TaxCorp News 
Only 18,358 individual taxpayers declared income of over Rs 1 cr in FY12
SIDBI signs MoU with SAARC Development Fund for cooperation
ADB forecasts lower growth rate for current fiscal
Tax evasion - Rewards to informers capped at Rs 15 lakh
GAAR - Govt to set up panel to finalise guidelines
Govt is in know of illegal transfer of funds through trade route: Sinha
CBDT releases 15 years taxpayers data for wider analysis
Govt building data bank of e-challans for traffic violations
Govt introduces international safety norms for new vehicles
Mobile App namely Indian Customs- Guide to Travellers launched to inform Traders/Exporters/Importers about Customs Rules
Dedicated Structure for delivery and monitoring of Taxpayer Services in CBDT; Pendency of Grievances which are more than one year old has been reduced from 1,910 as on 25.3.2015 to only 02 as on 25.4.2016
Investigation of Offshore Accounts
Exemption in respect of Income of the Urban Development Agencies
Loans from Industrial Financial Institutions
ADB Forecast Growth Rate in 2016-17
Guidelines for Grant of Rewards to Informers of Tax Evasion
Swabhiman Campaign
Bank Board Bureau
Implementation of General Anti Avoidance Rule (GAAR)
Amendment in the existing Atal Pension Yojana
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S. 195/ 40(a)(ia): Commission paid to a non-resident for services rendered outside India is not chargeable to tax in India and is not liable for TDS. Insertion of Explanation 4 to s. 9(1)(i) and Explanation…

S. 54F: The demolition of a structure does not amount to a "transfer". It is not correct to contend that Vania Silk Mills 191 ITR 647 (SC) is overruled by Grace Collis 248 ITR 323 (SC). Lower authorities…

S. 15, 17, 192: Concept of "salary" explained. Held that as "tips" are paid to employees of the assessee from an outsider on a voluntary basis and the employees have no vested right to receive the same,…

S. 245: Approach of the department of setting off / adjusting refund against demand without serving a prior s. 245 intimation to the assessee and without providing opportunity of hearing to assessee &…

S. 147: If the assessee responds to the S. 142(1)/ 143(2) notices, it means that he has submitted to the AO's jurisdiction and is estopped for filing a Writ Petition to challenge the same. The fact that…

S. 147/ 148, 151: Law on validity of reopening where S. 148 notice is issued in a mechanical manner, based on information received from another AO, and sanction is accorded by the CIT in a mechanical …

ITAT - Revision of order u/s 263 cannot be done if two views are possible on the issue. There is no money borrowed or debt incurred as such provisions of sec. 2(28A) and sec. 194A do not apply.

ITAT - TDS u/s 194C and not u/s 194J is applicable to subscription payments made to TV channels for redistribution of TV Channels through cable operators.

ITAT - Explanation given by assessee that it was under a genuine belief that it was entitled for relief u/s 80 IA (supported by CA-certificate) is bonafide. Penalty u/s 271(1)(c) deleted.

S. 40(a)(ia), though inserted w.e.f. 01.04.2013, is retrospective in operation because it is curative and intended to remedy an unintended consequence. Accordingly, if the payee has paid the tax, the …

ITAT - The comparability of these companies was already tested by this Tribunal, then the same cannot be included in the list of comparables.

ITAT- Upper turnover filter of Rs 200cr not applicable to eliminate companies as assessee’s turnover was Rs 50.20cr,

ITAT - Assessee was entitled to a mark-up on actual cost incurred in respect of marketing support services.

ITAT - TPO’s selection of comparables was neither methodical or scientific nor explained as to how they were functionally similar to assessee’s activities.

ITAT - Consideration of extraordinary expenditure of revenue costs to be treated as operating cost.

ITAT - There was no merit in Revenue's stand that no filter should be applied, since higher turnover filter had been applied in the Capgemini decision. Rs. 200 cr filter upheld.

ITAT - Gross margin of the assessee company cannot be compared with the group company as the assessee company is an importer and distributor of cigarettes in India without any value addition.

ITAT - The suitability of CUP method cannot be rejected because of the commercial outcome of the transaction being in the nature of loss.

