CBDT notifies new IT return forms for AY 2015-16
CBDT Clarification Dated 17 June 2015: Steps towards Non- Adversarial Tax Regime
CIRCULAR NO 10/2015, Dated: June 10, 2015 : Govt issues 14 FAQs on APA rollback
Analysis of Exemptions to Private Company and Others

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CBDT Notifies Income Tax Return Forms for Cos, Firms
Legal heirs need to file returns for deceased
CBDT notifies ITR forms for companies, firms
CBDT notifies ITR forms for companies, firms
BEPS empowers tax authorities to rewrite transactions
CBDT enables e-filing utility for ITR 3, 4 and 7
Income Tax Dept moves SC to tax Copal Group’s offshore deals
Govt detects Rs 1,761.09 crore undisclosed income till June
Govt detects Rs 1,761.09 crore undisclosed income till June
New accounting standards give India Inc tax jitters, companies put aside funds for potential penalties
A whopping Rs 1.45 lakh crore stuck due to tax disputes: Government
Rising rhino poaching and elephant killings: UN calls for steps to eradicate illegal wildlife trade
12.14 lakh consumers voluntarily surrender subsidised LPG Cylinders
Fall in Tobacco Price - Govt making efforts to help growers
UN urges action to combat human trafficking
PM reviews distribution of Rs 6000 Cr package given to sugar sector
Compliance Window - Declaration not admissible as evidence; Minister
Govt promises SEBI's black eye to black money
IRDAI fixes deadline for settling claims
CBDT simplifies procedures for e-filing, e-payment and online application for PAN
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Comparability: CIT(A) focus functional analysis; ITAT focus product similarity, accepts TPO's conclusions

ITAT - Relying on OECD guidelines, raw material adjustment on account of excess consumption by assessee to be computed on sales and not on cost.

HC - ALP of commission paid to AE at 10% (8% + 2% for additional risk) upheld instead of 5% adopted by TPO.

ITAT - Following Trilogy E-Business ruling to exclude companies having turnover exceeding Rs 200 crores. Cannot be comparable with assessee whose turnover is less than 20 crores.

ITAT - Though the CIT (Appeals) has co-terminus power with that of Assessing Officer and can enhance the assessment, however, since he has not issued any show cause notice for enhancement under Section 251(2), he cannot reject companies from the set of comparables

ITAT - Since commission earned by assessee from AEs at 1.83% of FOB value of goods, was higher than 1.71% commission earned from non-AE transactions, Rs. 105 cr addition deleted.

ITAT - Companies which are engaged in product development and owning significant IPR cannot be compared to software developer.

ITAT - TPO was not justified in venturing into commercial rationale & validity of international transaction and should only examine the transaction as it is undertaken & structured by AEs. Adjustment on technical fees payment to be deleted.

ITAT - AMP expenses can be clubbed with other international transactions carried out by assessee as distributor, if AMP functions performed by tested party and comparables are same. If there is difference in the functions between the assessee and comparables, the suitable adjustment was to be first …

ITAT - Indian TP Regulations differ from OECD & US TP Guidelines on Arithmetic Mean vis-a-vis Inter-quartile range method for ALP determination. TPO's approach of selecting PLI band of 10-50% is arbitrary and liable to be rejected.

S. 271(1)(c): The rigors of penalty provisions cannot be diluted only because a small number of cases are picked up for scrutiny. No penalty can be levied unless if assessee's conduct is "dishonest, malafide and amounting concealment of facts". The AO must render the "conclusive finding" that there …

S. 244A: Interest on income-tax refund received by a non-resident is not effectively connected with the PE (Permanent Establishment) either on asset test or activity test. Accordingly such interest cannot be assessed as business profits but has to be assessed as "interest" under Article 11/ 12

Strictures passed regarding the "casual and callous" and "frivolous" manner in which senior officers of the dept authorize filing of appeals. Strictures also passed against counsel for acting as a "mouthpiece" of the Dept in persisting with unmeritorious appeals. CBDT directed to take appropriate ac…

S. 28(va)/ 115JA: non-compete consideration received prior to insertion of s. 28(va) is not taxable. Amount credited to reserves without a corresponding debit to the P&L A/c cannot be added to the "book profits"

S. 41(1)/ 68: Unclaimed liabilities to creditors, even if fictitious and bogus, cannot be assessed u/s 41(1) in the absence of a write-back. The bogus credits can be assessed u/s 68 only in the year the credits were made and not in the year they are found to be not payable

Loss suffered on account of forex derivative contracts (Exotic Cross Currency Option Contracts) cannot be treated as speculative loss to the extent that the derivative transactions are not more than the total export turnover of the assessee. If the derivative transaction is in excess of export turnover,…

S. 40(a)(ia): In an appeal against an order passed by the AO to give effect to the ITAT's order, the CIT(A) has no jurisdiction to enhance the assessee with respect to a new source of income or disallowance of expenditure

S. 32: A licensee who is in full control of the building and can exercise the rights of the owner in his own right is entitled to depreciation

Bogus purchases: Manner of computing profits in the case of bogus purchases by an assessee who is not a dealer in the goods but has consumed the goods in his business explained

S. 271D penalty: The limitation period has to be computed from the date of issue of the show-cause notice by the AO. Penalty should not be levied if circumstances show no intention to contravene the law

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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