CORPORATE AND PROFESSIONAL UPDATE April 21, 2016 Direct Tax: TPL under Section 90/90A/91 of IT Act 1961- Draft Rules for Granting Relief or Deduction vide Circular No. F.NO.142/24/2015 under section 90/90A/91 of IT dated 18-04-2016- (Click here to view) Benefit of deduction u/s 80P(2)(a)(i) – Held that – Assessee is entitled for deduction of interest income derived …
CORPORATE AND PROFESSIONAL UPDATE April15, 2016 DIRECT TAX: Income Tax: Once the expenditure is found to be allowable as revenue expenditure as per provisions of the Income Tax Act, 1961 (‘Act’), the same is to be allowed as revenue expenditure under the Act while computing income chargeable to tax even if the taxpayer capitalizes such an …
CORPORATE AND PROFESSIONAL UPDATE April 14, 2016 DIRECT TAX: Income Tax: Refundable amount utilized by the Department hence interest was payable under Section 244(1A) –M/S. Jyotsna Holdings (P) Ltd. CIT, Delhi-II (2016 (4) TMI 390 – Supreme Court) Income Tax: Exemption u/s 10(37) allowed on compensation received from the Surat Municipal Corporation for acquisition of lands -Dipak Kalidas Pauwala …
CORPORATE AND PROFESSIONAL UPDATE April 13, 2016 DIRECT TAX: Income Tax: Refundable amount utilized by the Department hence interest was payable under Section 244(1A) –M/S. Jyotsna Holdings (P) Ltd. CIT, Delhi-II (2016 (4) TMI 390 – Supreme Court) Income Tax: Penalty u/s 271D – cash transactions of the assessee with the directors and share holders of the company due …
CORPORATE AND PROFESSIONAL UPDATE APRIL 12, 2016 DIRECT TAX: Income Tax: Exemption u/s 54 on unregistered property purchased from son of the assessee allowed – transferee gets the right over the property and has become the owner of the property therefore for the purpose of deduction U/s 54 read with Section 2(47)(V) of the Act the …
CORPORATE AND PROFESSIONAL UPDATE APRIL 8, 2016 DIRECT TAX: Income Tax: Treatment of agricultural income – as seen from the documents placed in the paper-book, these are not lease rentals received from the agricultural lands, but sale proceeds, which are stated to have been transferred from the place of agricultural lands to the assessee through clerk …
CORPORATE AND PROFESSIONAL UPDATE APRIL 7, 2016 DIRECT TAX: Income Tax: Where action of assessee-company to make advances to group companies at a lower rate of interest than interest rate at which assessee-company borrowed such funds, was not shown to be in any manner actuated by business expediency, disallowance of differential interest was justified – [2016] 67 …
CORPORATE AND PROFESSIONAL UPDATE APRIL 6, 2016 DIRECT TAX: Income Tax: Addition u/s 68 – creditor from the foreign country – Even the AO has also not disputed the identity source and genuineness of share capital. We are also of the view that it is unnecessary burden upon the assessee by pressuring it to bring the …
CORPORATE AND PROFESSIONAL UPDATE APRIL 5, 2016 DIRECT TAX: Income Tax: Revision u/s 263 – denial of benefit U/s 11 and 12 and not allowing depreciation -AO has formed one of the view but the ld CIT(Exemption) has formed another view on same facts and circumstances, therefore, change of opinion is not permissible under the …
CORPORATE AND PROFESSIONAL UPDATE APRIL 4, 2016 DIRECT TAX: Income Tax : Security deposit collected from its members refundable – whether receipts does not partake the character of income? – Held No- (Gulmohar Greens Golf and Country Club Ltd. Versus DCIT, Circle-2 (1) (1) , Ahmedabad – 2016 (3) TMI 1065 – ITAT AHMEDABAD). Income Tax: Exemption u/s …