Today Update : DIRECT TAX:- Reference to the Transfer Pricing Officer (TPO) can be made only after passing a speaking order disposing of the objections raised by the assessee. M/s Alpha Nipon Innovative Ltd. Vs CIT. The validity of reopening of assessment – notice to a dead person – even if Section 159 is attracted, …
Today Update : DIRECT TAX:- Delhi ITAT held that Penalty can be imposed only on disproved claim of expenditure and not unproven claim of expenditure. Arun Duggal Vs. DCIT (ITAT Delhi) The market value of the capital asset has no relevance in determining the full value of consideration: ITAT Assistant Commissioner of Income-tax, Circle-12, Ahmedabad …
www.caindelhiindia.com; Corporate updates DIRECT TAX:- CBDT has issued a circular via circular no. 42 of 2016 regarding clarifications on the Direct Tax Dispute Resolution Scheme, 2016. This scheme provides an opportunity for taxpayers who are under litigation to come forward & settle the dispute in accordance with the provisions of the scheme. ITAT Bench Jaipur …
Today Update : DIRECT TAX:- CBDT has issued a press release regarding “Reporting Cash Transactions under Rule 114E of Income Tax Rules,1962”. Punjab and Haryana High Court held that the Guarantee commission paid for the acquisition of Fixed Assets are allowed as Revenue Expenditure. [M/s Chandigarh State Road and Bridges Development Corporation Ltd Vs CIT] No …
Today Update : DIRECT TAX:- CBDT has issued a press release regarding payments towards Tax, Penalty, Surcharge under the PMGKY is to be made through challan ITNS- 287 & deposits are to be made in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 which can be made in old demonetized currency. CBDT issued a press release …
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 …
Company Registration in Delhi You have an idea and a business plan, and you want to register a company in Delhi. There is a significant difference between having a great idea and turning it into a successful start-up company. Do you know what it takes to start a business and do you have what it …
All about the Meaning & Purpose of KYC & DIR 3 BRIEF INTRODUCTION KYC stands for “Know your customer”. it’s a process initiated by all banks, financial institutions and other departments to grasp their client’s identity by verifying his personal details like Mobile number, E-mail Id, PAN, Passport, etc. well before. The Ministry of Corporate affairs have also undertaken the …
Today Update : DIRECT TAX:- 271(1)(c) penalty cannot be levied in a case where the assessee has relied on the legal opinion of a professional and there is no tax impact i.e. the loss disallowed in year one is allowed set-off in a later year Pr. CIT vs. Atotech India Ltd (P&H High Court) Bombay High …
CORPORATE AND PROFESSIONAL UPDATE DIRECT TAX:- ITAT Kolkatta held that deposit in bank account of supplier in compliance with govt. regulations who is wholesale dealer where genuiness of transaction is not disputed by revenue cannot be disallowed as the same is routed through banking channels making evasion of taxes difficult thus, not defeating the provisions …