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Income Tax: Treatment of alimony received by the assessee from her ex-husband - scope of section 56(2)(vi) - in the definition of spouse, exspouse is also included except where there is an evidence that the payment is not made as a gift or an alimony but for some other consideration or by virtue of some other transaction - Tri
December 12, 2017

Customs: Where imported goods subject to Countervailing Duties are exported out of the country as such, then the Drawback payable under Section 74 of the Customs Act, 1962 would also include the incidence of Countervailing Duties as part of total duties paid, subject to fulfilment of other conditions
December 12, 2017

Income Tax: Scope of section 80A(5) - Revised return was not permissible and revised return of revised return is not thought of by the legislature. Thus, u/s 139(5) once return is filed after the period of limitation which is prescribed under the Act, the position of the assessee is very clear that he cannot do it. It is only for the department to take the call whether to accept or not. - HC
December 12, 2017

Income Tax: Addition on unexplained paintings - painting are stated to be received by the assessee as gift on various occasions from the artist - since the same have duly been accounted for in the books of accounts of the assessee and forms part of stock-in-trade, the addition thereof is not justified. - Tri
December 12, 2017

Income Tax: Gain from relinquishment of booking rights in the project - LTCG OR STCG - holding period of the asset - to be reckoned from the date of MOU or offer letter - ITAT found the transaction as short term in nature and to be taxed accordingly.
December 12, 2017

Income Tax: It is amply clear that the assessee has obtained bogus purchase bills. Mere preparation of documents for purchases cannot controvert overwhelming evidence that the provider of these bills is bogus and non-existent. - Tri
December 12, 2017

Income Tax: Disallowance of interest expenditure payable to Micro, Small & Medium Enterprises - Once the payment of interest on delayed payment to MSME is regarded as a penal in nature then the said expenditure is otherwise not allowable under Section 37. - Tri
December 12, 2017

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Jiva Seva is Shiva Seva:
Service to humanity is Service to God

May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.

- Swami Vivekananda, CW, 5:137
 
 
 
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