{"id":585,"date":"2015-11-21T12:10:30","date_gmt":"2015-11-21T12:10:30","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=585"},"modified":"2021-12-15T15:50:18","modified_gmt":"2021-12-15T10:20:18","slug":"income-tax-act","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/income-tax-act\/","title":{"rendered":"income tax update 14 november 2015"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e859110bf9d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e859110bf9d\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/income-tax-act\/#INCOME_TAX_UPDATE_14_NOVEMBER_2015\" title=\"INCOME TAX UPDATE 14 NOVEMBER 2015\">INCOME TAX UPDATE 14 NOVEMBER 2015<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/income-tax-act\/#INCOME_TAX_ACT\" title=\"INCOME TAX ACT\">INCOME TAX ACT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/income-tax-act\/#SERVICE_TAX\" title=\"SERVICE TAX\">SERVICE TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/income-tax-act\/#CENVAT_CREDIT_RULES\" title=\"CENVAT CREDIT RULES\">CENVAT CREDIT RULES<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/income-tax-act\/#STATUTES\" title=\"STATUTES\">STATUTES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/income-tax-act\/#DIRECT_TAX_LAWS\" title=\"DIRECT TAX LAWS\">DIRECT TAX LAWS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/income-tax-act\/#More_updates_INCOME_TAX_UPDATE_18_NOVEMBER_2015\" title=\"More updates:INCOME TAX UPDATE 18 NOVEMBER 2015\">More updates:INCOME TAX UPDATE 18 NOVEMBER 2015<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/income-tax-act\/#More_updates_CORPORATE_TAX_UPDATE_FOR_THE_MONTH_OF_OCTOBER_THIRD_WEEK\" title=\"More updates:CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER THIRD WEEK\">More updates:CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER THIRD WEEK<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled48A.png\" rel=\"attachment wp-att-1667\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1667\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled48A-300x167.png\" alt=\"Untitled48A\" width=\"708\" height=\"394\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled48A-300x167.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled48A.png 541w\" sizes=\"(max-width: 708px) 100vw, 708px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"INCOME_TAX_UPDATE_14_NOVEMBER_2015\"><\/span>INCOME TAX UPDATE 14 NOVEMBER 2015<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INCOME_TAX_ACT\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/implication-of-cash-transaction-under-income-tax-act\/\"><span style=\"color: #000080;\"><strong>INCOME TAX ACT<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"color: #00ccff;\"><strong>SECTION 11<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>CHARITABLE OR RELIGIOUS TRUST &#8211; EXEMPTION OF INCOME FROM PROPERTY HELD UNDER<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Application of income :\u00a0<\/strong>Where in support of its claim for exemption under section 11, assessee brought on record grant sanctioned letter of Ministry of Commerce and Industry showing that said amount of grant had to be spent outside India for some specific purposes such as trade fairs etc., matter was to be remanded back for reconsideration of assessee&#8217;s claim &#8211;<span style=\"color: #ff9900;\">\u00a0<strong><em>[2015]\u00a0 288 (Chennai &#8211; Trib.)<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Accumulated income :\u00a0<\/strong>Assessee is entitled to flat deduction without any condition or formality of filing Form No. 10, if income is accumulated or set apart for application of objects of trust in India, to extent to which income so accumulated or set apart does not exceed 15 per cent of income &#8211;\u00a0<em>[2015]\u00a0 297 (Chennai &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>SECTION 12AA<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>CHARITABLE OR RELIGIOUS TRUST &#8211; REGISTRATION PROCEDURE<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Application of section 13 :\u00a0<\/strong>Where assessee-society applied for registration under section 12AA, since Commissioner did not question about charitable character of objects nor could he prove that activities of assessee were in genuine, impugned order denying registration to assessee-society was to be set aside &#8211;<strong><span style=\"color: #008080;\">\u00a0<span style=\"color: #ff9900;\"><em>[2015]\u00a0 299 (Chandigarh &#8211; Trib.)<\/em><\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>SECTION 41(1)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>REMISSION OR CESSATION OF TRADING LIABILITY<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Cessation of liability :\u00a0<\/strong>Where AO made addition under section 41(1) in respect of amount payable by assessee to a creditor, since there was no act of remission or cessation of said liability, mere fact that liability was more than seven years old, could not be a ground to make impugned addition &#8211;<span style=\"color: #008080;\"><strong>\u00a0<span style=\"color: #ff9900;\"><em>[2015] 62 \u00a0286 (Bangalore &#8211; Trib.)<\/em><\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>SECTION 92C<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>TRANSFER PRICING &#8211; COMPUTATION OF ARM\u2019S LENGTH PRICE<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Comparables and adjustments\/Comparables \u2013 Illustrations:\u00a0<\/strong>For a company rendering marketing support services for mineral processing equipment, a company providing agency service in metals and fertilizers or trading in chemical or engaged in air ticketing and selling holiday package or publishing newspaper, could not be comparable; company having more than 15 per cent related party transactions could also not be accepted as comparable &#8211;<span style=\"color: #ff9900;\"><strong>\u00a0<em>[2015] 306 (Delhi &#8211; Trib.)