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Disclosure in the Board’s Report: Public Limited Company
Disclosure in Board’s Report – Every Year Disclosure Required
Disclosures in Annual Report as per New Companies Act, 2013
Compulsory manual selection of cases for scrutiny during the Financial Year 2014-15

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Accounting Professionals Move Court for Clarity on Tax Audit Deadline
Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR
Government of India Announces the Repurchase of Its Securities Through Reverse Auction for an Aggregate Amount of 20,000 Crore (Face Value)
India Successful in Getting Its Perspective on Different Issues of Economic Cooperation Including Implementation of Trade Facilitation Agreement (TFA) in WTO Included in Communique of Eleventh Meeting of Finance Ministers' of Asia Europe(ASEM)
Finance Ministry Releases in Advance the Installments Worth 865.29 Crore Due in October 2014 to Government of Jammu and Kashmir to Help the State Government to Deal with Unprecedented Situation of Flood and Natural Calamity
RBI cancels Licence of The Mirzapur Urban Co-operative Bank Ltd., Mirzapur, Uttar Pradesh
First Anniversary of GIC Bhutan Re Ltd, the First Reinsurance Company of Bhutan Celebrated at Thimpu; Department of Financial Services,Government of India Runs Two Joint Ventures of Druk PNB JV and GIC Bhutan Re to Improve and Strengthen Our Bilateral Rel
Indirect Tax Revenue (Provisional) Collections increase from ₹ 1,85,881 Crore in April-August 2013 to 1,94,492 Crore during April-August 2014
RBI Reference Rate for US
Regarding waiving off of penalty under the Amnesty Scheme.
Guidelines for nomination as member of SEZ Authority
Cabinet Apprised about the Progress made in Pradhan Mantri Jan-Dhan Yojana (PMJDY); 3.02 Crore Accounts opened till 8th September, 2014; Banks have Collected Deposits worth 1496.51 Crore; Survey of Unbanked Households also Started and Expected to be Compl
RBI Reference Rate for US $
Financial support to the National Export Insurance Account for overseas project exports
Approval of Phase-V of Unique Identification project
Disinvestment of 5 percent paid-up capital in Oil & Natural Gas Corporation Ltd. out of Government of India shareholding
Disinvestment of 10 percent paid-up equity capital in Coal India Ltd. out of Government of India shareholding
Disinvestment of 11.36 percent paid-up equity capital of NHPC Ltd. out of Government of India shareholding
Disclosure in the Board’s Report: Public Limited Company
Disclosure in Board’s Report – Every Year Disclosure Required
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Where assessee was engaged in manufacturing and selling of vehicles, in view of fact that both segments were interlinked, a combined approach was to be adopted and since in terms of said approach profit margin earned by assessee was within premissible range of plus/minus five per cent of arithmatic …

There can be no recourse to Explanation 5 to enlarge scope of section 9(1) so as to bring to tax gains or income that may arise from transfer of an asset situated outside India, which does not derive bulk of its value from asset situated in India. Gains arising from sale of a shares of a company incorporated…

Where assessee, in course of business of importing and selling of visual and information technology equipments like projectors, LCD cables, projector lamps etc. within India, also imported manuals and software which contained operating and servicing instructions for use of those equipments, since said…

Inland Haulage Charges earned by assessee being part of income derived from operation of ships in international traffic are covered under article 8 of Double Tax Avoidance Agreement (DTAA) entered into between India and Belgium and consequently not taxable as business profits in India

Where any order passed by Tribunal in prior assessment years is followed for successive years in relation to same assessee, then, reference to order must be correctly denoted

Where in terms of article 14 of Indo-UK DTAA, assessee was a resident of India and he had to pay capital gains in terms of domestic law of this country, if he did not pay same and merely gave a note along with returns, to which Assessing Officer had not applied his mind, reassessment was justified

Where TPO had accepted 'most appropriate method' followed by assessee and approved arm's length price of royalty rate determined by asseesee, with respect to payment of royalty of products, claim of assessee on payments of royalty on variants of products was to be allowed

Payer couldn’t be subject to interest for TDS default if payee wasn’t subjected to tax on similar payments in past.No order under section 201(1)/201(1A) can be passed when the revenue has not taken any action against the payee and further the time limit for taking action against the payee under section…

Where TPO made certain addition to assessee's ALP in respect of providing customer support services to its AE, in view of fact that one of comparables selected by TPO was improper as it was earning abnormal profits on account of its huge turnover and high capital infrastructure, impugned addition was…

