Daily Archives: December 11, 2015

CBDT Revised limit for filing Appeals by Income Tax department to Tribunal/High Court/Supreme Court

Circular No 21/2015 F No 279/Misc. 142/2007-ITj(Pt) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 10th December 2015 Revision of Monetary limits for filing of appeals by the department before Income tax Appellate Tribunal and High Courts and SLP before Supreme Court – measure for reducing… Read More »

Taxes paid twice can be claimed as refund

Facts of the case The petitioner company cleared its final product during the period between June, 2002 and September, 2002 on payment of excise duties totalling to Rs. 91,129/-. The petitioners due to a pure clerical error, paid the same amount of duty on same clearances all over again by debiting the amount in the… Read More »

India Japan signs Protocol for avoidance of double taxation

Government of India and Government of Japan signs a Protocol for amending the existing Convention for the avoidance of double taxation and for the prevention of fiscal evasion The Government of India and the Government of Japan signed here today a Protocol for amending the existing Convention for the avoidance of double taxation and for… Read More »

Provisions of section 40(a)(i) are not attracted on Depreciation

Facts of the Case are During assessment proceedings, the A.O. noticed that the assessee purchased “Foster’s Brand” and “Intellectual Property”, “Foster’s Brewing Intellectual Property” and Foster’s Trademarks from Foster’s Australia Ltd. for a consideration of Rs. 157,92,00,000/-. The assessee capitalized the said amount in its fixed assets schedule under the head “Trade Marks/Brands” and claimed… Read More »