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MCA General Circular No. 40 dated 15-10-2014
Instruction No. 7 dated 26-9-2014
No deduction of tax certificate u/s 197 - CBDT amends Rule to prescribe Form No 13
CBDT extends returns filing due date till Nov 30 (Press Release)

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Subash Chandra Garg Relieved to take up His New Assignment As Executive Director, World Bank, Washington D.C.
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Merely because some profit arises from its activity will not mean that the predominant object of the activity is to earn profit and that it is not an educational activity.

Merely because an expense relates to a transaction of an earlier year, it does not become a liability payable in the earlier year unless it can be said that the liability was determined and crystallized in the year in question. If such liability has been actually claimed and paid in the later previous…

As per an incentive scheme announced by the Government of Maharashtra, the assessee entered into an agreement to avail the benefits under deferral/1993 scheme which provides for deferment of payment of taxes. This agreement not only determined the eligibility of the assessee but also laid down the terms…

The Selection Committee finalized a list of 18 persons, 13 for the post of Accountant Member and 5 for the post of Judicial Member. The Petitioner, Inturi Rama Rao, was placed in a ‘Waiting List’ appointment as Accountant Member. The Select List was approved by the Appointment Committee of the Cabinet…

It can also be noted that the Bombay High Court (Commissioner of Income tax v. Indian Oil Corporation Ltd., reported in 2010 TAXMAN 466) has in terms held that the decision of the Tribunal in ITO v. Ekta Promoters (P.) Ltd., reported in (2008) 113 ITD 719 (Delhi) (SB) was not correct, by holding that…

At the outset, we have to demarcate the territory of the case, i.e. application of section 50C and addition to be made u/s 69C. We find that both the sections operate independently i.e. to say that section 50C shall bet attracted where there is a transfer of property by the assessee and receives sales…

A premise which can be drawn is that for the purposes of valuation of the closing stock it is permissible for the assessee to value it at the cost or market value, whichever is lower. In-fact, the Hon’ble Supreme Court in the case of Chainrup Sampatram vs. CIT, (1953) 24 ITR 481 (SC) held that the assessee…

It is seen that the sole issue that arises for consideration is the TP adjustment on account of AMP expenses. It is noted that the facts of the instant case are similar to the case of L.G. Electronics India Pvt. Ltd. Vs. ACIT, though the DRP had not applied any of the propositions laid down by the Special…

As regards selection of comparables, it is seen that the assessee has objected to inclusion of only five comparables out of the twelve selected by the TPO. After considering those objections, it is noted that the Accentia Technologies Ltd. is related with case of mergers and acquisition.

There was a non-deduction of tax from payments made to certain customers debited in direct expenses under the head “excess payment refund” which was treated as indirect expenses by the assessee.


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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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