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CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 24, 2016 ROLE OF DEEMING FICTION OF SEC. 50C TO CLAIM RELIEF UNDER SEC. 54/54F Introduction: Section 50C of the Income-tax Act (the Act) was introduced with effect from 1st April, 2003 by the Finance Act, 2002. The purpose of this section was explained thus by the Memorandum to the Finance …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 23, 2016 Direct tax Update Extension of due date to file returns in form GE-II for 1st three quarters of F.Y.2015-16 to 07.03.2016. Notification no. F3 (619)/POLICY/VAT/2016/1496-1506. Business set up expenses deductible despite of no business income. [Multi Act Realty Enterprises Pvt. Ltd vs. ACIT (ITAT Mumbai)]. Expenses not generating capital asset are revenue in …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 22, 2016 DIRECT TAX Loss on revaluation of investments – valuation of stock in trade – the securities of the Banks are investment and have to be valued at costs or market price whichever is less – claim of loss allowed- (The Commissioner of Income Tax (Large Tax Payer Unit) …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 21, 2016 DIRECT TAX CBDT had issued Clarifications for implementation of FATCA and CRS Vide Press release dated 19.02.2016 ITAT: Rejects double-deduction on BSE membership card; Special provisions u/s 50 override Sec 55(2)(ab) [TS-75-ITAT-2016(Mum)] IT: Tax cannot be levied on assessee at a higher amount or at a higher rate merely because …
CORPORATE & PROFESSIONAL UPDATE FEBRUARY 20, 2016 Direct Tax Bogus purchases – CIT(A) was fully justified in deleting the addition made by the AO on account of alleged bogus purchases particularly when the GP rate declared by the assessee was progressive and was accepted by the AO. – ITO, Ward 2 (2) , Ghaziabad Versus Ray …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 19, 2016 INCOME TAX ACT SECTION 4 INCOME – CHARGEABLE AS Interest : Where assessee engaged in generating electric power, kept margin money in form of fixed deposits for procurement of various capital goods for setting up of power project, interest earned on said deposits would be in nature of capital receipt not …
CORPORATE & PROFESSIONAL UPDATE FEBRUARY 17, 2016 INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Capital gain : Where assessee, a Netherlands based company, tendered part of shares in an Indian company under scheme of buy back on direction of High Court, said arrangement did not fall under definition of …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 16, 2016 INCOME TAX ACT SECTION 4 INCOME – CHARGEABLE AS Nagpur Bench of Bombay High Court said that corruption in India can be beaten if all work together. Calling corruption a “hydra-headed monster”, the court asked citizens to not to pay taxes if the government fails to curb corruption …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 15, 2016 INCOME TAX ACT SECTION 35 SCIENTIFIC RESEARCH EXPENDITURE Sub-section (2AB) : Where deduction under section 35(2AB) would be allowed to assessee, if its research and development facility was recognised by DSIR and approval in prescribed Form No. 3CM was obtained – [2016] 66 94 (Hyderabad – Trib.) SECTION 44 INSURANCE …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 14, 2016 DIRECT TAX TDS : challenge to the notices / summonses issued u/s 201 – no order u/s 201(i) can be passed for which limitation had already expired prior to amended section 201(3) as amended by Finance Act No.2 of 2014 – The impugned notices / summonses held to …