Today Update: DIRECT TAX:- Kerala High Court has held that Cross Objection filed before the Tribunal u/s 253(4) is an independent appeal and shall be adjudicated on merits even if the other party’s appeal is dismissed, for whatever reason. [City Centre Builders & Developers Vs ITAT Cochin & Others] C K Ahuja Vs CIT Whether when …
Today Update : Direct Tax:- The ITAT Visakhapatnam held that the amendment in Explanation 5A to Sec 271(1)(c) even when made effective by Finance Act ,2009 with retrospective effect from 01.06.2007 cannot be made applicable when both original return and the revised return u/s 153A of the Act have been filed before the amended provisions …
CORPORATE AND PROFESSIONAL UPDATE OCT 24, 2016 Direct Tax The Karnataka High Court in the below citied case held that when the property was shown as stock in trade it should not be considered for the purpose of exemption u/s 54F .( CIT, ACIT Vs Shri Gregory Mathias (2016 (10) TMI 635 – Karnataka High …
CORPORATE AND PROFESSIONAL UPDATE OCT 15, 2016 Direct Tax:- ITAT Ahemdabad in the below mention case confirmed the addition u/s 68 on unexplained share capital and premium received as assessee has been able to just prove the identity of the company but unable to prove the genuineness & creditworthiness the parties.( ACIT, Ahmedabad Vs. Nakoda Fashion …
CORPORATE AND PROFESSIONAL UPDATE OCT 14, 2016 Direct Tax:- IT: Merely because bank has gone in liquidation would not be sufficient reason to doubt the bank transaction in support of which there was ample other evidence produced by the assessee – Pr.CIT-2 Vs Hiral Pharma Ltd. (2016 (10) TMI 366 – Gujarat High Court) IT: Penalty u/s 271(1)(c) …
CORPORATE AND PROFESSIONAL UPDATE OCT 13, 2016 Direct Tax:- CBDT has notified seven districts in Andhra Pradesh for availing tax incentives under section 32(1)(ii) (a) and Section 32AD of the Income Tax Act to boost the industrial activities. Bombay High Court in the below citied case allow the revenue expenditure being the amount written off …
TODAY UPDATE: Direct Tax:- HC dismisses assessee’s (a sub-licencee) appeal for AY 2002-03, holds that maintenance charges paid by sub-sub-licensee directly to the builder forms part of sub-licencee assessee’s rent for the purpose of computing property’s annual letting value u/s 23.[TS-539-HC-2016(P & H)] Supreme Court of India in the below case held that The appellant University is neither directly nor …
Today updates: DIRECT TAX:- IT: Change in method of valuation of stock – from lowest price during the year to the weighted average cost formula – So long as the change made by the assessee in his method of accounting is bona fide and amounts to a permanent arrangement to be followed the Revenue has no …
GST DRAFT RULES AND FORMATS RELEASED The last major development on GST was the approval of Union Cabinet for the formation of GST council and enforcement of all sections of the 101st Constitutional Amendment Act. the Goods and Services Tax Network (GSTN) indeed plays a crucial role in India’s indirect taxation system. It serves as …
Today updates: DIRECT TAX:- CBDT has issued a Instruction No.9/2016 (IDS) dated 27/09/2016 on Non –indexation of assets sold prior to 01-06-2016.The Board has clarified that as per the provisions contained in section 183(2) of the Scheme that where the income chargeable to tax is represented in the form of investment in any asset, the fair market …