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 …
PROFESSIONAL UPDATE FOR 29th OCTOBER 2015 INCOME TAX UPDATE: Government of India makes changes in indirect tax rates, effective from yesterday Government has made the following changes in indirect tax rates, effective from today, that is 19th October, 2015: In view of the continued fall in international prices of wheat and the anticipated adverse impact of …
CORPORATE TAX UPDATE FOR 29th OCTOBER 2015 DIRECT TAXES INCOME TAX India to apply 5% withholding tax to offshore rupee bonds Oct 28, 2015 India will apply a 5 percent withholding tax to offshore rupee bonds for foreign investors, in line with the rate applied to domestic debt, Manoj Joshi, joint secretary at the country’s finance …
CORPORATE TAX UPDATE FOR 28th OCTOBER 2015 Daily Updates & News: Direct Tax Assessee cannot be compelled to claim depreciation as Exp. 5 to Sec 32(1)(ii) is not retrospective CIT vs. M/s Shree Triveni Foods (Himachal Pradesh High Court) , IT Appeal No.-43 of 2009 along with 44,45,46,49 and 51 of 2009, Date of Pronouncement-23rd …