CORPORATE AND PROFESSIONAL UPDATE APRIL 12, 2016 DIRECT TAX: Income Tax: Exemption u/s 54 on unregistered property purchased from son of the assessee allowed – transferee gets the right over the property and has become the owner of the property therefore for the purpose of deduction U/s 54 read with Section 2(47)(V) of the Act the …
CORPORATE AND PROFESSIONAL UPDATE APRIL 8, 2016 DIRECT TAX: Income Tax: Treatment of agricultural income – as seen from the documents placed in the paper-book, these are not lease rentals received from the agricultural lands, but sale proceeds, which are stated to have been transferred from the place of agricultural lands to the assessee through clerk …
CORPORATE AND PROFESSIONAL UPDATE APRIL 7, 2016 DIRECT TAX: Income Tax: Where action of assessee-company to make advances to group companies at a lower rate of interest than interest rate at which assessee-company borrowed such funds, was not shown to be in any manner actuated by business expediency, disallowance of differential interest was justified – [2016] 67 …
CORPORATE AND PROFESSIONAL UPDATE APRIL 6, 2016 DIRECT TAX: Income Tax: Addition u/s 68 – creditor from the foreign country – Even the AO has also not disputed the identity source and genuineness of share capital. We are also of the view that it is unnecessary burden upon the assessee by pressuring it to bring the …
CORPORATE AND PROFESSIONAL UPDATE APRIL 5, 2016 DIRECT TAX: Income Tax: Revision u/s 263 – denial of benefit U/s 11 and 12 and not allowing depreciation -AO has formed one of the view but the ld CIT(Exemption) has formed another view on same facts and circumstances, therefore, change of opinion is not permissible under the …
CORPORATE AND PROFESSIONAL UPDATE APRIL 4, 2016 DIRECT TAX: Income Tax : Security deposit collected from its members refundable – whether receipts does not partake the character of income? – Held No- (Gulmohar Greens Golf and Country Club Ltd. Versus DCIT, Circle-2 (1) (1) , Ahmedabad – 2016 (3) TMI 1065 – ITAT AHMEDABAD). Income Tax: Exemption u/s …
CORPORATE AND PROFESSIONAL UPDATE APRIL 2, 2016 DIRECT TAX: Income Tax ; Tax Dept notifies new ITRs : People with an income of more than Rs. 50 lakh per annum and having the pleasure of owning a yacht, aircraft or valuable jewellery will now have to disclose these costly assets with the I-T department notifying a new …
CORPORATE AND PROFESSIONAL UPDATE APRIL 1, 2016 DIRECT TAX Income Tax: Fee for technical services : Where assessee-foreign company provided data processing support service to Indian bank and it was argued that no technical services were rendered in India whereas only processing of data was done and that too at Hong Kong and therefore, payment made by …
CORPORATE AND PROFESSIONAL UPDATE MARCH 31, 2016 DIRECT TAX Income Tax: Reopening of assessment – receipt of accomadation enteries – without forming a prima facie opinion on the basis of such material that income has escaped assessment the AO can not assume valid jurisdiction to initiate proceedings and to issue notice u/s 147/148 – Notice u/s …
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 …