Income Tax Case Laws Updates
1.For computing sec. 234B interest terminal point is date of admission of application & not passing of order by SetCom
2. Fee paid to non-resident for arranging loan is neither interest nor ‘FTS’; not liable to TDS
3. Sec. 10B relief couldn’t be denied on ground that machinery wasn’t installed when authorities had duly certified it
MCA Updates
4. Versions of eforms CRA-2, PAS-3 and MGT-15 are likely to be modified w.e.f 13th June 2015. Stakeholders are requested to plan accordingly.
RBI Update
5. RBI issues master circular on NBFCs
Income Tax Circular Update
CBDT extends due date of filing return from July 31, 2015 to August 31, 2015
In Detailed
1.For computing sec. 234B interest terminal point is date of admission of application & not passing of order by SetCom
[2015] 58 taxmann.com 16 (Calcutta)
HIGH COURT OF CALCUTTA
G. M. Foods v. Income-tax & Wealth Tax Settlement Commissioner*
Section 234B, read with section 245 of the Income-tax Act, 1961 – Interest, chargeable as (Computation of) – Application was filed before settlement commission and order was passed – Question arose as to what would be terminal point of period for which interest under section 234B would be levied – Whether interest under section 234B would be computed up to date of admission of application by Settlement Commission under section 245D(1) and not up to date of order of Settlement Commission under section 245D(4) – Held, yes [Para 15] [In favour of assessee]
2. Fee paid to non-resident for arranging loan is neither interest nor ‘FTS’; not liable to TDS
[2015] 58 taxmann.com 101 (Mumbai – Trib.)
IN THE ITAT MUMBAI BENCH ‘L’
Idea Cellular Ltd. v. Assistant Director of Income-tax (International Taxation)-3(1) Mumbai
3. Sec. 10B relief couldn’t be denied on ground that machinery wasn’t installed when authorities had duly certified it
[2015] 57 taxmann.com 212 (Visakhapatnam – Trib.)
IN THE ITAT VISAKHAPATNAM BENCH
Laila Nutraceuticals v. Assistant Commissioner of Income-tax*
4. Versions of eforms CRA-2, PAS-3 and MGT-15 are likely to be modified w.e.f 13th June 2015. Stakeholders are requested to plan accordingly.
5. RBI issues master circular on NBFCs
http://corporatelaws.taxmann.com/topstories/104010000000045446/rbi-issues-master-circular-on-nbfcs.aspx
CBDT extends due date of filing return from July 31, 2015 to August 31, 2015