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NON-COMPETE FEE BEING A BUSINESS INCOME WON'T BE TAXABLE IN INDIA UNLESS RECIPIENT HAS PE IN INDIA

19 April, 2016

The ITAT Kolkata Bench 'C' in, Trans Global PLC v. Director of Income-tax (International Taxation)-3 (1), Kolkata, held that, where UK-based non-resident company was not having permanent establishment in India and received non-compete fee, same would not be taxed in India
EXP. INCURRED ON RENOVATION OF LEASED PREMISE TO BE TREATED AS CAPITAL EXPENDITURE

19 April, 2016

The ITAT Mumbai Bench 'SMC' in, Alpha Plus Technologies (P.) Ltd. v. Income-tax Officer, 8(1)(1), Mumbai, held that, where assessee acquired leased premises in a semi-finished state which could not be used for its purposes
CENVAT CREDIT AND REFUND THEREOF CAN'T BE DENIED MERELY ON GROUND OF NON-REGISTRATION

19 April, 2016

The honorable Karnataka High Court in, Commissioner of Service Tax v. Kyocera Wireless (India) (P.) Ltd., held that, registration is not a pre-condition to claim credit; hence, Cenvat credit and refund thereof cannot be denied on ground of non-registration.
CREDIT ON CAPITAL GOODS CAN'T BE DENIED IF DEPRECIATION UNDER INCOME-TAX ACT IS REVERSED BY FILING REVISED RETURN

19 April, 2016

The honorable Madras High Court in, S.L. Lumax Ltd. v. Commissioner of Central Excise, Chennai-IV Commissionerate, held that, where assessee has wrongly claimed both Cenvat Credit as well as income-tax depreciation on same duty amount, but, has filed revised returns under income-tax deleting depreciation claim, benefit of Cenvat Credit cannot be denied.
HC SANCTIONS DEMERGER SCHEME, REJECTS REGIONAL DIRECTOR'S VIEW TO EVALUATE ASSETS OF DEMERGED UNDERTAKING

19 April, 2016

The honorable Punjab & Haryana High Court in, Alchemist Hospitals Ltd., In re, held that, where in a scheme of arrangement all assets and properties and all debts and liabilities of demerged undertaking were to be transferred to resulting company at value appearing in books of account, there was no need to evaluate assets and liabilities of demerged undertaking as stated by Regional Director and scheme was to be sanctioned.
THOSE EARNING RS.50 LAKH A YEAR MUST DECLARE ASSETS

06 April, 2016

The government has issued a new set of income tax return (ITR) forms that require people with an income of Rs.50 lakh and above per annum to disclose their assets.
FINMIN LINES UP 16 PSUs FOR DISINVESTMENT

06 April, 2016

Finance ministry has drawn up a list of 16 public sector units ( PSUs), including Oil & Natural Gas Corp, Oil India and Coal India, for disinvestment in 2016- 17, which could fetch the exchequer ₹ 40,000 crore at current stock value.
INCOME TAX E-FILING VAULT ADDS MUSCLE TO TAX SECURITY

06 April, 2016

To ensure taxpayers are able to shield their e-filing against any fraudulent activity, the income tax department has introduced a new facility called e-filing vault.
GOVT’S RETRO TAX SETTLEMENT SCHEME TO START FROM JUNE 1

23 March, 2016

New Delhi 21.03.2016 (RDI): The government of India will open from June 1 its one-time offer to settle retrospective tax disputes, involving firms like Vodafone and Cairn Energy, after rules are framed for these to pay principal tax and get waiver from interest and penalty.
EXP ON FOREIGN TRAVEL OF DIRECTORS DISALLOWED AS COMPANY HAD NO BUSINESS IN SUCH LOCATIONS

13 March, 2016

New Delhi 15.01.2016 (RDI): The honorable Bombay High Court in, Advance Power Display Systems Ltd. v. Commissioner of Income-tax-8, held that, where foreign buyer of assessee was situated in Singapore, expenditure incurred for travel to meet buyer in Singapore could only be allowed; and expenses incurred on travel to countries other than Singapore were to be disallowed
Union Budget 2016 updates

13 March, 2016

New Delhi, 3 March 2016 (RDI): 1. Introduction 1.1 The Finance Minister (FM) seems to be cheering the Prime minister's 'Make in India' initiative, not only on the manufacturing of tangible products but also on some of the intangible assets such as 'Patents'.
PM Modi to visit Bhopal tomorrow

10 September, 2015

New Delhi, Sept 9 (RDI IBNS): Prime Minister Narendra Modi will visit Bhopal on Thursday.
PM Modi congratulates ISRO on being conferred the Gandhi Peace Prize for 2014

10 September, 2015

New Delhi, Sept 9 (RDI IBNS): Prime Minister Narendra Modi on Wednesday congratulated ISRO, on being conferred the Gandhi Peace Prize for 2014.
Production begins at the Coke Ovens at Tata Steel's Kalinganagar project

10 September, 2015

Jamshedpur/Kolkata, Sept 9 (RDI IBNS): Tata Steel's Greenfield project at Kalinganagar in the state of Odisha achieved a major milestone on with start of coke production from its Coke Ovens.
Three Kashmiri separatists join Geelani group

10 September, 2015

Srinagar, Sept 9 (RDI IBNS): In a major development in pro-freedom camp on Wednesday, three senior pro-freedom Kashmiri leaders have joined the Hurriyat group led by Syed Ali Geelani.
Two BSF personnel injured in Pakistan firing

10 September, 2015

Srinagar, Sept 9 (RDI IBNS): A fresh ceasefire violation by Pakistani Troops inured two Border Security Force (BSF) personnel in Nowgam sector of Handwara area of northern Kashmir's Kupwara district on Wednesday.
Kolkata: Left Front holds sit-in-demonstration against electricity price hike

10 September, 2015

Kolkata, Sep 9 (RDI IBNS): Protesting against the rising electricity charges in Kolkata and the rest of West Bengal, the Kolkata unit of West Bengal Left Front (LF) is hosting sit-in-demonstrations in front of the Calcutta Electric Supply Corporation Ltd. (CESC) headquarters, Victoria House in Esplanade and in front of the West Bengal State Electricity Distribution Company Ltd. head office, Vidyut Bhawan at Salt Lake area here on Wednesday.
Assam govt to revitalize ATCL

10 September, 2015

Guwahati, Sept 9 (RDI IBNS) : The Assam government has committed to revitalise the Assam Tea Corporation Limited and an effort has been streamlined to achieve it this year end.
President of India presents Gandhi Peace Prize 2014 to ISRO

10 September, 2015

New Delhi, Sept 9 (RDI IBNS) President of India Pranab Mukherjee presented the Gandhi Peace Prize for the year 2014 to Indian Space Research Organization (ISRO) on Wednesday at a function at Rashtrapati Bhavan.
Assam : Two hardcore NDFB(S) ultras nabbed

10 September, 2015

Guwahati, Sept 9 (RDI IBNS) : Security forces on Wednesday apprehended two hardcore NDFB(S) ultras from Assam's Chirang district, police said.

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