Friday, 2 October 2015

Govt. notifies provisions of FATCA entered with USA; effective from August 31, 2015

IT/ILT : Section 90 of the Income-tax Act, 1961 – Double Taxation Agreement – Inter-Governmental Agreement and Memorandum of Understanding (MOU) between Government of India and Government of USA to improve International Tax Compliance and to implement Foreign Account Tax Compliance Act of USA

SAT upheld penalty imposed on promoter as it failed to disclose details of shares acquisition to sto

SEBI : Where a promoter of company, did not disclose about acquisition of shares of company to stock exchange in which shares of company were listed, there being violation of Regulation 13(4) of SEBI (Prohibition of Insider Trading) Regulations, 1992, SEBI was justified in imposing penalty on appellant

Customization of cars as per requirement of customer isn't manufacturing

Excise & Customs: Customization of duty-paid cars/vehicles by carrying out cosmetic changes or restyling inside/outside said cars/vehicles as per requirements of customers, does not amount to manufacture as per general meaning and also not as per Chapter Note 3 of Chapter 87 of Tariff

Income from shares trading was business receipt as average holding period of shares was for short du

IT : Where assessee carried out activities of trading in shares in systematic manner and its average holding period of different shares ranged from merely three days to three months, income from sale of shares was to be taxed as business income

Salary paid to son not disallowable for want for qualification if due to his efforts receipts of bus

IT: Salary paid to son not disallowable for want for qualification if due to his efforts receipts of business has increased