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Interest paid to partners on capital is not a statutory allowance u/s 40(b) but is an expenditure u/s 36(1) - Sec. 14A read with Rule 8D is applicable
State Bank of Patiala contributes 2.36 crores to the Prime Minister s Relief Fund for Chennai Rain Victims
Steps taken by Income Tax Department for safeguarding taxpayers from Phishing emails
Budget Session to wind up on May 13
Govt to bring amendment to raise to 50 % reservation for women in panchayats
Urban infrastructure building offers Rs 73 lakh cr investment opportunity for pvt sector: Naidu
Reduction of Government litigation – withdrawal of appeals by the Department before CESTAT
RBI Reference Rate for US
Strengthening Free Enterprise in India (Dr. Raghuram G. Rajan, Governor - February 4, 2016 - 13th Nani A. Palkhivala Memorial Lecture, Mumbai)
Finance Minister Launches the Official Youtube Channel of the Ministry of Finance
Shri Jayant Sinha, MoS (Finance) inaugurates the Second Pension Conclave under the theme of Universal Pension- Coverage, Adequacy and Sustainability ; Stresses upon the priority to provide the universal pension security including income security, health
Budget session of Parliament from February 23 till May 13, 2016
Finance Minister Inaugurates India Investment Summit 2016 in National Capital; Calls for a Higher Pace of Growth to Achieve the Global Standards
DIPP and Qualcomm announce QPrize - Make in India contest for Start Ups Winner takes it all - 2 Crore in equity investment
Joint venture between Ministry of Railways and State Govts to boost railway infrastructure
President appoints Judges for Allahabad, Gujarat and Karnataka HCs
RBI Reference Rate for US
SCOMET Export permission for ‘Stock & Sale' purposes and for export of spare parts
Refund of Excise duty on purchase of cars by physically handicapped persons
Extending the Indian Customs Single Window to other locations and other Participating Government Agencies
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ITAT - Set-off of losses allowed by assessee’s STPI unit against income from non-STPI unit in view of CBDT circular no. 7 dated July 16, 2013.

HC - In absent of PE in India, contract revenue received by a UAE based company from ONGC is not taxable in India

SC - HC to admit Revenue’s appeal on identical issue admitted earlier.

Subsidy granted to set up a wind project is a capital receipt. the subsidy cannot be reduced under Explanation 10 to s. 43(1) from the cost of the assets acquired though 100% depreciation is allowed on…

HC - 50% additional depreciation allowable in second year.

ITAT - Sec 54F exemption available to assessee for investing long term capital gains arising on sale of various sites in a single property.

An installation project which does not last more than 183 days in a fiscal year is not a "Permanent Establishment" and the business profits are taxable only in Singapore under Article 7(1) of the India-Singapore…

S. 271C: Penalty for failure to deduct TDS cannot be levied if Dept is unable to show contumacious conduct on the part of the assessee

ITAT - Investment in preference shares by assessee be considered for determining average value of investments under Rule 8D(2)(iii).

Tribunal is correct in extending the benefit of Section 32(1)(iia) of the Act to the next assessment year when the income tax Act does not provide for such carryover.

ITAT - Notional interest on delayed receivables from AE is to be deleted as payment received within 32 days was well within the outer time limit of 60 days as provided in agreement with AE.

ITAT - Applies Rs 200cr turnover filter to exclude 6 comparables.

ITAT - CIT(A) is duty bound, under Rule 46A(2), to record (in writing) reasons for admission of fresh evidence produced.

ITAT - Risk adjustment if required has to worked out based on scientific analysis and data.

ITAT - While working out TP adjustment allows adjustment for capacity under- utilization while computing operating margin of assessee.

ITAT - Software service-provider is different from assessee providing software development services to AE.

ITAT - Comparables functionally different from software development are to be excluded.

ITAT - TPO confused himself in characterization of the assessee’s functions as captive, routine, full-fledged distributor at one place and routine distributor in another place.

ITAT - TPO to ascertain correct facts and to consider judicial precedents on extraordinary event of merger/amalgamation and non-availability of segmental results.

ITAT - forex gain is to be treated as operating in nature as it had direct nexus with international transaction.

CESTAT - ST - 'Signing fees' and annual 'pouring fees' received from Coca Cola for promoting its products inside multiplex is chargeable under “Business Auxiliary Service”.

CESTAT - ST - Transmitting financial messages internationally is taxable as "banking services".

CESTAT - ST- In absence of patent under Indian Law, technology transfer fees paid to parent entit is non-taxable as 'IPR service'

HC- ST - DGCEI to refrain from taking coercive steps against MakeMyTrip or any of its officials till next hearing.

CESTAT - ST - Office assets insurance, works contract, outdoor catering are essential for assessee’s business, without which services cannot be exported and hence, qualify as ‘input services’.

HC - In absence of any acceptable/reasonable cause or reason adduced by assessee for non-payment of service tax for about 3 years, penalty u/s 76 justified.

CESTAT - ST - Collection from auction of abandoned imported goods is not chargeable to Service Tax

SC - Excise - Process of cold-rolling of hot-rolled stainless steel patta / pattis on job-work basis constitutes ‘manufacture’.

SC - Customs - Mere non awareness of correct legal position would not afford any such ground that it was beyond assessee’s control. No free shipping-bill conversion.

CESTAT - ST - No service tax under ‘business support services’ category i.r.o. transportation of goods belonging to businessmen through buses.

Heading 
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
SERVICE TAX
EXCISE
CUSTOMS
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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MCA allows vague, not related to object/ Activity/ person, misleading impression giving name application
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