CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 3, 2016 INCOME TAX ACT SECTION 37(1) BUSINESS EXPENDITURE – ALLOWABILITY OF Deferred revenue expenditure : Where decision to abandon project was taken in relevant year, balance deferred revenue expenditure relating to said project would be deemed to arise in relevant year and would be allowed as such – [2016] 65 311 …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 1, 2016 DIRECT TAX Non deduction of tax at source in respect of interest on debenture u/s 193 – Mere because of Provision made in the books of account as per Accounting Standards where no income has accrued to or has been received by then debenture holders TDS not required …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 30,2016 DIRECT TAX Penalty for default in filing of TCS return waived-off as assessee was unaware of TCS provisions [2016] 65 taxmann.com 254 (Ahmedabad – Trib.) Jaihind Projects Ltd. v. Additional Commissioner of Income-tax Disputed liability not settled for long period couldn’t be said to be ceased as per sec. 41(1) …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 27, 2016 INCOME TAX ACT SECTION 2(47) CAPITAL GAINS – TRANSFER Immovable property : Where agreement to sale was entered in 2001 and part consideration was received and later sale deed was executed in April 2003, transfer of property could be said to have taken place in 2001 –[2016] 65 142 …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 25, 2016 ST: VALUATION OF FLATS GIVEN BY BUILDER TO LANDOWNER AND POT THEREOF CBEC Circular No. 151/2/2012-ST dated 10.2.2012 on following issues: Valuation of construction service; and Point of taxation thereof. According to the CBEC Education Guide on Taxation of Services, 2012: Value of construction service provided to such …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 23, 2016 INCOME TAX ACT SECTION 2(22) DEEMED DIVIDEND Loans or advances to shareholders : Where assessee was a shareholder in a company holding 41 per cent of shares and during year he and his son and daughter had overdrawn certain amount from said company and Assessing Officer treating said amount …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 18, 2016 DIRECT TAX: Making of fresh claim during assessment proceedings allowed [Goetze (India) Ltd. Vs. CIT (2006) 284 ITR 323 (SC)]. Proposal to not to retain Income Tax Refund for Completion of Scrutiny Proceeding. HC allows depreciation on ROC fee after capitalizing it in cost of plant [2016] 125 …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 17, 2016 INCOME TAX ACT SECTION 119 CENTRAL BOARD OF DIRECT TAXES – INSTRUCTIONS TO SUBORDINATE AUTHORITIES Others : Where assessee, an AOP, applied for grant of PAN on 19-1-2005 and department erroneously issued PAN in favour of partnership firm and thereafter assessee in year 2014 applied to Commissioner pointing …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 16, 2016 INCOME TAX ACT SECTION 2(15) CHARITABLE PURPOSE Object of general public utility : SLP granted against order of High Court wherein it was held that since dominant objective of ICAI was to regulate profession of Chartered Accountancy in India, it was a charitable institution and conduction of coaching classes …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 14, 2016 INCOME TAX ACT SECTION 37(1) BUSINESS EXPENDITURE Allowability OF Interest : SLP granted against High Court’s ruling that interest which was paid after slump sale was effected and where factory was in operation could not be capitalized and therefore, such expenses were revenue in nature – [2016] 65 67 (SC) Share …