{"id":539,"date":"2015-11-21T14:58:19","date_gmt":"2015-11-21T14:58:19","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=539"},"modified":"2024-04-27T11:05:22","modified_gmt":"2024-04-27T11:05:22","slug":"539","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/539\/","title":{"rendered":"INCOME TAX UPDATE NOV 17, 2015"},"content":{"rendered":"

INCOME TAX UPDATE NOV 17, 2015<\/strong><\/span><\/h2>\n

INCOME TAX ACT-\u00a0<\/strong><\/span>Kind of ITR\u00a0<\/strong><\/span><\/p>\n

\"Type<\/p>\n

SECTION 9<\/strong><\/span><\/p>\n

INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA<\/strong><\/p>\n

Royalty\/Fees for technical services :\u00a0<\/strong>Where assessee-company engaged a company registered in USA, for review of design of cranes but it could not be discerned from records whether suggestions given by U.S. company would bring brought any major change or improvisation in design of crane, matter should be reconsidered afresh –\u00a0[2015]\u00a0 375 (Mumbai – Trib.)<\/em><\/p>\n

SECTION 50B<\/strong><\/span><\/p>\n

CAPITAL GAINS – SLUMP SALE, COST OF ACQUISITION IN CASE OF<\/strong><\/p>\n

Where assessee had sold tea estate and assigned values to every movable property transferred to buyer, it could not be said that transfer was slump sales only for the reason that the tea estate was transferred to buyer as a going concern. –\u00a0[2015]\u00a0 149 (Kolkata – Trib.)<\/em><\/p>\n

SECTION 92C<\/strong><\/span><\/p>\n

TRANSFER PRICING – COMPUTATION OF ARM’S LENGTH PRICE<\/strong><\/p>\n

Comparables and adjustments – AMP expenses :\u00a0<\/strong>Where assessee challenged demand made on account of T.P. adjustment on basis of Tribunal’s decision, but High Court had disallowed said decision, assessee had good prima facie case for stay on said demand –\u00a0[2015] 63\u00a0 (Mumbai – Trib.)<\/em><\/p>\n

SECTION 222<\/strong><\/span><\/p>\n

COLLECTION AND RECOVERY OF TAX – CERTIFICATE PROCEEDINGS<\/strong><\/p>\n

Attachment :\u00a0<\/strong>Where Assessing Officer raised huge tax demand upon assessee and in meantime bank account including cash credit account of assessee had been attached by income tax authorities, in view of decision of Madras High Court in case of K.M. Adam v. ITO [1958] 33 ITR 26, cash credit account of assessee could not be attached and it was entitled to be discharged –\u00a0[2015]\u00a0 38 (Calcutta)<\/em><\/p>\n

SECTION 271(1)(c)<\/strong><\/span><\/p>\n

PENALTY – FOR CONCEALMENT OF INCOME<\/strong><\/p>\n

Revised return, effect of filing :\u00a0<\/strong>Admission of income by assessee in revised return cannot give jurisdiction to Assessing Officer to levy penalty under section 271(1)(c) –\u00a0[2015]\u00a0 40 (Calcutta)<\/em><\/p>\n

SECTION 276<\/strong><\/span><\/p>\n

OFFENCES AND PROSECUTION<\/strong><\/p>\n

High Court upheld criminal proceedings initiated against an assessee under Section 276(c) for non-payment of tax. The Court sets aside the contention of assessee that prosecution proceedings could not be initiated when no notice of demand under section 156 was furnished. The High Court held that separate notice of demand was not required if intimation under section 143(1) regarding tax payable by assessee was furnished. –\u00a0[2015]\u00a0 150 (Andhra Pradesh)<\/em><\/p>\n

COMPANIES ACT<\/strong><\/span><\/p>\n

SECTION 3<\/strong><\/span><\/p>\n

PROHIBITION OF AGREEMENTS – ANTI-COMPETITIVE AGREEMENTS<\/strong><\/p>\n

Where opposite parties i.e. Jet Airways, Indigo and Spice Jet had acted in a concerted manner in fixing and revising fuel surcharge (FSC) rates for transporting cargo, conduct of OPs was anti – competitive and penalty was to be imposed upon them –\u00a0[2015]\u00a0147 (CCI)<\/em><\/p>\n

