Tax update: Direct Tax: The scrap and spent solution are part of the manufacturing process and eligible for exemption u/s 10B. [The CIT vs. M/s. Orchid Chemicals & Pharmaceuticals Ltd. – 2016 (8) TMI 278 – Madras High Court] ITAT Bangalore in the below citied case held that as assessee has failed to establish this …
Tax update: Direct Tax: Person attaining age of 60 or 80 years on 1st April shall be considered Senior/Very senior citizen for immediately preceding financial year. CBDT Circular 28 of 27-7-16. No Section 40(a)(ia) disallowance when income is determined on estimated basis after rejecting books. Receipt on settlement of dispute on use of trademark is tax free …
Today updates: DIRECT TAX: TDS – Sale of pre-packaged software – What the licensee has acquired is only a copy of the copyright article whereas the copyright remains with the owner and the Licensees have acquired a computer programme for being used in their business and no right is granted to them to utilize the …
Today updates: DIRECT TAX: Income tax :Minor delay in furnishing buyer’s declaration for non-collection of TCS won’t attract additions Commissioner of Income-tax (TDS) v. Siyaram Metal Udyog (P.) Ltd. [2016] 71 taxmann.com 204 (Gujarat) Income tax : No reassessment by AO on vague reason that sizable income should be disclosed when sale consideration was huge Jayesh Govindbhai …
Today updates: DIRECT TAX: Income Tax: Excise and Customs duty on closing stock is deductible on payment basis as per sec. 43B Commissioner of Income-tax, Bangalore v. NCR Corporation India (P.) Ltd. [2016] 71 taxmann.com 211 (Karnataka) Income tax : Where assessee, a tenant co-partnership housing society, constructed four additional tenements and thereafter four persons sought membership …
Today updates: DIRECT TAX: Income tax : No TDS on transportation charges reimbursed by buyer if seller is liable to pay such charges to GTA Hightension Switchgears (P.) Ltd. v. Commissioner of Income-tax [2016] 71 taxmann.com 207 (Calcutta Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions CBDT Press Release …
Today updates: DIRECT TAX: Income tax : ALV of property remaining vacant for whole year has to be computed with reference to section 23(1)(c) and, therefore, where assessee intended to let property and took appropriate efforts in letting property but ultimately failed to let the same, in terms of section 23(1)(c), its ALV had to …
Today updates: DIRECT TAX: Income tax : Winning streak of advocate isn’t the criteria to renew his appointment as counsel: Bombay HC Commissioner of Income-tax-8 v. TCL India Holdings (P.) Ltd. [2016] 71 taxmann.com 216 (Bombay) CBDT has notified the transfer pricing- computation of arm length price vide notification No. 57/2016 dated 14th July 2016 Income Tax: ITAT Kolkata in below …
Today updates: DIRECT TAX: Income Tax : Purchased property couldn’t be held as unexplained investment solely on basis of Stamp duty valuation S.S. Jyothi Prakash v. Additional Commisssioner of Income-tax [2016] 71 taxmann.com 127 (Karnataka) Income Tax: No TDS on payment for simple marketing services of introducing foreign institutional investors by foreign subsidiary companies[Batlivala & Karani Securities (India) Pvt. …
Today updates: DIRECT TAX: Income Tax: HC held that when assessee participated in reassessment proceedings by furnishing the required documents and challenges the reopening subsequently before the high court by filing a writ petition then it would be not be appropriate for the high court to exercise its exclusive jurisdiction because the assessee has already …