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 …
CORPORATE AND PROFESSIONAL UPDATE MARCH 29, 2016 DIRECT TAX Income Tax: Disallowance being 1/10th Global Depository Receipts – whether the GDR is nothing but increase in the capital and expenses relating to the same is capital in nature? – Section 35D(2)(iv) categorically deals with the expenses in connection with the issue, or public subscription of shares …
CORPORATE AND PROFESSIONAL UPDATE MARCH 28, 2016 DIRECT TAX Income Tax: Correction of statement cum challan relating to TDS on sale of property u/s 194IA – CPC-TDS has enabled functionality for online correction in form 26QB from 29/02/2016. Income Tax: TDS u/s 194I – whether the tour operators/travel agents were required to deduct TDS under Section 194-I …
CORPORATE AND PROFESSIONAL UPDATE MARCH 26, 2016 DIRECT TAX Income Tax: Penalty u/s 271E – Company has directly repaid the loan taken from Director to Bank – violation of section 269T – The assessee has demonstrated that under the compulsion the payment was directly credited in the bank account of the Director. Strictly it was not …
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; …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 22, 2016 DIRECT TAX Income Tax: Wherever under the DTAA’s. Make available clause is found, then as there is no imparting, the payment in question is not ‘FTS’ under the Treaty and when there is no ‘FTS’ clause in the treaties, the payment falls under Article 7 of the Treaty …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 21, 2016 DIRECT TAX Income Tax: Where assessee-NBFC provided security in form of cash collateral for loans purchased by purchaser-bank but did not book said amount as its income, levy of concealment penalty was justified – [2016] 67 163 (Chennai – Trib.) Income Tax: Where assessee received gifts from two …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 18, 2016 DIRECT TAX INCOME TAX : CBDT directs reopening assessments in claim of bogus capital gains / loss in penny investment scam by taxpayersvide letter dated 16.03.2016 INCOME TAX : TDS-Credit of TDS won’t be denied to a contractor even if entire work has been sub-contracted to others …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 17, 2016 DIRECT TAX Income Tax: Income-tax (5th Amendment) Rules, 2016) – Rules in respect of fund manager regime under section 9A of the Income-tax Act, 1961 – Notification Income Tax: Addition u/s 68 – merely because the bank statement an ITR of the lender were not submitted, in spite of …