CORPORATE AND PROFESSIONAL UPDATE OCT 14, 2016 Direct Tax:- IT: Merely because bank has gone in liquidation would not be sufficient reason to doubt the bank transaction in support of which there was ample other evidence produced by the assessee – Pr.CIT-2 Vs Hiral Pharma Ltd. (2016 (10) TMI 366 – Gujarat High Court) IT: Penalty u/s 271(1)(c) …
CORPORATE AND PROFESSIONAL UPDATE OCT 13, 2016 Direct Tax:- CBDT has notified seven districts in Andhra Pradesh for availing tax incentives under section 32(1)(ii) (a) and Section 32AD of the Income Tax Act to boost the industrial activities. Bombay High Court in the below citied case allow the revenue expenditure being the amount written off …
Today updates: DIRECT TAX:- IT: Change in method of valuation of stock – from lowest price during the year to the weighted average cost formula – So long as the change made by the assessee in his method of accounting is bona fide and amounts to a permanent arrangement to be followed the Revenue has no …
Today updates: DIRECT TAX:- CBDT has issued a Instruction No.9/2016 (IDS) dated 27/09/2016 on Non –indexation of assets sold prior to 01-06-2016.The Board has clarified that as per the provisions contained in section 183(2) of the Scheme that where the income chargeable to tax is represented in the form of investment in any asset, the fair market …
Today updates: Direct Tax:- ITAT Banglore in the below-citied case held that Payment in respect of salaried doctors, in-house and visiting consultants in Nursing Home were subjected to TDS Since consultant doctors were paid fixed remuneration and the working conditions are under the supervision and control of the hospital authorities. In our considered opinion, services …
Today updates: DIRECT TAX:- IT: Late filing fee u/s 234E – late filing of TDS return prior to 01 JUN 2015 – demand notices u/s 200A for intimation for payment of fee u/s 234E can be said as without any authority of law and the same are quashed and set aside to that extent – Sri Fatheraj …
DIRECT TAX: Income Tax: Interest paid by the contractor to finance its business wasn’t includible in cost of inventory; No understatement of WIP Deputy Commissioner of Income-tax, Central Circle 2(2), Bangalore v. JSR Constructions (P.) Ltd. [2016] 71 taxmann.com 184 (Bangalore – Trib.) Income tax: ITAT Chennai in the below-citied case held that Continuance of …
TODAY UPDATES: DIRECT TAX: CBDT has issued a clarification regarding u/s 119 of the Income Tax Act, 1961 dated 9th September 2016 vide F. No. 225/195/2016-ITA II dated 14th September 2016. CBDT clarified that the extended due date of filing return would also apply for the tax audit report. ITAT Indore in the below citied …
TODAY UPDATES: Direct Tax: Gujrat High Court in the below citied case held that A private complaint without any further investigation by the authorities surely not be a tangible material to enable the AO to form a belief that income chargeable to tax had escaped assessment.(Biyani Impex Private Limited Vs. ITO ITAT Delhi in the below …
Today updates: Direct Tax: ITAT Pune in the below citied case held that penalty u/s.271D shall not be levied where assessee had taken cash loan from her husband and mother-in-law which has been repaid in cash.The expression “reasonable cause” in section 273B for non imposition of penalty u/s.271D and 271E would have to be construed …