Daily Archive: Monday, April 11, 2016

No disallowance u/s 40A(2)(b) when payees assessed at maximum rate. Excessive directors remuneration disallowance quashed

Author: | Categories: Income Tax, ITAT, Judgments No comments
In a recent judgment, Ahmedabad ITAT quashed disallowance for excessive directors remuneration stating that section 40A(2)(b) disallowance is not to be invoked when the payees already stand assessed at maximum rate. Case law Details: ITA 857/Ahd/2012 Assessment year 2008-09  ACIT vs. M/s. Patel Alloy Steel Pvt. Ltd Date of Judgment/Order: 08/04/2016 Brief facts of

5 judge Bench of SC recalls its 2013 controversial judgment which quashed National Eligibility Entrance Test as unconstitutional

Author: | Categories: Judgments, Supreme Court No comments
The Supreme Court recalls its judgment delivered on 28-07-2013 delivered by a three judge Bench which had quashed the National Eligibility Entrance Test as unconstitutional. The judgment was alleged as leaked even before it was pronounced and had created a lot of controversies. A 5-judge Bench headed by Justice Anil Dave allowed

CPC(TDS) Advisory-Deposit TDS and TDS Defaults Demand for Purchase of Immovable Property (26QB Statement-cum-challan)

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CPC(TDS) Advisory for Deposit of Tax deducted and Demand for TDS Defaults with respect to Purchase of Immovable Property (26QB Statement-cum-challan) The Centralized Processing Cell (TDS) provides important tips, for the convenience of Taxpayers, who have executed any transaction for Purchase of Immovable Property exceeding Rs. 50 Lakhs (Rupees

SEBI officers discuss agenda for future in the Annual Brainstorming Session

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SEBI officers discuss agenda for future in the Annual Brainstorming Session The fifth edition of the SEBI Brainstorming session was held on April 6-8, 2016 at Khopoli (Lonavala). The event was attended by more than 100 senior SEBI officers including its entire top management i.e., Executive Directors, Whole Time

ICAI withdraws its publication “Central Excise Law and Procedure for Jewellery Industry”

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Indirect Taxes Committee (ITC) of Institute of Chartered Accountants of India (ICAI) had brought a publication titled as “Central Excise Law and Procedure for Jewellery Industry” with a view of familiarizing the its members and the industry with the various provisions of excise law and procedures pertaining to the levy

India and Maldives signed two agreements for exchange of information on taxes/avoidance of double taxation of income from international air transport

Author: | Categories: Income Tax No comments
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 11th April, 2016 Sub: Signing of Agreements with respect to Taxes between India and Maldives reg-. The Government of the Republic of India and the Government of the Republic of Maldives

Reopening notice u/s 148 served by affixture at a wrong address and consequent re-assessment made u/s 147/148 invalid.

Author: | Categories: Income Tax, ITAT, Judgments No comments
In a latest judgment, ITAT Chandigarh has held that notice u/s 148 of the Income Tax Act, 1961 served upon by affixture at a wrong address and consequent re-assessment made under section 147/148 cannot be held to be valid. Case Details: I T A No s . 335 & 336/ CHD/2015 Assessment Year:
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