Today updates: DIRECT TAX: Income Tax: Excise and Customs duty on closing stock is deductible on payment basis as per sec. 43B Commissioner of Income-tax, Bangalore v. NCR Corporation India (P.) Ltd. [2016] 71 taxmann.com 211 (Karnataka) Income tax : Where assessee, a tenant co-partnership housing society, constructed four additional tenements and thereafter four persons sought membership …
Today updates: DIRECT TAX: Income tax : No TDS on transportation charges reimbursed by buyer if seller is liable to pay such charges to GTA Hightension Switchgears (P.) Ltd. v. Commissioner of Income-tax [2016] 71 taxmann.com 207 (Calcutta Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions CBDT Press Release …
Today updates: DIRECT TAX: Income tax : ALV of property remaining vacant for whole year has to be computed with reference to section 23(1)(c) and, therefore, where assessee intended to let property and took appropriate efforts in letting property but ultimately failed to let the same, in terms of section 23(1)(c), its ALV had to …
Today updates: DIRECT TAX: Income tax : Winning streak of advocate isn’t the criteria to renew his appointment as counsel: Bombay HC Commissioner of Income-tax-8 v. TCL India Holdings (P.) Ltd. [2016] 71 taxmann.com 216 (Bombay) CBDT has notified the transfer pricing- computation of arm length price vide notification No. 57/2016 dated 14th July 2016 Income Tax: ITAT Kolkata in below …
Today updates: DIRECT TAX: Income Tax : Purchased property couldn’t be held as unexplained investment solely on basis of Stamp duty valuation S.S. Jyothi Prakash v. Additional Commisssioner of Income-tax [2016] 71 taxmann.com 127 (Karnataka) Income Tax: No TDS on payment for simple marketing services of introducing foreign institutional investors by foreign subsidiary companies[Batlivala & Karani Securities (India) Pvt. …
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 : Cash deposits in bank can’t be held as undisclosed income without verifying source of deposits Gurpal Singh v. Income-tax Officer, Ward-1, Kapurthala Income-tax Officer, Ward-1, Kapurthala Income Tax : Chennai ITAT denies Sec 11 exemption to assessee ,an educational trust with respect to income earned from renting of ‘auditorium hall’ …
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 …