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Interest free loan to subsidiary-disallowance for commercial expediency not relevant if advances given out of interest free funds – Punjab & Haryana High Court ABCAUS Case Law Citation: ABCAUS 1186 (2017) (03) HC Date/Month of Pronouncement: March, 2017 The Ground of Appeal: The present judgments involves two appeals filed …
Delay in filing appeal condoned as CA was unaware of law. Quality of explanation, legal assistance to litigant, and detriment to Revenue important factors to consider- Madras High Court ABCAUS Case Law Citation: ABCAUS 1185 (2017) (03) HC The Moot Question: Can a litigant be prejudiced on account …
CBEC renamed as CBIC for GST implementation FM approves the re-organisation of the field formations of the Central Board of Excise & Customs (CBEC) for the implementation of Goods & Services Tax (GST); CBEC is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after …
Receipt of ITAT order by any CIT triggers limitation period u/s 260A(2)(a). In a recent judgment, the Hon’ble Delhi High Court has held that the terms used in the relevant sub-section are the only designations of the officers who could receive a copy of the order. Therefore, in the …
Guidelines for waiver of interest for TDS default us 201(1A)(i). CBDT Order u/s 119 authorises CCIT/DGIT to waive interest under prescribed conditions Circular No. 11/2017 F. No. 275/56/2016-IT (B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block , New Delhi …
Income tax searches conducted on 2534 groups of persons in FY 2013-14, 2014-15, 2015-16 and FY 2016-17 (up to January, 2017) ITD conducted searches in about 2534 groups of persons led to admission of undisclosed income of about Rs. 45,622 crore apart from seizure of undisclosed assets (cash, …
Unclaimed Deposits in Banks and Insurance Companies The details of the unclaimed deposits reported by various banks under Section 26 of Banking Regulation Act (BR Act), 1949 are as follows: As of Unclaimed Deposits (Rs. in crores) 31.12.2013 5124.98 31.12.2014 4998.27 31.12.2015 6835.40 The details of unclaimed amount …
EPS 1995-Benefit of actual salary exceeding wage limit as per Supreme Court Judgment. Member cannot be debarred from exercising higher wages to pension fund EMPLOYEES’ PROVDENT FUND ORGANISATION Ministry or Labour & Employment, Govt. of India No: Pension-I/12/33/EPS Amendment/96/Vol.II/34007 …
Additions not related to reasons recorded for reopening not permissible as it was not subject matter of reasons recorded by AO for reopening the assessment – ITAT ABCAUS Case Law Citation: ABCAUS 1183 (2017) (03) ITAT The Grievance: The appellant assessee was aggrieved by the additions made by …
Schemes of Arrangement by Listed Entities-Relevant date for computing price is date of Board meeting approving scheme-SEBI Securities & Exchange Board of India CIRCULAR CFD/DIL3/CIR/2017/26 …
