TaxCorp News 
Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others Palm Oil, Crude Palmolein, RBD Palmolein, others Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified
Auction for Sale (Re-Issue) of Government Stock
Foreign Investment
Development of Industries
Trade Between India and Africa
FDI in E-Commerce Sector
Setting up National Investment and Manufacturing Zones (NIMZs)
National Manufacturing Policy
Shri A.K. Jain, Member, CBDT to discharge the duties and responsibilities of the post of Chairperson, CBDT in addition to his own duties; Ms. Anita Kapur, Chairperson, CBDT who is superannuating today, is appointed as Adviser on Tax Reforms for a period
National Rubber Policy
Trade Share of India with BIMSTEC Countries
Adolescent deaths from AIDS sharply up since 2000: UNICEF
BCAS fully implements ICAO recommendations
Govt keen to notify higher auto emission norms; Draft issued
Gold monetisation scheme review on Tuesday
Central Bank May Make it Easier to Monetise Gold
RBI Reference Rate for US
Japan s Official Development Assistance Loan worth 5,479 crore to India for Chennai Metro and Ahmedabad Metro Projects
Mid-Career Training should include Field Visits to villages: DoP&T Secretary
Gurgaon & Bhopal Traffic Police get Best Road Safety Initiative Award
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ITAT -Section 36(1)(vii) deals with only actual claim of deduction and not doubtful debts.

HC - When record itself justified expenses claimed by assessee, there was no justification in rejecting books of account or vouchers merely on specious plea that one person signed for all persons.

ITAT - Conversion charge was paid in installment for using factory land for commercial/service activities, were revenue expenditure.

ITAT - A company rendering engineering consultancy services could not be accepted as comparable for a company rendering marketing services.

ITAT - TP adjustment made on the guarantee commission on the corporate guarantees provided by assessee to its AEs is to be upheld.

HC - In absence of details like business visa, name of person at whose invitation business trip was held, proof of any meetings abroad and details alike, expenditure on foreign trip of MD and his wife…

ITAT - Since delay in filing TDS returns occurred due to non-submission of PAN details by concerned deductees within stipulated time, no penalty u/s 272A(2)(k).

ITAT - company engaged in animation services for 2D and 3D animation is not comparable to software development service company.

ITAT - Upfront premium received by assessee for leasing out land to companies for 30 years on BOT basis is taxable on receipt basis. Spreadover claim not justified.

ITAT - There was no intention on the part of assessee-deductor to furnish wrong PAN details. The system is erroneous to the extent if it restricts the deductor to revise its TDS return/statement within…

HC - Mere profitability does not indicate that the transaction which was responsible for the enhancement of the profits was at an arm’s length price.

ITAT - Comparables cannot be excluded merely based on turnover criterion without analysing functional similarity.

ITAT - Payment for intra-group services, to the extent of cost of services should be allowed. Assessee had produced all relevant details as well as evidence in support of the claim that AE had rendered…

ITAT - DRP direction determining ALP of intra-group services at cost without any mark-up upheld.

ITAT - In case of a manufacturer, there are two activities, which are to be segregated, one is prime manufacturing activity and the other relating to AMP. Further, for a manufacturer, TNMM is not an appropriate…

ITAT - Transaction related to issue of shares outside the purview of TP provisions as it falls in capital field.

ITAT - TPO / DRP cannot be faulted for holding that the assessee had not established the quantum of capacity utilization adjustment with evidences and supporting details.

ITAT - Not correct to hold that cost incurred on hotel booking, transport, air fare, etc are to be excluded from total cost base as 'pass through cost' while computing PLI under Cost Plus Method.

ITAT - Attempt of the assessee to have a lesser charge of depreciation while working out its PLI in the guise of under utilisation of capacity was not correct.

HC - Since assessee made obsolete stock provision as non-operating year after year, it could not be treated as abnormal or extraordinary.

HC - Bombay Sales Tax Act, 1959 - 'Ice Cream' not covered by term "Sweet and Sweetmeats", appearing under Schedule Entry C-II-35(1).

HC - Kerala VAT - Requirement of production of shipping documents cannot be fulfilled. Inasmuch as it is discernible from letters of Lakshadweep Administration that transportation of goods to archipelago…

CESTAT - Service Tax - Lumpsum turnkey contract for setting up of Nitric Acid Plant constitutes a “works contract” as such not taxable before June 2007.

