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Whether vessels/ships that are afloat are not goods and immovable property? - CESTAT says Yes - What about GST on supply of floating ship?    *    Services provided to the Govt/ local authority with regard to water supply - exemption will include activity of construction of tube wells    *    determination of assessable value for job work transaction    *    Union Finance Minister Shri Arun Jaitley to inaugurate the Conference on “International Arbitration in BRICS: Challenges, Opportunities and Road ahead” on August 27, 2016 in the national capital;    *    Where supply of goods without transfer to title has to be treated as service, whether on importation of such services, customs duty and GST would be levied simultaneously?    *    TAXABLE EVENT UNDER GST    *    ABCD of MSME Credit (Shri S. S. Mundra, Deputy Governor – August 23, 2016 – at the 2nd CII National Conference on MSME Funding held in New Delhi)    *    RBI Reference Rate for US $    *    Government Approves Seven (7) Proposals of Foreign Direct Investment (FDI)    *    Cenvat Credit - It is neither possible nor practical for any service recipient to verify the fact of payment of service tax by the service provider. Remedy of the Revenue lies at the hands of the service provider and not at the hands of the service recipient. - Tri    *    Levy of penalty - the assesse's stand that they were under a bonafide belief that no tax liability would fall upon them as the same stands discharged by the sub-contractor is required to be appreciated in which case, the provisions of section 80 of the Finance Act, 1994 would get invoked – no penalty - Tri    *    Cenvat credit - availed input services credit without payment of value of input service and service tax on such service to the provider of services - violation of Sub Rule (7) of Rule 4 of Cenvat Credit Rules 2004 - If payment is made later, credit will be eligible - however, interest liability to be computed, if any. - Tri    *    Classification of soyabean oil – by-product in the course of manufacture of lecithin – classifiable under 15071000 as crude oil, whether or not degummed - Tri    *    Continuance of registration under section 12A denied - if it is found that the assessee was accepting bogus donations, then that fact can only lead to an inference that the activities of the trust are not genuine or are not carried out in accordance with the objects of the trust. - Tri    *    Exemption u/s 11 - charitable purpose u/s 2(15) - merely because profits have resulted from the activities of imparting education, it would not result in change of character of the education that it was solely for educational purpose. - Tri    *    Disallowance of loan processing charges and pre-payment charges paid to the bank - so long as the expenses incurred by the assessee are genuine and not part of any colorable device to make tax evasion, then such expenses should be allowed under the relevant provisions of the Act. - Tri    *    Penalty u/s 271B - threshold limit for getting its account audited u/s 44AB - Business activity or professional activity - gross receipts were only ₹ 42 lakhs - penalty quashed - Tri    *    ADDITIONAL DEPRECIATION UNDER SECTION 32(1) (iia) OF INCOME TAX ACT, 1961    *    Seeks to extend the levy of anti-dumping duty on imports of Caustic Soda, originating in, or exported from Chinese Taipei (imposed vide notification No.79/2011-Customs, dated the 23rd August, 2011) for a period of one year i.e. upto and inclusive of the 22nd August, 2017    *    Meaning and scope of supply under GST (Part 2) - Import of services will be treated as supply and will subject to GST under reverse charge.    *    Meaning and scope of supply under GST (Part 1) - Since CGST, SGST or IGST will be levied on supply of goods or services, it is important to understand this term first    *    service tax payament-reg

Income Tax Case Laws - Section: 44AF,

Home Case Index Income Tax Sections List
Cases for Section: 44AF,
Showing 1 to 15 of 33 Records
 
  • 2016 (6) TMI 429 - ITAT HYDERABAD

    Penalty u/s 271(1)(c) - estimation of income u/s 44AF - Held that - The assessee is a small trader involved in bamboo business and filed his return of income by estimating the income u/s 44AF. Therefore, the assessee is not required to maintain any b... ... ...


