CORPORATE AND PROFESSIONAL UPDATE MAY 3, 2016 DIRECT TAX IT: Additional payment even if made to the retiring partner in excess of capital account is not in nature of any profit or income within the meaning of Sec.28(va) of the Act and it cannot be brought to tax as business income – Sharadha Terry Products Ltd. Vs. …
COMPLETE 2013 COMPANIES ACT LIST OF SECTIONS AND THEIR NAMES Section 1- Short title, extent, commencement and application Section 2- Definitions. Section 3- Formation of company. Section 4- Memorandum. Section 5- Articles. Section 6- Act to override memorandum, articles, etc. Section 7- Incorporation of Company. Section 8- Formation of companies with charitable objects, etc. Section …
CORPORATE AND PROFESSIONAL UPDATE April 25, 2016 DIRECT TAX: Surveying authority can’t allege excess stock without demanding standard weighment facility from assessee[2016] 68 taxmann.com 288 (Amritsar – Trib.) Smt. Kailash Devi Prop. v. Income-tax Officer No Capital Gain on unaccrued contingent deferred consideration [CIT VS. Mrs Hemal Raju Shete(Bombay High Court) Sec. 263 Revision for starting fishing …
CORPORATE AND PROFESSIONAL UPDATE April 23, 2016 DIRECT TAX: Receipt from the HUF of which the assessee was the member is to be treated as gift received from the relative-not taxable u/s 56(2). Held that – the relative explained in Explanation to s. 56(2)(vi) of the Act includes relatives and as the assessee received gift …
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 MARCH 30, 2016 DIRECT TAX INCOME TAX: Where assessee claimed deduction of secret commission paid to employees of different companies who had given business to assessee, since assessee had not kept any accounts as to where and to whom such commission was paid, Tribunal was justified in allowing assessee’s claim to extent …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 23, 2016 DIRECT TAX Income Tax: Attachment of bank account – any action to recover taxes adopting coercive means is not permissible till the petitioner’s application for stay under Section 220(6) of the Act is disposed of. – HC Income Tax: Reopening of assessment – AO has no power to review; …