Day: August 16, 2015

Corporate Update

Charging of High Premium on issue of shares can’t be ground for addition u/s 68: CIT vs Anshikha Consultants Pvt Ltd, Delhi High Court. Today (15-08-15) is LAST DAY for Issue of TDS certificate for June quarter of 2015-16 by Govt. Deductors in Form 16A. Advances paid for purchase of assets would amount to utilization of capital gains u/s 54G of the Income Tax Act- Supreme Court of India. Use modified Version of Form MR-2 (Approval of appointment, remuneration etc. of MD / WTD/Manager from CG) w.e.f. 14.08.15. Updated Costing taxonomy 2015, Business rules & MCA XBRL validation tool version 2.0 (beta) has been released. Haryana Value Added Tax, 2003 vide Noti No Leg. 9/2015 dt 3.8.2015. Notified Reassessment and revision period extended in Haryana VAT. The Board of Approval on (SEZs) on 19.5.2015, has de-notification of 22 SEZs as the progress made by the Developers of said SEZs are not...

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Corporate Updates

CST & VAT : Tamil Nadu VAT – Cord wire connecting main switch with instrument is an electronic goods and it can not be regarded as electrical goods. K.G. Products vs Joint Commissioner (CT)(SMR), Chennai. T.C. (R) NO. 1918 OF 2006. IT/ILT : TPO erred in modifying selection criteria used by assessee, i.e., salary and wages cost ratio of 50 per cent, and applying 25 per cent criteria for same, when in preceding assessment year assessee had applied similar filter and applying +/- 15 per cent range as applied by TPO in preceding year, such range came to 48.91 per cent to 78.91 per cent which was close to salary and wages cost ratio of 50 per cent applied by assessee IT/ILT : Companies which were dissimilar to assessee either on account of employees cost, nature of business or functional differences, etc., and margins of which were found much more than that of assessee, should not be considered as comparables for computing ALP. IT/ILT : Assessee’s claim for risk adjustment for difference between functional and risk profile of comparable companies was denied as it had not able to quantify risk adjustments in terms of statistical calculation and to demonstrate effect of these risks on adjustment of ALP. Integrated Decisions & Systems (India) (P.) Ltd. v. Income-tax Officer, Ward- 6 (3), Jaipur. IT APPEAL NO. 1121 (JP.) OF 2011. IT...

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