  • 2016 (5) TMI 350 - ITAT MUMBAI

    Net profit determination - AO estimated profit 5 on the said undisclosed sale - CIT(A) estimated the commission income 11 on the said undisclosed sale - Held that -The estimates are to be made keeping in view the background of the business of the ass... ... ...


  • 2016 (5) TMI 24 - ITAT KOLKATA

    Gifts received from daughter - addition as unexplained cash credit u/s 68 - Held that - We find from the records that the monies have been transferred by daughter Mrs. Fariah Rahman, who is a resident of Manchester, United Kingdom, to her father (ass... ... ...


  • 2016 (4) TMI 1086 - ITAT AHMEDABAD

    Applicability of provisions of section 44AF - Held that - Total turnover is shown at ₹ 11,31,029/- which is not doubted by the lower authorities at any stage and the purchases of the assessee are explained and the profits of ₹ 2,22,214/- ... ... ...


  • 2016 (4) TMI 554 - ITAT AHMEDABAD

    Presumptive computation of profits for taxation for business - taxing the peak amount - presumptive profit u/s 44AD/44AF - Held that - A sum equal to 8 of gross receipts can be shown by assessee for being engaged in the work of exhibition of work con... ... ...


  • 2016 (3) TMI 276 - ITAT DELHI

    Validity of assumption of jurisdiction under section 153C - additions made u/s 153C for want of any corresponding material/incriminating material unearthed during search operations - disallowance of cash purchases - Held that - In the absence of any ... ... ...


  • 2015 (10) TMI 1758 - ITAT DELHI

    Revision u/s 263 - as per CIT(A) AO has allowed benefit of section 44AD/AF erroneously without considering whether conditions thereto are fulfilled, and also not by applying provisions of section 69A of the Act - Held that - AO, after considering the... ... ...


  • 2015 (9) TMI 1416 - ITAT AHMEDABAD

    Unexplained credit / deposits /investment - Held that - The appellant had submitted the copies of assessment orders of both these persons for A.Y. 2007-08 and it is seen that the original investment amounting to ₹ 8,00,000/- had already been ta... ... ...


  • 2015 (11) TMI 4 - ITAT CHENNAI

    Penalty u/s.271(1)(c) - AO observed that the assessee firm had not furnished the audit report U/s.44AB - Held that - Assessing Officer has not heeded to the request of the assessee to while invoking the provisions of Section.44AF of the Act with resp... ... ...


  • 2015 (12) TMI 1367 - ITAT MUMBAI

    Additions of Bank deposits made u/s 68 - applicability of provisions of sec. 44AF - Held that - In view of the fact that the deposits were found to have been made into the bank account from various cities, the theory of unexplained cash credit may no... ... ...


  • 2015 (6) TMI 648 - ITAT PANAJI

    Addition u/s 43B - statutory liabilities which had not been paid by the Assessee before the due date - Applicability of Sec. 43B when the return is filed applying the provisions of Sec. 44AF - Held that - The statutory liability in the present case h... ... ...


  • 2015 (3) TMI 647 - ITAT DELHI

    Suppressed profit - AO in upholding addition that out of the total business activity carried on in the same premises, 50 belonging to the father and son respectively - CIT(Appeal) sustaining addition to the extent of 50 of the business - Held that - ... ... ...


  • 2015 (2) TMI 254 - DELHI HIGH COURT

    Income from undisclosed sources - assessee s entitlement to the benefit of Section 44AF as had voluntarily disclosed receiving Rs. 16,07,240/- during the course of the assessment - assessee urged that the AO made no effort to discern as to the charac... ... ...


  • 2014 (10) TMI 173 - ITAT LUCKNOW

    Reassessment - Reasons recorded shows income escaped or not Held that - CIT(A) recorded that the reasons do not show any income chargeable to tax that has escaped assessment and while completing the assessment, no addition for any income escaping ass... ... ...


  • 2014 (6) TMI 284 - ITAT DELHI

    Additions regarding non-furnishing of complete details on account of concealed income Held that - No return of income had been filed by the assessee for the year under consideration, contending that his income for the year under consideration was bel... ... ...


 
   
 
 
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