A company having incurred super losses due to extraordinary events, like winding up of relationship with clients, filing of bankruptcy by some clients, etc., is to be excluded from comparables list; simultaneously company earning super profit should also have to be excluded from list of comparables

Where TPO made certain addition to assessee's ALP in relation to international transactions entered into with AE relating to software development services, in view of fact that in case of one comparable selected by TPO, there was merger of another company which resulted in its earning high operating…

Where TPO made addition to assessee's ALP in respect of software research and development support services rendered to its AE, in view of fact that some of comparables selected by TPO were improper on account of functional difference and high turnover, impugned adjustment was to be set aside and, matter…

Where Assessing Officer passed draft assessment orders which were served on assessee on 22-11-2011 and, thereupon, DRP having considered assessee's objections, dispatched its directions to assessee on 16-8-2012, it was to be concluded that impugned draft order had been passed in confirmity with provisions…

Where capital gain accrued to residents of UAE from sale of Government Securities in India carried out through respondent bank, was not taxable in UAE, income so generated could not be subjected to tax in India and, therefore, respondent bank was not liable to deduct tax at source while remitting amount…

Where TPO made certain adjustment to assessee's ALP in respect of ITES services provided to AE located abroad, in view of fact that some of comparables selected by TPO were inappropriate on account of functional difference and related party transactions, impugned adjustment was to be set aside and, …

Where assessee deputed some of its employees to AE to render services of commercial value, TPO was justified in making addition to assessee's ALP holding that a markup of 5 per cent should have been charged in addition to reimbursement of salary expenses by AE. Income on sale of Certified Emission Reduction/carbon…

Where assessee, engaged in rendering information technology solutions to companies within CGI Group and other global customers, entered into an agreement with CGI Group Inc., a Canada based company, whereby assessee got a right to use intranet facilities belonging to Canadian company for rendering aforesaid…

Exemption to non-resident from tax of income arising to him 'through or from operations which are confined to purchase of goods in for the purpose of export' is not limited to situations where the non-resident actually purchases the goods in India in his own name and then exports them. Exemption is …

Payment for use of 'process' provided by assessee, whereby through assured bandwidth, customer was guaranteed transmission of data and voice, was 'royalty' as per section 9(1)(vi). Where assessee made payments to a US company towards lease line charges but did not deduct TDS on said remittances, disallowance…

Where assessee challenged imposition of penalty under section 271BA, but despite adjournments, it could not rectify defects found in appeal, penalty was to be confirmed

The contents of show cause notice and audit report show that the Commissioner of Income Tax solely on the basis of audit objection has invoked his revisional powers u/s.263. From the impugned order or the show cause notice it is not made out as to how the advertisement expenditure allowed as ‘Revenue…

We find that as per agreement, the assessee would earn income by charging toll only and the said income can start only after completion of project/ road construction. Thus, no real income could accrue to the assessee under the agreement on a date prior to the date of completion of project/ road cons…

We find that the assessee has inserted a Note with its P&L A/c which clarifies that clarifies that the special reserve had been created over the years out of the profits and that first of these reserves relates to the amount which had been transferred upto F.Y 1995-96.

We note that the question which arises for consideration is, whether the property acquired by the two partners were stock-in-trade; and if the same were stock-in-trade, is their character changed upon the dissolution and they become capital assets.

We note that there is no adverse comment or observation of the AO on the submission made by assessee that they were maintaining two separate portfolios, one for shares held as investment and the other for the shares held as stock-in-trade. Further, the said demarcation of shares held as investment and…

We note that the Revenue did not prefer any appeal or file cross-objection against the finding on the question whether the business had been set up. The Tribunal specifically noticed that the CIT(A) did not make disallowance on the ground that the assessee had invested in the shares for earning of the…

In the present case, it is noticed that no TDS was outstanding and payable at the time of the due date of filing the return u/s. 139(1) of the Act. It is also noticed that a proviso to sub-clause (ia) of clause (a) to section 40 has been substituted by the Finance Act, 2010. Therefore, by following …

It is evident that the qualitative changes effected in the raw material by various means like annealing, quenching, acid pickling and flux application, galvanizing and following the zinc hot dip, definitely amounts to manufacture. There is a complete transformation of raw materials into a new and different…

There is no dispute that the assessee has derived the income from the projects undertaken abroad. However, what is disputed is whether the quantum of deduction should be arrived at by taking into consideration the income generated unitwise or whether the projects abroad have to be aggregated as was …

In Universal Plast Ltd. while considering as to whether the income from leasing out of assets would be a business income or income from property, the Supreme Court culled out the following principles


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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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