Monthly Archives: January 2016

First Information Report (FIR) FAQ’s

By | January 31, 2016

What are the categories of Criminal offences ? Criminal offences are classified into two categories depending on the degree of seriousness / cognizance i.e. cognizable and non-cognizable offence. What is Cognizable Offence for filing First Information Report (FIR)  ? A cognizable offence is one in which the police may arrest a person without warrant. They are… Read More »

Nexus between the investments and interest bearing funds need to be established for disallowance under Section 14A

By | January 31, 2016

Held As regards the interest referred to in the second limb of Rule 8D of the Rules, the assessee contends that the amounts of investment in such securities in the period under consideration is much less than the amount of capital and surplus funds available with the Company and no portion of the borrowed funds… Read More »

Debenture Interest charged in Profit and Loss A/c but not paid would not attract TDS under Section 193

By | January 31, 2016

Held Although the assessee has neither paid nor paid interest to these financial institutions in respect of debentures. However, the liability was provided for, in its account for purpose of compliance of applicable accounting standards and mandatory requirements of Companies Act, 1956. It was, thus, clear no income had accrue to debenture holders, financial institutions.… Read More »

Interest on FDR under lien with Bank for facilitating letter of credit qualify for deduction under Section 10B

By | January 31, 2016

  Held The interest on FDR, the Court has been shown a note of the balance sheet of the Assessee [which was placed before the AO] which clearly states that “fixed deposit receipts (including accrued interest) valuing Rs. 15,05,875 are under lien with Bank of India for facilitating the letter of credit and bank guarantee… Read More »

Payment to intermediaries for hiring of transport for carriage of goods is also liable for TDS u/s 194C

By | January 31, 2016

Held The assessee has entered into contract with these intermediaries for the work of hiring of transport for carriage of goods for the assessee for which payments are made by the assessee to these intermediaries who are not actual transporters but are arranging actual transporters independently from open market for carriage of goods for assessee… Read More »

Uttar Pradesh Joins Uday Scheme ,Net Benefit of Rs 33000 Crore

By | January 31, 2016

Uttar Pradesh Joins “Uday” Scheme , Would Derive an Overall Net Benefit of Rs.33000 Crore Through “UDAY” Shri Piyush Goyal Unveils Logo of “Uday” Scheme The Government of India, the State of Uttar Pradesh and Uttar Pradesh Power Corporation Limited(UPPCL), on behalf of DISCOMs  of Uttar Pradesh (Dakshinanchal Vidyut Vitran Nigam Limited, Kanpur Electric Supply… Read More »