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Karnataka - Profession Tax for 2014-15 - Payment Alert
CBDT issues a letter regarding MCA Circular No. 1/ 2014
Clarification: Computation Of Tax Liability Of Developers

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The aforesaid appeals have been preferred by the assessee challenging the impugned order dated 15th September 2010, for the assessment year 1996-97 and 1997-98 and order dated 16th July 2012, for the assessment year 1998-99 respectively, passed by the learned Commissioner (Appeals)-I, Thane, for the…

S. 234E of the Income-tax Act, 1961 inserted by the Finance Act, 2012 provides for levy of a fee of Rs. 200/- for each day’s delay in filing the statement of Tax Deducted at Source (TDS) or Tax Collected at Source (TCS).

The department filed an appeal in the High Court contending that the Tribunal had disposed off the appeals filed before it (relating to rejection of books of account u/s 145 and estimation of gross profit) without giving any reasons.

The assessee made an application u/s 195(2) for permission to remit technical service charges and reimbursement of expenses to a foreign company without deduction of tax at source. The AO passed an order directing the assessee to deduct TDS at the rate of 20% before making remittance.

The TPO determined the qualifying amount spent on creation of marketing intangible at Rs.180.73 crore. By applying 12.5% mark-up, he worked out the TP adjustment of Rs.203 crore. The AO made the adjustment but also held that without prejudice to the TPO’s AMP adjustment, the principal amount of Rs.180.73…

The assessee filed an application for registration before the CIT for registration u/s 12A/ 12AA to avail exemption u/s 11. The CIT held that though the assessee was a charitable trust, since its object and purpose was confined only to a particular religious community (Dawoodi Bohra).

The assessee issued a corporate guarantee to Deutsche Bank on behalf of its associated enterprise, Bharti Airtel (Lanka), whereby it guaranteed repayment for working capital facility.

Pursuant to a scheme of arrangement the assessee transferred its telecom infrastructure assets to Bharti Infratel Ltd for Nil consideration with the result that the WDV of the said assets amounting to Rs. 5,739 crore was written off by debiting the P&L A/c.

The assessee held 15,000 shares in Dorf Ketal Chemicals Pvt. Ltd representing 4.98% of the share capital. Pursuant to a further issue, it was allotted 1,94,000 shares at the face value rate of Rs.100 each, on a proportionate basis.

Having said that this is a case in which technically no fault could be found with the assessing officer, we feel that there was there was an element of impropriety in his action in issuing the garnishee order under section 226(3) on 17.2.2014, the very day on which he rejected the stay application filed…

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