BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX RULES, 2015

NOTIFICATION NO.58/2015 [F.NO.133/33/2015-TPL]/GSR 529(E), DATED 2-7-2015

OBSERVATION OF COURTS - INSTRUCTIONS TO IT DEPARTMENT TO ENSURE OPTIMAL UTILISATION OF AVAILABLE RESOURCES TO OBTAIN MAXIMUM BENEFIT OUT OF LITIGATION

LETTER D.O. No.279/M-88/2014-ITJ, DATED 3-7-2015
ITAT, Mumbai in the case of M/s Prescon Builders Pvt. Ltd. has stated that the very fact that the AO filed the appeals without even verifying the year, which was mentioned in the ground of appeal, also indicated that the appeals were filed in a routine manner which causes lot of inconvenience to the taxpayers and such a practice should be deprecated.

CLARIFICATIONS ON TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS

CIRCULAR NO.13 OF 2015 [F.NO.142/18/2015-TPL], DATED 6-7-2015
32 Questions and Answers issued on the issue

TAX FREE BONDS DATED 6-7-2015

NOTIFICATION NO. 59/2015 [F.NO.178/27/2015-(ITA-I) DATED 6-7-2015
Following Institutions authorized to issue tax free bonds u/s 10(15)(iv)(h)
1. NHAI
2. IRFC
3. HUDCO
4. IREDA
5. PFC
6. REC
7. NTPC
The tenure of the bonds shall be for ten or fifteen or twenty years.
It shall be mandatory for the subscribers to furnish their Permanent Account Number to the issuer of the bonds.

Standard Operating Procedure (SOP) for making application for claim of tax exemption u/s 11(1)(c) of the Income-tax Act, in respect of remittance of money/relief articles by Indian NGOs/Charitable Organisations for earthquake hit people in Nepal

Circular dtd 08-07-2015

The applicant organization seeking income tax exemption u/s 11(1)(c) should apply to Member(IT), CBDT, New Delhi. The application must contain the information as per ANNEXURE-I as well as other relevant information discussed at Paras5 to 9 below, as applicable. It must be ensured that complete information is provided and copies of required documents are enclosed.

Merely because the assessee has challenged the order of the Tribunal in an Appeal under section 260A of the Income Tax Act, 1961 before the High Court does not mean that the power under section (2) of section 254 cannot be invoked either by the assessee or by the revenue/Assessing Officer. Such a power enables the Tribunal to rectify any mistake apparent from the record and make amendments

BOON INDUSTRIES Jul 8, 2015 (2015) 44 CCH 0305 MumTrib
R.W Promotion Pvt Ltd (MA No.194/Mum/2013) followed

Non-availability of ads of medical relief camps provided by trust won't lead to denial of its registration

Lal Bahadur Shastri Bahuudeshya International Society [2015] 59 taxmann.com 39 (Delhi - Trib.) MARCH  21, 2014 

Section 2(15), read with section 12A, of the Income-tax Act, 1961 - Charitable trust (Medical relief) - Assessee-society, engaged in organising free medical camps, claimed registration under section 12A - Commissioner denied registration inter alia on ground that there was no evidence of holding camps by way of advertising, publicity or otherwise; and register maintained by assessee for that purpose did not have a single complete address of persons getting treatment through such camps - Whether there is no bar under law to organize any medical relief camp without issue of advertisement or publicity and further since register maintained by assessee had necessary details under three broad heads viz. treatment, attendant's name and subscription, registration could not be denied for lack of complete address - Held, yes - Whether moreover focus of investigation at stage of grant of registration is chiefly on objects of trust or institution and since in instant case objects focused investigation did not yield any result jeopardizing charitable character of assessee, refusal of grant of registration to assessee was unjustified - Held, yes [Paras 4 and 5][In favour of assessee]