CORPORATE AND PROFESSIONAL UPDATE JANUARY 6, 2016 INCOME TAX ACT SECTION 2(15) CHARITABLE PURPOSE Object of general public utility : Where assessee-society was providing latest information and training to those persons who were already in relevant field of advertising communication, etc. and in such process if certain persons became super-specialists in particular field and institution was …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 04, 2016 INCOME TAX ACT SECTION 69 UNEXPLAINED INVESTMENTS Purchase of property : Where Tribunal after a detailed examination of documents had arrived at conclusion that assessee-firm failed to explain source of amount paid for purchase of property, same was rightly held as unexplained investment. SECTION 92C TRANSFER PRICING – COMPUTATION …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 02, 2016 DGFT Hand book of procedures of FTP 2015-20 permits re-fixation of Annual Average Export obligation, in case the export in any sector/ product group decline by more than 5%. AOP or BOI included in the definition of person. Punjab and Haryana High Court has held that inclusion is …
CORPORATE AND PROFESSIONAL UPDATE DECEMBER 24, 2015 INCOME TAX ACT SECTION 4 INCOME – CHARGEABLE AS Capital receipt : In case of issue of FCCB, increase or decrease in liability on account of fluctuation in foreign exchange as on date of balance sheet would be on capital account and, therefore, any gain or loss is not …
CORPORATE AND PROFESSIONAL UPDATE DECEMBER 23, 2015 INCOME TAX ACT SECTION 2(22) DEEMED DIVIDEND Inflated Purchases : Payment of money by inflating purchases cannot be construed as loan or advance within meaning of section 2(22)(e) – [2015] 64 88 (Chennai – Trib.) Read our articles: Top Taxation Relaxation to MSMS SECTION 28(i) BUSINESS INCOME – YEAR IN WHICH …
CORPORATE AND PROFESSIONAL UPDATE DECEMBER 22, 2015 INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Interest : Where assessee-company paid interest on FCCBs issued by it to bond-holders outside India, said income squarely fell under exclusion clause of sub-section (1)(v)(b) of section 9, and, consequently, it could not fall within …
CORPORATE AND PROFESSIONAL UPDATE DECEMBER 21, 2015 DIRECT TAXES: IT: Where Assessing Officer received information from Enforcement Directorate that in books of assessee there were huge cash deposits which were not explained, he could not reopen assessment on basis of said information alone without even examining as to whether amount in question was reflected in …
CORPORATE AND PROFESSIONAL UPDATE DECEMBER 17, 2015 FAQ on Company Law: Query: We have incorporated a Pvt Ltd Company on 29th October 2015. But since then no Board meeting has been held regarding the appointment of First Auditors of company as well. Kindly advice in the matter. Answer: Section 139(6) of the Companies Act, 2013 lays down that …
CORPORATE AND PROFESSIONAL UPDATE ON COMPANY LAW In partial modification to the earlier order of the C.L.B., the Constitution of the Chennai Bench & Kolkata Bench of Company Law Boardhas been changed for the period starting from 14-12-2015 to 12-03-2016. Version of Form-4 and Form-27 are going to be modified w.e.f 18th DEC 2015. Stakeholders are …
CORPORATE AND PROFESSIONAL UPDATE DECEMBER 13, 2015 SECTION 2(47) CAPITAL GAINS – TRANSFER Immovable property : Where assessee was directed to handover possession of its property to revenue, in absence of written contract between assessee and State regarding quantification of consideration to be paid by assessee it could not be held that there was a …