Today updates: DIRECT TAX: CBDT has issued a Income tax (21st Amendment) Rules, 2016- class or classes of buyer to whom provisions of section 206C (1D) shall not apply vide Notification No. 75/2016 dated 19/08/2016. ITAT Ahemdabad in the below citied case held that in case of Cash expenditure exceeding Rs. 20,000/- – the paramount consideration …
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 …
Today updates: DIRECT TAX: Income Tax: Where issue of allowability of MAT credit was decided by AO by order dated 8-12-2011, even though issue of surcharge and cess was also allowed to be carried forward by AO by order dated 29-11-2012, revisional order passed on 30-3-2015 denying MAT credit would be time barred [2016] 70 taxmann.com 155 (Kolkata …
TODAYS UPDATES Direct Tax: Deductions claimed u/s. 54EC and 54F denied – Except the fact that assessee has received the so called 1/4th share out of the total consideration there is no indication of any assessee s ownership on the property either to full extent or to 1/4th extent. AO proceeded on the fallacious assumption …
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 …