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Key Highlights of Budget 2015
News & FAQs | By ALOK PATNIA | Feb 28, 2015
The highlights of budget 2015 presented by the Finance Minister are as understated: BUDGET ESTIMATES Non-Plan expenditure estimates for t...
What is there in Budget 2015 for you and me – the middleclass?
News & FAQs | By ALOK PATNIA | Feb 28, 2015
Tax proposals in Budget 2015-16 for the common middle class tax payers benefit them in various ways. Budget 2015 which was expected to us...
No Wealth Tax in India- Finance Budget 2015
News & FAQs | By ALOK PATNIA | Feb 28, 2015
The Finance Minister Arun Jaitely, for simplifying the tax regime has proposed to abolish the concept of Wealth Tax from India. In his sp...
Addition of unaccounted stock shall not be made if defect in books of accounts not detected
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 27, 2015
In Squar Concern vs. Income Tax Officer, the Tribunal held that the AO should not make addition of unaccounted stock when he failed to de...
Writ petition shall not be filed for the excess deduction as its crdit can be claimed in return
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 25, 2015
In K.S. Venugopalan, Operator, Travancore Cochin Chemicals Ltd. vs. Income-tax Officer, it was held that the excess tax deducted by the e...
Without considering the material facts, profit from shares shall not be taxed as business profit
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 24, 2015
Recently in Acee Enterprises vs. Commissioner of Income Tax, it was held that without considering the period of holding to shares, number...
No capital gain tax if the cost of acquisition is indeterminate
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 23, 2015
In the Commissioner of Income Tax vs. Sambhaji Nagar Co-op Hxg. Society Ltd., it was held that no capital gain should arise on the transf...
Notice u/s 143(2) shall mandatorily be served within time limit prescribed
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 21, 2015
In Commissioner of Income Tax vs. Gitsons Engineering Co., the High Court held that the notice u/s 143(2) shall mandatorily be served wit...
Expense before 1.4.2013shall be disallowed if TDS not deducted
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 20, 2015
Recently in Thomas George Muthoot vs. Assistant Commissioner of Income Tax, it was held that the assessee partner shall deduct TDS on the...
LIBOR plus 200 basis points appropriate method for arms length price for interest on loan
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 19, 2015
In the Bhansali & Co. vs. Assistant Commissioner of Income-tax, it was held that Interest charged as LIBOR plus 200 basis points on f...
No reassessment if there is no failure on the part of the assessee to disclose material fact duri...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 16, 2015
In Global Signal Cables (India) (P.) Ltd. Vs. Deputy Commissioner of Income Tax, it was held that after the expiry of 4 years, no reasses...
Capital gain chargeable on sale of assets if case is not of succession
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 14, 2015
In the Ana Labs vs. Deputy Commissioner of Income Tax, the High Court of Andhra Pradesh held that where the assessee firm sold its assets...
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