TODAY UPDATES: DIRECT TAX: Income Tax : Claim to write off on account of advance disallowed – year in which bad-debts crystallized – mercantile system of accounting – only the assessee has determined finally that the amount is irrecoverable – No addition – M/s Xpro India Ltd. Vs. CIT, Kolkata (Calcutta High Court) Income Tax: Exemption u/s 11(1)(a) …
Today updates: DIRECT TAX: No Addition u/s 68 if identity, creditworthiness & genuineness established[DCIT Vs. M/s Overseas Infrastructure Alliance (I) Pvt. Ltd. (ITAT MUMBAI)]. Wheeling charges and transmission charges are neither contractual payments nor fee for technical services u/s. 194C or 194J – No TDS required – ITAT Kolkata in case of [DCIT Vs. West …
Today updates: DIRECT TAX: Income Tax: Delhi HC allows assessee’s writ & quashes assessment u/s 143(3) read with Sec 144C for AY 2009-10, presumes that order was not passed within the prescribed time-limit as Revenue could not prove service of final assessment order u/s 144C on assessee As Revenue could not produce any proof of dispatch of the assessment …
TODAYS UPDATES : Direct Tax: SCN cannot be issued to debtors until tax liability crystallize. [M/s Quality Fabricators and Erectors v/s The Deputy Director, DGCEI, Zonal Unit Mumbai and Others (HC Of Bombay)]. Sec. 263 not justified due to multiple view on applicability of TDS. [Neo Sports Broadcast Pvt.Ltd v/s CIT (TDS) (ITAT Mumbai)]. Changes …
TODAYS UPDATE : Direct Tax: IT: Computing MAT liability under the provisions of Sec-115JB deduction u/s 80HHC shall be allowed after setting off losses suffered on export of trading goods – M/s. United Breweries (Holdings) Ltd. Vs. CIT, Bangalore (2016 (4) TMI 570 – ITAT Bangalore) IT: Amounts received by the assessee from various producers towards advances cannot be …
TODAYS UPDATES : DIRECT TAX: CBDT issued clarification on the Income Declaration Scheme, 2016 vide Circular No. 17 of 2016 dated 20.05.2016. CBDT issued explanatory notes on provisions of the Income Declaration Scheme, 2016 as provided in chapter ix of the finance act, 2016 vide Circular No. 16 of 2016 dated 20.05.2016 CBDT has issued circular regarding …
Today updates: DIRECT TAX: Income Tax: Disallowance of profit in sale of agriculture land – whether transaction in property by assessee company should not be treated as business activity – Held that – There is no enabling provision in the income-tax law prescribing that even if the assessee s income is exempt by a provision, then …
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 …
TODAYS UPDATES Direct Tax: Even if income by way of rent is enhanced with retrospective effect, it accrues only when a right to receive the income is vested in the assessee. A notice u/s 148 seeking to assessee the income prior to its accrual is without jurisdiction. A reading of the decision of this Court in …
TODAYS UPDATE : Direct Tax: Registration u/s 12AA cannot be denied questioning profit motive.[MS. Sree Anjaneya Medical Trust vs. CIT (Kerala HC)]. Interim stay order period is to be excluded for computing limitation period. [VLS Finance Ltd. and Anr. vs. Commissioner of IT and Anr. (SC)]. CBDT prescribes procedure for e-filing of form 15G/15H. Notification …