ITAT - Assessee has established that services were provided in order to meet specific need of the Assessee for such services, the economic and commercial benefits derived by the Assesseee of intra group…

HC - Merely because a comparable has been used in the subsequent AY for determining the ALP, it would not ispo facto apply to determine the ALP in the relevant AY as well.

CESTAT - ST - Supply of lighting decoration to a place for social functions taxable as “pandal and shamiana service".

CESTAT - Ex - ‘Transaction value’ assessment u/s 4(1)(a) justified for physician’s samples manufactured on job-work basis.

HC - Cus - CBEC Circular No. 19/2013-Cus classifying ‘Disposable Sterilized Dialyzer’ and ‘Microbarrier’ used for filtering blood under CTH 8421 is bad in law.

CESTAT - ST - No ST on services of promotion, marketing, selling and distribution of TV channels on behalf of foreign broadcasters taxable as “broadcasting services” before June 16, 2005.

SC - Karnataka VAT - No entry tax exemption on raw material, components and machinery parts brought into the local area for manufacture.

HC - ST - A mere ipse dixit that noticee willfully suppressed the material facts with intent to evade service tax payment is not sufficient to invoke extended limitation period.

HC - Cus - Revocation of customs broker license suspension upheld. Competent authority failed to pass order within 15 days of hearing, in terms of Regulation 19 of Customs Broker Licensing Regulations…

CESTAT - ST - No ST on subscription / entrance fees received by club from Members, as also amounts recovered from staff towards accommodation.

CESTAT - Excise - In terms of Rule 4 of CENVAT Credit Rules, full CENVAT credit on capital goods cleared to associate concern after 2 years from purchase is allowable.

CESTAT - ST - CENVAT credit available on service tax paid on premium towards health insurance of factory employees.

Clause 202 - Immunity from initiation of proceedings in respect of offence and imposition of penalty in certain cases
Clause 201 - Time and manner of payment
Clause 200 - Particulars to be furnished
Clause 199 - Declaration of tax payable
Clause 198 - Definitions
Clause 197 - Short title and commencement
Clause 193 - Scheme not to apply to certain persons
Clause 192 - Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act
Clause 191 - Exemption from wealth-tax in respect of assets specified in declaration
Clause 190 - Declaration by misrepresentation of facts to be void
Clause 189 - Declaration not admissible in evidence against declarant
Clause 188 - Tax in respect of voluntarily disclosed income not refundable
Clause 187 - Undisclosed income declared not to be treated as benami transaction in certain cases
Clause 186 - Undisclosed income declared not to affect finality of completed assessments
Clause 185 - Undisclosed income declared not to be included in total income
Clause 184 - Time for payment of tax
Clause 182 - Penalty
Clause 181 - Charge of tax and surcharge
Clause 180 - Declaration of undisclosed income
Clause 179 - Definitions
Clause 178 - Short title and commencement
Clause 163 - Collection and recovery of equalisation levy
Clause 162 - Charge of equalisation levy
Clause 161 - Definitions
Clause 160 - Extent, commencement and application
Clause 159 - Infrastructure Cess
Clause 158 - Krishi Kalyan Cess
Clause 157 - Amendment of notification issued under section 93A of Finance Act, 1994
Clause 156 - Insertion of new sections 101, 102 and 103- Special provision for exemption in certain cases relating to construction of canal, dam, etc- Special provision for exemption in certain cases relating to construction of Government buildings- Speci
Clause 155 - Amendment of section 93A
Clause 154 - Amendment of section 91
Clause 153 - Amendment of section 90
Clause 152 - Amendment of section 89
Clause 151 - Amendment of section 78A
Clause 150 - Amendment of section 75
Clause 149 - Amendment of section 73
Clause 148 - Amendment of section 67A
Clause 147 - Amendment of section 66E
Clause 146 - Amendment of section 66D
Clause 145 - Amendment of section 65B
Clause 144 - Amendment of Second Schedule
Clause 143 - Amendment of First Schedule
Clause 142 - Amendment of Third Schedule
Clause 141 - Amendment of section 37B
Clause 140 - Amendment of section 11A
Clause 139 - Amendment of section 5A
Clause 138 - Amendment of First Schedule
Clause 137 - Omission of section 8C
Clause 136 - Amendment of notifications issued under section 25 of Act 52 of 1962
Clause 135 - Amendment of section 156
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