Hon

Accrual Of Income – Supreme Court Lays Down Important Law

CLR Editorial Note The question for consideration in this appeals is whether the benefit of an entitlement to make duty free imports of raw materials obtained by the assessee through advance licences and duty entitlement pass book issued against export obligations is income in the year in which the exports are made or in the year in which… Read More

Tags: AppealGovernmentHigh CourtHonIncome taxMorviSupreme CourtThe Honourable

Section 234D of the IT Act does not apply to assessments prior to June 2003

CLR Editorial Note: This case law refers to a Petition(s) for Special Leave to Appeal which is in respect of retrospectivity of Section 234D of the Income Tax Act, 1961. For the Assessment Year 1998-99, the Assessing Officer passed an assessment order prior to 01st June 2003, in which interest under section 234D was not levied. The assessee… Read More

Tags: AppealCITCommonwealth Law ReportsHigh CourtHonIncome Tax Act 1961Supreme CourtThe Honourable

Delhi High Court judgment issues seven Mandamus for action by the Income Tax Department

INSTRUCTION NO. 12/2013 DATED 9-9-2013 Hon'ble Delhi High Court vide its judgment in case Court On Its Own Motion v. UOI in W.P.(C) 2659/2012, dated 14.3.2013 has issued seven Mandamus for action by the Income Tax Department. One Mandamus is on compliance of section 245 of the Income-tax Act, 1961. 2. The Hon'ble High Court in this context had issued… Read More

Tags: BangaloreDelhi High CourtHonIncome taxIncome Tax DepartmentMandamusTaxation in IndiaThe Honourable

CBDT Action on Unmatched Challans reflected in Form 26AS – direction of the Hon’ble Delhi HC

INSTRUCTION NO 11/2013 Dated: 27 August, 2013 Subject: - Action on Unmatched Challans reflected in Form 26AS - direction of the Hon'ble Delhi HC in the case 'Court on Its Own Motion vs. UOI & Ors in WP(C) 2659/2012 & WP(C) 5443/2012'- regarding 1. The. Hon'ble Delhi High Court vide its judgement in the case 'Court… Read More

Tags: DelhiDelhi High CourtHonIncome taxIncome Tax DepartmentTaxation in IndiaTDSThe Honourable

Companies Bill, 2012 gets Presidential Nod – Industries welcome the “Companies Act, 2013” (18 of 2013)

Dear Professional Colleagues, We are delighted to inform that the Companies Bill has received the Hon™ble President™s assent on 30th August 2013, to become the Companies Act, 2013. The next steps would be to finalize the Rules and define the procedural aspects of this Act. The Ministry of Corporate Affairs is expected to put the… Read More

Tags: Companies ActCorporate Affairs MinistryCorporate lawGovernmentHonLok SabhaSachin PilotThe Companies Act 1956

Payment of interest u/s 244A of Income Tax Act 1961 when assessee is not at fault

INSTRUCTION NO. 07/2013 Dated 15-07-2013 Subject: Payment of interest u/s 244A of Income Tax Act 1961 when assessee is not at fault - regarding. Hon'ble Delhi High Court vide its judgement in case of Court On Its Own Motion Vs. UOI and Others in W.P,(C) 2659/2012 dated 14.03.2013 has issued seven Mandamus for necessary action by the… Read More

Tags: Delhi High CourtGovernment of IndiaHonIncome taxIncome Tax Act 1961IndiaMandamusThe Honourable

Past adjustment of refunds against the arrears where procedure u/s 245 of Income Tax Act was not followed

INSTRUCTION NO. 6/2013 DATED 10-7-2013 Subject: Past adjustment of refunds against the arrears where procedure u/s 245 of Income Tax Act was not followed - regarding. Hon'ble Delhi High Court vide its judgement in case of Court On Its Own Motion Vs. UOI and Others in W.P.(C) 2659/2012 dated 14.03.2013 has issued seven Mandamus for necessary action… Read More

Tags: Delhi High CourtHonIncome taxIncome Tax ActIncome Tax Act 1961MandamusOrder (biology)The Honourable

Identification of Unserved Intimation under section 143 (1) for cases processed prior to 31-03-2010

Hon'ble Delhi High Court vide judgment in case of Court On its Own Motion v. UOI and Ors. in W.P. (C) 2659/2012 dated 14.03.2013 has issued Seven Mandamus for necessary action by income-tax Department one of which is regarding non-enforcement of Demand where no intimation under section 143(1) of Income-tax Act,1961 was sent by field-authorities in refspect of returns which were… Read More

Tags: CBDTCommonwealth Law ReportsDelhi High CourtHonIncome taxTaxation in IndiaThe HonourableUnited States

Rectification of mistakes u/s 154 – Manner of disposal of application received for rectification of mistake

Hon'ble Delhi High Court vide Judgment in case of Court On its Own Motion v. UOI and Ors. in W.P. (C) 2659/2012 dated 14.03.2013 has issued several Mandamuses for necessary action by income-tax Department one of which is regarding maintenance of "Rectification Register" in which details like receipt of applications under section 154 of the IT Act,… Read More

Tags: Delhi High CourtHonIdaho Transportation DepartmentIncome taxIncome Tax ActTaxUnited States

Assocham National Conference on Companies Bill 2012 – Highlights & Insights”

The much awaited Companies Bill, 2012, has been approved by the Lok Sabha, which seeks to revise and modify the existing company law, in consonance with changes in national and international economic environment. In view of these emerging issues and key developments, ASSOCHAM is organizing National Conferences on Companies Bill 2012 - Highlights & Insights on… Read More

Tags: ASSOCHAMBillBusinessCorporate Affairs MinistryCorporate lawHonIndiaLok SabhaMinistry of Corporate AffairsNew DelhiSeminar

Revised Online Transfer Claim Form For EPFO

Union Labour & Employment Minister Shri Sis Ram Ola today released Revised Transfer Claim form for EPFO beneficiaries marking this as first step towards launch of online Transfer Claim facilities here in New Delhi. The revised form will have the following salient features: ¢ The form will be called Transfer Claim Form instead of Form 13… Read More

Tags: Employee Provident FundEmployees' Provident Fund Organisation of IndiaEmploymentEPFOHonMinistry of Labour & EmploymentNew DelhiUnion Labour

CECA between India and the Customs Union of Belarus, Kazakhstan and the Russian Federation

CECA between India and the Customs Union of Belarus, Kazakhstan and the Russian Federation discussed;  Anand Sharma Addresses Spief Calls for Deeper Economic Ties with Russia.  Shri Anand Sharma, Minister of Commerce & Industry, led an official delegation from 19-22 June, 2013, to the St. Petersburg International Economic Forum (SPIEF) 2013 at the invitation of Mr. Andrei Belousov,… Read More

Tags: Comprehensive Economic Cooperation AgreementDenis ManturovHonIndiaRussiaSPIEF 2013St Petersburg International Economic ForumThe Honourable

SC verdict: Payments To LIC Towards Group Gratuity funds is allowed

CIT vs. Textool Co. Ltd (Supreme Court) Ratio of the Case: Though section 36(1)(v) requires a direct payment to a gratuity trust fund, payments made to the LIC Group Gratuity Scheme for the benefit of the employees is also allowable. CLR Editorial Notes: The assessee in question had set up a gratuity fund which was… Read More

Tags: AppealCITHonIncome taxIndiaLIC Group Gratuity SchemeSupreme CourtThe Honourable

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