CBEC - Service Tax Rate of 14% to be applicable w.e.f. June 1, 2015
Finance Bill receives President's assent on May 14
Companies (Incorporation) AmendmentRules, 2015
Integrated Incorporation form i.e. INC-29 is now available

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ITAT - Some of the comparable which have been rejected by the TPO have been accepted to be a good comparable in the subsequent years/earlier years, therefore partial stay is granted.

ITAT - Since reference to TPO u/s 92CA(1) was made without informing assessee about the reason for disregarding ALP and without providing an opportunity of being heard to assessee, de-novo examination is directed

ITAT - Revenue should follow rule of consistency and therefore TPO should continue with TNMM even if assessee had initially adopted CUP.

HC - ITAT corrected the position and noticed that not having applied the turnover filter at the initial stage, the Revenue cannot take advantage, in the facts of the case, particularly when the turnover filter is not a test even in respect of the surviving comparable which are concededly part of the…

HC - EURIBOR should be applied as arm's length interest rate for advances to German AE.

ITAT - Rs 200 cr turnover-filter applied for assessee having Rs 196 cr turnover.

ITAT - As assessee had disclosed fact of providing guarantee as well as incurring expenditure in Form 3CEB, thought it did not disclose it as an international transaction, therefore no penalty u/s 271(1)(c).

ITAT - ‘Eclerx Technologies’ providing high-end services is not comparable to assessee providing low-end services to group concerns.

ITAT - High-end services involving special knowledge, not comparable to low-end ITES services provided by assessee to AE

ITAT - Addition of royalty payment in respect of exports to AE is to be deleted accepting the same as at arm’s length price

HC - Even though dividend income derived from business promotion was assessable under head ‘income from other sources’ u/s 56, still interest expenditure incurred for the purpose of business promotion should be considered for business expenditure deduction u/s 36 (1) (iii) and not u/s 57.

ITAT - When the fact of embezzlement is not accepted by the AO, there cannot be any occasion to make substantive assessment and protective assessment in respect of such an embezzlement income. “Protective addition” permissible only when income certainty established.

ITAT - Supply of sale of hardware and license of embedded software to end customers in India by a US company through its Indian subsidiaries is not royalty under Article 12 of India-US DTAA.

HC - Assembling of instruments and apparatus for measuring and detecting ionizing radiators is a manufacturing activity eligible for deduction u/s 10B

HC - Denying extension of stay by ITAT beyond 365 days to 'well-behaved' assessee is violative of Article 14 of Constitution and has no nexus or connection with object sought to be achieved.

HC - Since there was no explanation by assessee for payment of commission to his son, daughter and daughter-in-law, moreover, there was no agreement between said parties, claim for deduction under section 36(1)(ii) was to be rejected. Similarly excessive rent paid to relatives in absence of explanation…

ITAT - Since payment made to Tamil Nadu Sports Association was not covered under any of specific sections under Chapter XVIIB of Act, No TDS.

HC - Interest received by assessee on R.B.I. securities after sale of same, as R.B.I. did not record change of ownership, such interest belonged to purchaser and not chargeable u/s 4 in assessee's hands

ITAT - CIT(A) holding that assessee did not have PE in India as per DTAA without giving reasons, matter required readjudication

HC - Expenditure in cash in excess of Rs. 20,000 on costumes, makeup, wig material, travelling expenses etc., at different places of shooting was to be allowed as there was reasonableness in claim of assessee (actor)

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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