DIRECT TAX: Income Tax: Interest paid by the contractor to finance its business wasn’t includible in cost of inventory; No understatement of WIP Deputy Commissioner of Income-tax, Central Circle 2(2), Bangalore v. JSR Constructions (P.) Ltd. [2016] 71 taxmann.com 184 (Bangalore – Trib.) Income tax: ITAT Chennai in the below-citied case held that Continuance of …
TODAY UPDATES: DIRECT TAX: CBDT has issued a clarification regarding u/s 119 of the Income Tax Act, 1961 dated 9th September 2016 vide F. No. 225/195/2016-ITA II dated 14th September 2016. CBDT clarified that the extended due date of filing return would also apply for the tax audit report. ITAT Indore in the below citied …
TODAY UPDATES: Direct Tax: Gujrat High Court in the below citied case held that A private complaint without any further investigation by the authorities surely not be a tangible material to enable the AO to form a belief that income chargeable to tax had escaped assessment.(Biyani Impex Private Limited Vs. ITO ITAT Delhi in the below …
Today updates: Direct Tax: ITAT Pune in the below citied case held that penalty u/s.271D shall not be levied where assessee had taken cash loan from her husband and mother-in-law which has been repaid in cash.The expression “reasonable cause” in section 273B for non imposition of penalty u/s.271D and 271E would have to be construed …
Today Day: Direct Tax: Systematic / Regular sub-leasing of premises is taxable as business income. [Bombay Plaza Pvt. Ltd. vs. A.C.I.T. (ITAT Kolkata)] No penalty for not declaring STCG due to bonafide mistake/clerical error. [Shri Raj Dutta vs. JCIT (ITAT Delhi)] Section 145A is not applicable on taxable services.[CIT vs. Knight Frank (India) Pvt. Ltd. …
Today Day Update : DIRECT TAX: CBDT: No Enquiry or investigation in respect of document / evidence relating to Income Declaration Scheme (IDS), 2016 found during the course of Search u/s 132 or Survey action u/s 133A of the Income-tax Act,1961 – Circular No. 32 of 2016, dt.01 SEP 2016. CBDT clarifies that no enquiry or investigation in …
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 …
Today updates: DIRECT TAX: CBDT Notification Reg. Adoption of Indexed Stamp Duty Value for Income Declaration Scheme. Notification dated 17th August 2016. Those disclosing unaccounted wealth under (IDS) will have the option of paying the tax on such income in cash, the income-tax department has clarified through a fifth set of frequently asked questions (FAQs). Interest …
TAX UPDATE Direct Tax: Tax returns for A.Y.s 2009-10 to 2014-15 filled electronically under time limit of Section 139, to be verified through ITR V form by 31.08.16. CBDT Circular no.13/2016. Bank could claim sec. 36(1)(viii) deductions in rectification application when it failed to claim it in e-return Citizen Credit Co-operative Bank Ltd. v. Deputy Commissioner …
Tax Update : DIRECT TAX: CBDT mandates PAN of authors/ founders/ trustees/ managers in Form 10A. Notification No. 67/2016 AO to verify whether cash payments made to drivers on Sundaywould cover under exceptions to sec. 40A(3): ITAT Shivshakti Transport Sangh v. Income Tax Officer, Ward-1, Panvel [2016] 72 taxmann.com 79 (Mumbai – Trib.) CBEC prescribes requirements to claim …