relied and it is not the case of the Revenue that there is any material change in any…

Where CBDT Circular No. 786 dated 7-2-2000 was in force at time of remittance of amount of commission to non-resident agent, assessee was not liable to deduct tax at source on such payment

In the case of J.B. Boda and Co., the Apex Court held as under: "..the remittance to the foreign reinsurance company was made through the Reserve Bank of India in conformity With the agreement between the appellant and the foreign reinsurers, and that the remittance statement filed along with the application…

Assessing Officer has recorded the reasons on the basis of the material revealed to him while scrutinizing the return in assessment year 2001-02. The angle with regard to existence of PE was sought to be examined by the Assessing Officer in the second reassessment notice issued on 26.3.2007.

AMP Expenses. The Special Bench in the case of LG Electronics has held that the AMP expenses refer only to advertisement, marketing and publicity and, as such, the selling expenses which are specific to sales cannot be considered within the ambit of AMP expenses. Some of the instances of selling expenses…

Transfer pricing adjustment on Corporate Guarantee. We have considered the issue and examined the contentions. As far as directions of DRP are concerned, we notice that DRP did not take into consideration any of the objections raised by the assessee including the internal CUP provided to it.

Royalty and Technical Fees. There is no dispute with reference to the fact that assessee was promoted by the Kirby Building Systems, Kuwait and its original technical service agreement for payment of lump sum amount of $ 2 million dollars as technical knowhow fee and royalty of 2.5% in the first year…

TP adjustment in respect of sale of bulk drugs to AE. It is not in dispute that the assessee has earned profit margin @ 106.25% on sale of Pencillin and Lovastatin in US market to non-AE. It is also not in dispute that the profit disclosed by assessee in respect of sale of Mycophenolate Mofetil in US…

Where, assessee, a UK based company, entered into a contract with Indian clients for providing its foreign exchange deal matching system services, in view of fact that in terms of contract, assessee allowed its subscribers to use software and computer system to have access to its portal for finding …

When the transactions are influenced by each other, particularly in determining the price/profit involved in the transactions then those transactions would be regarded as 'closely linked' transactions - Held, Yes – Transactions of hiring of equipment to be used for execution of a project to be clubbed…

The facts and circumstances of the instant year are mutatis mutandis similar to those of the preceding two years. The appeal of the assessee for the AY 2007- 08, in which transfer pricing adjustment was made under similar circumstances, came up for consideration before the Tribunal, wherein it was held…

The adjustment made by the TPO and the DRP could be examined only at the time of final disposal of the appeal only. This Tribunal is of the considered opinion that prima facie, the assessee is having a very good case and the adjustment made by the TPO or the DRP appears to be not correct. However, the…

We find that the hearing of the appeal is going on and no delay in the disposal of the appeal is attributable to the assessee. Further, the Assessee has complied with the terms and conditions of the order dated 31.12.2013 of this Tribunal whereby Stay was granted against the demand in question.

We are not at all in agreement with the argument of the assessee. According to us, section 91(1) of the Act authorises relief in accordance with the double tax avoidance agreement, if any, in respect of incomes arising in the country with which there is such an agreement. Where such relief is by way…

The submission made by the counsel for the Revenue appears to be correct and this is the intention behind the order of the tribunal. This becomes apparent when we refer to the earlier portion of the order of the tribunal, which reads as under. "5. The ld. DR, though relied on the impugned order but …

The Tribunal found that the Assessee Bank received interest on refund of taxes paid. It also paid interest on the taxes which were payable. The Assessee sought to set off the interest paid against the interest received and offered the net interest received to tax. We do not see that such findings of…

In view of the fact that judgments passed by Single Judge of this Court and of Division Bench of this Court, have not been set aside, therefore, all the above petitions stand disposed of in terms of judgment dated 20.08.2011 passed by Single Judge in WPMS No. 2197 of 2010 (B.J. Services Company Middle…

We do not find that any error was committed either by the Commissioner of Income Tax (Appeals) or the Tribunal as urged. Firstly, the original Assessment Order was made on 24.10.2003. Thereafter, there is a reassessment order dated 18.12.2007. Aggrieved thereby an initial appeal before the Commissioner…

