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 …
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 : 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) …