Daily Archives: November 1, 2015

No Transfer under section 2(47) when the plant and machinery along with land and building is leased out for a limited period of 10 years

By | November 1, 2015

whether leasehold rights constitute a “capital asset” u/s. 2(14), whether there is a “transfer” u/s. 2(47) of such rights and whether “capital gains” u/s. 45 ? The High Court observed that it is unable to agree with the above approach of the ITAT to interpreting what appear to be plain and unambiguous provisions of the Act.… Read More »

Section 14A / Rule 8D cannot be automatically invoked : High Court

By | November 1, 2015

Section 14A / Rule 8D cannot be automatically invoked. It cannot be invoked if the AO does not record satisfaction as to why the assessee’s voluntary disallowance is not proper The Court disapproves of the AO invoking Section 14A read with Rule 8D(2) of the Rules without recording his satisfaction. The recording of satisfaction as… Read More »

Filing frivolous appeals and harassing taxpayer heavy costs to be imposed to be personally paid by the jurisdictional CIT who sanctioned filing of the appeal

By | November 1, 2015

For filing frivolous appeals and harassing taxpayers, heavy/exemplary costs to be imposed which will have to be personally paid by the jurisdictional CIT who sanctioned filing of the appeal The Bombay High Court put the officers on notice, that in all cases including where appeals are filed, the Offices instructing the Counsel would review whether… Read More »

Intellectual property rights come within the definition of ‘plant’ : Supreme Court

By | November 1, 2015

would intellectual property rights such as trademarks, copyrights and know-how come within the definition of ‘plant’ in the ‘sense which people conversant with the subject matter with which the statute is dealing, would attribute to it’? The Supreme Court opines, this must be answered in the affirmative for the reason that there can be no… Read More »

DO’s and DON’Ts for Investors of Stock Market

By | November 1, 2015

 www.nseindia.com/content/members/ mem_directory.htm market Given below are some general DOs and DON’Ts for investors: DOs:-     Always deal with the market intermediaries registered with SEBI / stock exchanges.     Collect photocopies of all documents executed for registration as a client, immediately on its execution. Ensure that the documents or forms for registration as Client, are fully filled… Read More »

Anti dumping duty on imports of All Fully Drawn or Fully Oriented Yarn /Spin Draw Yarn/Flat Yarn of Polyester

By | November 1, 2015

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-                                                               SECTION (i)]                                                           GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF… Read More »

Anti dumping duty on Hexamine

By | November 1, 2015

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]                                                           GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE)  Notification No. 50/2015-Customs (ADD)  New Delhi, the 21st October, 2015              G.S.R.    (E). –Whereas,  in the matter of ‘‘Hexamine’ (hereinafter referred to as the subject goods), falling under tariff item 2921… Read More »