This Court had an occasion to consider this agreement in the case of Commissioner of Income Tax and others Vs. De Beers India Minerals (P) Ltd., where, after referring to various provisions of law, it was held that the question, whether along with rendering technical services, whether the technical …

Matter remanded where TPO while computing operating cost to determine ALP of international transactions did not identify certain expenses on actual payment basis. Functionally dissimilar company can't be a comparable

For AY 2001-02 to 2005-06, the Tribunal deleted the disallowance made u/s 14A on the ground that as the assessee’s own funds were more than its borrowed funds, the investments in tax-free securities had to be regarded as being made out of the own funds and no disallowance u/s 14A for the interest on…

As a result of dissolution of the firm, redistribution of the properties took place in a manner, different from the one, in which they were held before the constitution of the firm. That, in turn, attracted imposition of gift tax. The matter landed before this Court in the form of R.C.No.160 of 2000…

We have perused the order passed by the Tribunal and its conclusion. In the light of this circular and equally the legal provisions, we find that once the bonds which had been issued, in respect of which exemption is claimed by the asseesee.

Such a finding essentially based on the facts and circumstances peculiar to the assessee, does not raise any substantial question of law. We are surprised if not shocked that such appeals are being brought before us and precious judicial time is being wasted that too by the Revenue.

We are unable to agree because after the submission of the remand report, the Commissioner of Income Tax granted the relief. The matter was again carried to the Tribunal but this time by the revenue but the findings of fact which are referred would show that the assessee had procured the materials in…

It is required to be noted that the assessment year under consideration was AY 1981-82. Therefore, the provision of law, more particularly, Section 43 was required to be considered which was prevailing at the relevant time. It is required to be noted that prior to 1.4.1988 prior to word “Deputy Commissioner”…

The issue in question is in fact covered by the decision of the Supreme Court in Commissioner of Income Tax Vs. Ghanshyam (HUF). In the said decision, the Supreme Court noticed the object, purpose and why Section 45(5) was enacted with effect from 1st April, 1988.

In view of the discrepancies pointed out by the AO for which the assessee has no plausible explanation, we are in conformity with the authorities below that the books of account in the case have to be rejected as the assessee has failed to satisfactorily explain various discrepancies/deficiencies pointed…

the expression “Six months from the date on which it is drawn." Once the word “from” is used for the purpose of commencement of time, in view of section 9 of the General Clauses Act, the day on which the cheque is drawn has to be excluded and the last day within which such act needs to be done is to…

The CIT(A) directed the Assessing Officer to treat it in the hands of the assessee on substantive basis on the basis of the decision dated 17/6/2013 of this Bench of the Tribunal in I.T.A. No. 236/JU/2013, therefore, we are of the view that the Ld. CIT(A) rightly directed the Assessing Officer to treat…


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Finance (No. 2) Bill, 2014 as Passed by Lok Sabha
Notice of Amendments: Full Text
Changes made by Finance (No. 2) Bill, 2014 as passed by the Lok Sabha
Budget 2014: Analysis of Central Excise Provisions
Budget 2014: Analysis of Customs Provision
Budget 2014: Accepting / repaying loans and deposits through ECS
Budget Article : Concessional tax rate for foreign dividends extended without any sunset clause
Budget Article: Assessments / Penalties / Compliances
Budget Article : Power to survey so as to verify deduction of tax at source
Budget Article : Amendment in Charitable trusts/institutions
Budget Article: Alternate Minimum Tax
Budget Article: Provisions Impacting Individuals
Budget Article : Changes in Transfer Pricing regime
Budget Article : Tax Deducted at Source
Budget Article: Expansion of tax incentive schemes
Budget Article: Amendments in Service Tax
Budget Article: Taxation Regime for Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (INVIT)
Service Tax : Service Tax: Important Changes Introduced
Budget Article: Amendments in CENVAT Credit Rules
Valuation of fertilizers for the purpose of levy of excise duty – inclusion of subsidy component in the assessable value – Clarification – Regarding.
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