SERVICE TAX<\/strong><\/span><\/p>\n

SECTION 65(3)<\/strong><\/span><\/p>\n

TAXABLE SERVICES – ADVERTISING AGENCY’S SERVICES<\/strong><\/p>\n

Media costs incurred for advertisement campaign undertook outside India cannot be included in value advertisement agency services and cannot, therefore, be taxed in hands of advertising agency –\u00a0[2015]\u00a0 \u00a031 (Mumbai – CESTAT)<\/em><\/p>\n

SECTION 65(68)<\/strong><\/span><\/p>\n

TAXABLE SERVICES – MANPOWER RECRUITMENT OR SUPPLY AGENCY’S SERVICES – STAY ORDER<\/strong><\/p>\n

Where Tribunal had found that employees deputed by foreign group company were actually appointed by assessee in India and only a portion of their salary was paid to employees by foreign group company and reimbursed on actual basis, same would not, prima facie, amount to manpower supply services –\u00a0[2015]\u00a0 \u00a033 (Andhra Pradesh)<\/em><\/a><\/p>\n

CUSTOMS ACT<\/strong><\/span><\/p>\n

SECTION 113<\/strong><\/span><\/p>\n

CONFISCATION – SMUGGLING\/ILLEGAL EXPORT<\/strong><\/p>\n

Since ‘illegal export’ is preceded by an ‘attempt towards illegal export’, confiscation under section 113 and penalty under section 114 are attracted against ‘attempt of illegal export’ even after goods have been actually exported –\u00a0[2015]\u00a0 \u00a034 (Madras)<\/em><\/p>\n

CST & VAT<\/strong><\/span><\/p>\n

SECTION 5 OF CENTRAL SALES TAX ACT, 1956<\/strong><\/span><\/p>\n

SALE – SALE PRECEDING EXPORT<\/strong><\/p>\n

As per SEZ Act, Sales to SEZ unit is regarded as taxable sales unless any specific exemption in respect thereof is provided under CST Act or under the respective state legislation. In the instant case, it was held by the High Court that sale of sandalwood from Kerala to SEZ unit in Madras does not qualify to be export sales under Kerala VAT as no specific exemption has been provided either under Kerala VAT Act or under CST Act. –[2015]\u00a0 148 (Kerala)<\/em><\/p>\n

STATUTES<\/strong><\/span><\/p>\n

DIRECT TAX LAWS<\/strong><\/span><\/p>\n

Section 90 of the Income-tax Act, 1961 \u2013 Double Taxation Agreement \u2013 Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries \u2013 Kuwait \u2013 Protocol amending said Agreement –\u00a0PRESS RELEASE, DATED 18-11-2015<\/a><\/em>\u00a0<\/strong><\/p>\n

CORPORATE LAWS<\/strong>\u00a0<\/strong><\/span><\/p>\n

Companies (Management and Administration) Third Amendment Rules, 2015 \u2013 Substitution of Form MGT-7 –NOTIFICATION [F.NO.01\/34\/2013-CL-V-PART-I], DATED 16-11-2015<\/em><\/a><\/p>\n

INDIRECT TAX LAWS (ST.\/EX.\/CUS. & (CST & VAT)<\/strong><\/span><\/p>\n

Delhi Value Added Tax (Amendment) Rules, 2015 \u2013 Amendment in Forms DVAT-16, DVAT-30, DVAT-31 and insertion of Annexure IE –\u00a0NOTIFICATION NO.F.3(20)\/FIN(REV-I)\/2015-2016\/DSVI\/906, DATED 12-11-2015<\/a><\/p>\n

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:info@caindelhiindia.com<\/a>\u00a0or call at\u00a0011-23343333<\/p>\n","protected":false},"excerpt":{"rendered":"

INCOME TAX UPDATE NOV 17, 2015 INCOME TAX ACT-\u00a0Kind of ITR\u00a0 SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Royalty\/Fees for technical services :\u00a0Where assessee-company engaged a company registered in USA, for review of design of cranes but it could not be discerned from records whether suggestions given by U.S. company would …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[647,144,142,146],"tags":[567,568,569,571,570,572,179,180,214,181,194],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/539"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=539"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/539\/revisions"}],"predecessor-version":[{"id":7064,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/539\/revisions\/7064"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}