SC - Excise - SSI exemption available in respect of goods manufactured on own account, alongwith CENVAT credit in relation to branded goods manufactured on job-work basis for third parties.

SC - Excise - No concessional excise duty benefit to EOU under Notification No. 8/97-CE r/w Circular No. 389/22/98-CX in respect of clearance of cotton yarn in DTA.

HC - Excise - Importers not entitled to CVD exemption absent eligibility to fulfill ‘CENVAT credit non- availment’ condition. Challenge to Notification Nos. 34/2015-CE & 37/2015-CE amending Notification…

CESTAT - Service Tax - Amount recovered as media cost from Ministry of Tourism, Govt. of India towards advertisement campaigns in New York is not liable to service tax.

SC - CENVAT - CENVAT available on goods used for construction of concrete structure and foundation on which various heavy machinery in a cement plant erected.

SC - Customs - Import of Antenna and Installation Cable alongwith main telecom equipment is eligible for customs duty concession under Notification No. 21/2002-Cus.

SC - Excise - Interest is payable on differential excise duty paid before issuance of SCN u/s 11A(2B).

Finance Bill receives President's assent on May 14
Highlights of changes made in Finance Bill, 2015 as passed by the Lok Sabha
Budget 2015-16 – Service tax changes
Finance Bill, 2015 – Changes relating to Central Excise Duty and Cenvat Credit
Complete Analysis of Finance Bill, 2015
Memorandum Explaining the Provisions in The Finance Bill, 2015
Cost of acquisition of a capital asset in the hands of resulting company to be the cost for which the demerged company acquired the capital asset
Amount of tax sought to be evaded for the purposes of penalty for concealment of income under clause (iii) of sub-section (1) of section 271
Certain accountants not to give reports/certificates
Prescribed conditions relating to maintenance of accounts, audit etc to be fulfilled by the approved in-house R&D facility
Amendment to the conditions for determining residency status in respect of Companies
Simplification of Tax Deduction at Source (TDS) mechanism for Employees Provident Fund Scheme (EPFS)
Rationalisation of provisions relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS)
Rationalisation of provisions relating to deduction of tax on interest (other than interest on securities)
Clarification regarding deduction of tax from payments made to transporters
Revision of order that is erroneous in so far as it is prejudicial to the interests of revenue
Interest for defaults in payment of advance tax in case of re-assessment and where additional income is disclosed before the Settlement Commission under section 245C
Simplification of approval regime for issue of notice for re-assessment
Assessment of income of a person other than the person in whose case search has been initiated or books of account, other documents or assets have been requisitioned.
Orders passed by the prescribed authority under section sub-clauses (vi) and (via) of clause (23C) of section 10 made appealable before Income-tax Appellate Tribunal
Settlement Commission
Amendments relating to Global Depository receipts (GDRs)
Rationalising the provisions of section 115JB
Power of the Central Board of Direct Taxes to prescribe the manner and procedure for computing period of stay in India
Cigarettes bear the brunt; Swachh Bharat Cess to be levied on services
PAN made mandatory for any sale or purchase of above Rs one lakh
Surcharge goes up across board, including local authorities and cooperatives
Gold Monetisation Scheme: Depositors and jewellers to earn interest on metal account
India needs to create additional Fiscal Space: Survey
Infrastructure growth higher than Industrial growth: Survey
IT & IT-es continue to be a key job creator & single largest contributor to Services exports
IT & IT-es continue to be a key job creator & single largest contributor to Services exports
Make in India - Manufacturing - India has comparative advantage in unskilled labour
Services Sector dominates FDI equity inflows; WTO negotiations to have serious bearings on its growth
RBI Reference Rate for US
International Financial Services Centre (IFSC)
Banking Reforms
Changes proposed in priority sector lending (psl)-regarding
Changes proposed in priority sector lending (psl)-regarding
Steps Being Taken for Increasing Financing to Micro, Small And Medium Enterprises (Msmes)
Micro Units Development and Refinance Agency (Mudra) Bank
Introduction of the Atal Pension Yojana
Highlights of The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY SCHEME 2 - FOR LIFE INSURANCE COVER)
Highlights of the Pradhan Mantri Suraksha Bima Yojana (Pmsby Scheme 1 - for Accidental Death Insurance)
Can Sumitomo Special Bench decision be overruled
Procedure would be prescribed for filing of appeal by revenue when an identical question of law is pending before Court
Orchestrating Growth: Taxation of Indirect transfer clarified
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