Today updates: DIRECT TAX: Income Tax: Where issue of allowability of MAT credit was decided by AO by order dated 8-12-2011, even though issue of surcharge and cess was also allowed to be carried forward by AO by order dated 29-11-2012, revisional order passed on 30-3-2015 denying MAT credit would be time barred [2016] 70 taxmann.com 155 (Kolkata …
Today updates: DIRECT TAX: Income Tax : The initiation of the proceedings u/s 153C in the absence of recording of the satisfaction by the AO of the person searched was held to be invalid and accordingly the assessment framed u/s 153C of the Act is quashed – Bhawna Bhalla Vs. ACIT, CC-21, New Delhi & DCIT, …
Today updates: DIRECT TAX: Income Tax : Compensation and interest awarded by the Motor Accident Claims cannot be categorized or even described as income – TDS is not liable to be deducted – Chinnadurai Vs. Tamil Nadu State Transport Corporation, Salem (Madras High Court) Income Tax : Cancellation of the lease and the payments of the …
TODAY UPDATES: DIRECT TAX: Income Tax : Fresh claim of deduction u/s 80G in respect of donations allowed by CIT (A) – the restriction laid down in the decision in the case of Goetze (India) Ltd. is applicable only to making claim before AO and not before the appellate authorities under the Act – Deduction …
TODAY UPDATES: DIRECT TAX: Income Tax : Claim to write off on account of advance disallowed – year in which bad-debts crystallized – mercantile system of accounting – only the assessee has determined finally that the amount is irrecoverable – No addition – M/s Xpro India Ltd. Vs. CIT, Kolkata (Calcutta High Court) Income Tax: Exemption u/s 11(1)(a) …
Today updates: DIRECT TAX: No Addition u/s 68 if identity, creditworthiness & genuineness established[DCIT Vs. M/s Overseas Infrastructure Alliance (I) Pvt. Ltd. (ITAT MUMBAI)]. Wheeling charges and transmission charges are neither contractual payments nor fee for technical services u/s. 194C or 194J – No TDS required – ITAT Kolkata in case of [DCIT Vs. West …
Today updates: DIRECT TAX: Income Tax: Delhi HC allows assessee’s writ & quashes assessment u/s 143(3) read with Sec 144C for AY 2009-10, presumes that order was not passed within the prescribed time-limit as Revenue could not prove service of final assessment order u/s 144C on assessee As Revenue could not produce any proof of dispatch of the assessment …
TODAYS UPDATES : Direct Tax: SCN cannot be issued to debtors until tax liability crystallize. [M/s Quality Fabricators and Erectors v/s The Deputy Director, DGCEI, Zonal Unit Mumbai and Others (HC Of Bombay)]. Sec. 263 not justified due to multiple view on applicability of TDS. [Neo Sports Broadcast Pvt.Ltd v/s CIT (TDS) (ITAT Mumbai)]. Changes …
TODAYS UPDATE : Direct Tax: IT: Computing MAT liability under the provisions of Sec-115JB deduction u/s 80HHC shall be allowed after setting off losses suffered on export of trading goods – M/s. United Breweries (Holdings) Ltd. Vs. CIT, Bangalore (2016 (4) TMI 570 – ITAT Bangalore) IT: Amounts received by the assessee from various producers towards advances cannot be …
TODAYS UPDATES : DIRECT TAX: CBDT issued clarification on the Income Declaration Scheme, 2016 vide Circular No. 17 of 2016 dated 20.05.2016. CBDT issued explanatory notes on provisions of the Income Declaration Scheme, 2016 as provided in chapter ix of the finance act, 2016 vide Circular No. 16 of 2016 dated 20.05.2016 CBDT has issued circular regarding …