2D/3D seismic survey activity carried by assessee in connection with oil exploration was not fees for technical services u/s 9(1)(vii) but liable u/s 44BB

2D/3D seismic survey activity carried by assessee in connection with oil exploration was not fees for technical services u/s 9(1)(vii) but liable u/s 44BB

April 9, 2016 High Courts, Income Tax, Judgments
In a latest judgment, the Delhi High Court has held that activity of 2D/3D seismic survey carried on by assessee in connection with oil exploration was not fees for technical services u/s 9(1)(vii) but liable to taxation u/s 44BB. Case Law Details: ITA 612/2012 PGS Exploration (Norway) ….Appellant  vs. …
CBEC-Revised procedures to deal with revenue audit objections of CAG to prevent it mature into Audit Paragrap/report

CBEC-Revised procedures to deal with revenue audit objections of CAG to prevent it mature into Audit Paragrap/report

April 8, 2016 Excise/Custom
Circular No. 1023/11/2016-CX Government of India Ministry   of   Finance Department   of   Revenue (Central Board of Excise & Customs) New Delhi, the 8th April, 2016 To All  Principal  Chief  Commissioners/Chief   Commissioners  of  Customs,  Central  Excise  & Service Tax All Director Generals/Director s of Customs, Central Excise & Service Tax; …
There is a difference in “facts not proved” and “facts disproved” and penalty u/s 271(1)(c) can be levied only for the latter

There is a difference in “facts not proved” and “facts disproved” and penalty u/s 271(1)(c) can be levied only for the latter

April 8, 2016 Income Tax, ITAT, Judgments
In a latest judgment, ITAT Chennai has quashed penalty proceedings u/s 271(1)(c) for concealment holding that  there is a difference in “facts not proved” and “facts disproved” and penalty can be levied only for the latter. Case Law Details: ITA No.1730/Mds./2015 Assessment Year :2010-11 Mr.R.A.Palanisamy vs. Income Tax Officer Date of …
Dearness Allowance payable to Central Government employees enhanced from existing rate of 119% to 125% from 1st January, 2016

Dearness Allowance payable to Central Government employees enhanced from existing rate of 119% to 125% from 1st January, 2016

April 8, 2016 Finance Ministry
No. 1/1/2016-E·II (B) Government of India Ministry of Finance Department of Expenditure ***** North Block, New Delhi Dated the  7th  April, 2016. OFFICE MEMORANDUM Subject:    Payment of  Dearness Allowance  to Central Government  employees – Revised Rates effective from 1.1.2016 The undersigned is directed to refer to this Ministry’s …