INCOME TAX ACT SECTION 10(37) AGRICULTURAL LAND, COMPENSATION FOR Condition precedent : Where assessee was not carrying on any agricultural activity in land in question in preceding two years prior to its compulsory acquisition, appellant would not be entitled to benefit of section 10(37) – [2015] (Karnataka) SECTION 10AA SPECIAL ECONOMIC ZONE “Existing SEZ unit” means every …
India’s chemical industry to touch $214 billion by 2019: report Oct 30, 2015 India’s chemical industry is likely to touch $214 billion (approx Rs. 13,91,000 crore) in the next four years from $139 (approx Rs. 9,03,500 crore) in fiscal 2014 with estimated growth of around 9 per cent a year amid growing demand scenario. A …
TAX UPDATES : Excise & Customs : Chief Commissioner, being higher authority, is empowered to exercise powers conferred on subordinate authorities; hence, Chief Commissioner may also file appeal before Tribunal against order of Commissioner (Appeals) [2015] (Madras) Sree Vishnu Electronics v. Commissioner of Central Excise Competition Act : Where real estate developers i.e., Jaiprakash Associates (JAL) …
INDIRECT TAXES: Activity of converting /assembling Gas Generating Sets (Gensets ) comprising of engine (prime mover) coupled with Alternator on common base frame into Power Pack after certain processes – Activity is amount to manufacturing activity- (M/s Quippo Energy Private Ltd, Shri Montu Patwa Versus Commissioner, Central Excise & Service Tax, Ahmedabad, CESTAT AHMEDABAD). Activity of blending …
INDUSTRIAL UPDATES WASHINGTON: America’s multinational retail corporation Wal-Mart is suspected to have paid bribes worth millions of dollars in India, according to a media report. In a major report, The Wall Street Journal said Wal-Mart’s “suspected bribery” unearthed in India involves thousands of small payments to low-level local officials to help move goods through customs …
CORPORATE UPDATION Cash loans to firm couldn’t held as Inter-firm transactions due to common partner in both firms; penalty upheld [2015] (Karnataka)HIGH COURT OF KARNATAKA Commissioner of Income-tax, Mysore Canara Housing Development Co.* Section 269T, read with section 271E, of the Income-tax Act, 1961 – Loans deposits mode of taking or accepting – Assessment year …
CORPORATE TAX UPDATE FOR 2nd NOVEMBER 2015 The bulls say India is the ‘next China’. Odds are they are right, if not today then within a decade or so. But even if this proves to be right in terms of growth, India is a very different country than China on many fundamental dimensions, demography and democracy …
PROFESSIONAL UPDATES INCOME TAX ACT SECTION 92C :TRANSFER PRICING – COMPUTATION OF ARM’S LENGTH PRICE Comparables & adjustments/Comparables – Illustrations : Where in transaction with AEs, assessee earn significantly higher margin than comparable companies and such higher margin compensates for credit period extended to AEs no further TP adjustment was required – [2015] (Delhi – Trib.) SECTION …
CORPORATE UPDATES: IT: Income received by ‘All India Football Federation’ from sponsorship and telecasting rights did not amount to carrying out any activity in the nature of trade, commerce or business but was incidental to main objective of promoting the game of football in India [2015] 362 (Delhi – Trib.) Deputy Director of Income -tax (Exemption) …
CORPORATE TAX UPDATE FOR 31st OCTOBER 2015 INDIRECT TAXES Denial of registration of DEPB licence and DEPB script – CBEC gave specific direction to the Customs authorities not to insist for re-export from the same Port in case of duty drawback. – Commissioner is in error in refusing to allow registration of the DEPB scrip …