Today updates: DIRECT TAX: Income Tax: HC held that when assessee participated in reassessment proceedings by furnishing the required documents and challenges the reopening subsequently before the high court by filing a writ petition then it would be not be appropriate for the high court to exercise its exclusive jurisdiction because the assessee has already …
Today updates: DIRECT TAX: Income Tax: No penalty on firm when it agreed to treat partner’s contribution as its income to buy peace Choupal Plywood v. Income-tax Officer, Ward-3, Yamunanagar [2016] 71 taxmann.com 135 (Chandigarh – Trib.) Income Tax: Non-issuance of SCN prior to rejection of refund would render adjudication order as void D.E. Shaw India Software …
Today updates: DIRECT TAX: Income Tax : Where assessee trust was carrying on micro finance business in a commercial manner so as to earn profit and there was no iota of charity carried on by assessee, exemption under section 11 could not have been granted to assessee .( Assistant Commissioner of Income-tax v. Grama Vidiyal Trust) Income …
Today updates: DIRECT TAX: Income Tax : Deduction u/s 80HH of the Act in respect of profit and gains from newly established industrial undertaking in backward areas would be given subject to fulfillment of certain conditions as provided in sub section (2) of the said provision. Indian Railway Const. Co. Ltd. Vs. IAC (A) -ITAT Delhi Income …
Today updates: DIRECT TAX: Income Tax : ITAT in the given case held that-as the international transactions of payment of royalty and fees for technical services are separate transactions and not closely linked with the other transactions with which the assessee has merged them, we cannot permit such merger or aggregation for the purpose of …
Today updates: DIRECT TAX: Income Tax : Gujrat High Court held that the payment of stamp duty is not for business expediency but it is in the nature of a compulsory levy under the Bombay Stamp Act. It is legally settled that accounting practice cannot over rider the provisions of the Income Tax Act, 1961. …
Today updates: DIRECT TAX: Income Tax : Mumbai ITAT allows Sec.11 exemption on profits earned by assessee hospital from pharmacy business for AY 2006-07, upholds assessee’s claim that pharmacy business was an integral part of hospital business; [TS-350-ITAT-2016(Mum)] Income Tax : ITAT: Retention bonus for arresting employee attrition deductible as revenue expenditure [TS-349-ITAT-2016(DEL)] Income Tax: Transfer-fees from outgoing member …
Today updates: DIRECT TAX: Income Tax : CBDT issues 3rd FAQs on Income Declaration Scheme, 2016, Circular No.25 of 2016 -Income Tax Dated 30th of June, 2016. Income Tax : Explanation on disallowance of CSR exp. doesn’t have retro-effect, says ITAT Assistant Commissioner of Income-tax, Circle 1 (1), Bilaspur V. Jindal Power Ltd. [2016] 70 taxmann.com 389 …
Today updates: DIRECT TAX: Income Tax : CBDT issues 3rd FAQs on Income Declaration Scheme, 2016, Circular No.25 of 2016 -Income Tax Dated 30th of June, 2016. Income Tax : Explanation on disallowance of CSR exp. doesn’t have retro-effect, says ITAT Assistant Commissioner of Income-tax, Circle 1 (1), Bilaspur V. Jindal Power Ltd. [2016] 70 taxmann.com 389 (RAIPUR-TRIB) …
Today updates: DIRECT TAX: Income Tax: Amounts deposited in “golaks” in Gurudwara doesn’t amount to anonymous donations but charity [TS-343-ITAT-2016(ASR)] Income Tax: CBDT issued an addendum circular to Circular No. 22/2016 clarifying that no TCS u/s 206C(1D) will be levied if the cash receipt does not exceeds two lakh even if the sale consideration exceeds two laks rupees …