<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>SECTION 145<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>METHOD OF ACCOUNTING &#8211; SYSTEM OF ACCOUNTING<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Cash system of accounting :\u00a0<\/strong>Where in terms of agreements, which enabled assessee company to demand additional finance charges was only an enabling provision and recovery of same was not certain, same was taxable on cash receipts basis and not on accrual basis &#8211;<span style=\"color: #ff9900;\">\u00a0<strong><em>[2015]\u00a0 298 (Madras)<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>SECTION 250<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>&#8211; PROCEDURE OF COMMISSIONER (APPEALS) <\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Additional evidence :\u00a0<\/strong>Even if additional evidence produced by assessee are in nature of clinching evidence leaving no further room for any doubt or controversy, Commissioner (Appeals) is under statutory obligation to put additional material\/evidence taken on record by him to Assessing Officer &#8211;<span style=\"color: #008080;\"><strong>\u00a0<span style=\"color: #ff9900;\"><em>[2015]\u00a0 302 (Kerala)<\/em><\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>COMPANIES ACT<\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>SECTION 433<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>WINDING UP &#8211; CIRCUMSTANCES IN WHICH COMPANY MAY BE WOUND UP<\/strong><\/p>\n<p style=\"text-align: justify;\">Since respondents at time of winding proceedings had made false statements which constituted an offence of giving false evidence, Registrar was directed to file complaints under section 340 of Code of Criminal Procedure, 1973, read with sections 191, 193 and 209 of the Indian Penal Code 1860 Indian Penal Code &#8211;<span style=\"color: #008080;\"><strong>\u00a0<span style=\"color: #ff9900;\"><em>[2015]\u00a0 301 (Andhra Pradesh and Telangana)<\/em><\/span><\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SERVICE_TAX\"><\/span><a href=\"https:\/\/carajput.com\/services-tax-registration.php\"><strong>SERVICE TAX<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>SECTION 86<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>APPEALS &#8211; RECTIFICATION OF MISTAKES\/REVIEW &#8211; APPELLATE TRIBUNAL<\/strong><\/p>\n<p style=\"text-align: justify;\">Where a matter is referred to Third Member for resolution of difference of opinion, both Judicial Member and Technical Member must have given their findings on said issues; if Member (Judicial) has not given his findings thereon, same results into rectifiable mistake &#8211;\u00a0<span style=\"color: #ff9900;\"><strong><em>[2015]\u00a0 98 (Mumbai &#8211; CESTAT)<\/em><\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENVAT_CREDIT_RULES\"><\/span><a href=\"https:\/\/carajput.com\/services-vat.php\"><strong>CENVAT CREDIT RULES<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>RULE 9<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>CENVAT CREDIT &#8211; DOCUMENTS ON WHICH CREDIT MAY BE TAKEN<\/strong><\/p>\n<p style=\"text-align: justify;\">For period up to 15-6-2005, when rules did not prescribe any document for taking credit of GTA services, TR-6 challans has to be considered as a proper document evidencing payment of tax; hence, credit taken on basis of TR-6 challans was valid. &#8211;\u00a0<span style=\"color: #ff9900;\"><strong><em>[2015]\u00a0 296 (Madras)<\/em><\/strong><\/span><\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"STATUTES\"><\/span><strong>STATUTES<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX_LAWS\"><\/span><span style=\"color: #00ccff;\"><strong>DIRECT TAX LAWS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\">Section 80P of the Income-tax Act, 1961 \u2013 Deduction \u2013 Income of Co-Operative Societies &#8211; Interest from Non-SLR Securities of Banks &#8211;\u00a0<span style=\"color: #ff9900;\"><strong><em>CIRCULAR NO.18\/2015 [F.NO.279\/MISC.\/140\/2015\/ITJ], DATED 2-11-2015<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\">\u00a0<strong>CORPORATE LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Special Investigation Team (SIT) calls for, among others, greater Vigilance by Law Enforcement and Intelligence Agencies in cases of persons holding directorship in more than 20 Companies &#8211;<strong><span style=\"color: #008080;\">\u00a0<span style=\"color: #ff9900;\"><em>PRESS RELEASE, DATED 3-11-2015<\/em><\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify;\">For query or help, contact: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0\u00a0or call at 9555555480<\/p>\n<h4><span class=\"ez-toc-section\" id=\"More_updates_INCOME_TAX_UPDATE_18_NOVEMBER_2015\"><\/span><em><a href=\"https:\/\/carajput.com\/blog\/income-tax-act-3\/\"><span style=\"color: #0000ff;\"><strong>More updates:INCOME TAX UPDATE 18 NOVEMBER 2015<\/strong><\/span><\/a><\/em><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"More_updates_CORPORATE_TAX_UPDATE_FOR_THE_MONTH_OF_OCTOBER_THIRD_WEEK\"><\/span><a href=\"https:\/\/carajput.com\/blog\/professional-update-for-the-month-of-october\/\"><strong><span style=\"color: #0000ff;\"><em>More updates:CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER THIRD WEEK<\/em><\/span><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>INCOME TAX UPDATE 14 NOVEMBER 2015 INCOME TAX ACT SECTION 11 CHARITABLE OR RELIGIOUS TRUST &#8211; EXEMPTION OF INCOME FROM PROPERTY HELD UNDER Application of income :\u00a0Where in support of its claim for exemption under section 11, assessee brought on record grant sanctioned letter of Ministry of Commerce and Industry showing that said amount of &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[3612,3355,9063,5,3603,9038],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/585"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=585"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/585\/revisions"}],"predecessor-version":[{"id":4667,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/585\/revisions\/4667"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}