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Highlights / Annotations / Quick updates
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Showing 1 to 20 of 29058 Records
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July 26, 2017
Income Tax:
Validity of return filed manually - The provisions of section 292B also comes to the rescue of the Assessee in as much as the return filed cannot be invalid merely by the reason of any mistake, defect or omission in such return of income when in substance and effect if such return is in conformity with or according to the intent and purpose of this Act. The return filed manually may at best be said to be a defective return and not an invalid return.
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July 26, 2017
Income Tax:
Petition of the revenue seeking condonation of delay - Merely mentioning that he was preoccupied with some sensitive case before the Hon’ble Supreme Court without specifying the nature of the case and whether during that period he was unable to perform/discharge his other functions/duties, we are unable to accept such kind of extremely vague reasons.
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July 26, 2017
Income Tax:
There is no basis for arbitrary disallowance of adhoc 30% of expenditure stated under the head 'Operating and Administrative Expenses' - These expenses were spent by way of application of income for the purpose of carrying on the charitable activity and such application of income is fully admissible u/s 11
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July 26, 2017
Income Tax:
Exemption u/s 10(15)(iv)(fa) are not applicable in the present case and, therefore, the contention of the assessee that interest paid by BO to HO is exempt from taxation under the said section and hence, not subject to TDS is not tenable in the eyes of law.
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July 26, 2017
Income Tax:
Disallowance u/s 14A(2) - when interest receivable on debentures does not fall in the category of exempt income, no addition on account of disallowance of interest as claimed u/s 36(1)(iii) of the Act can be made
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July 26, 2017
Income Tax:
Merely because a co-operative society is carrying on the business of banking, the deduction u/s 80P could not be denied unless it comes within the ambit of cooperative bank as contemplated u/s 80P(4).
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July 26, 2017
Companies Law:
Clarification regarding applicability of exemption given to certain private companies from reporting u/s 143(3)(i) of the Companies Act, 2013- reg.
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July 25, 2017
Income Tax:
Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies - Circular
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July 25, 2017
Optional reporting of details of one foreign bank account by the non-residents in refund cases - a clarification regarding information sought while Filing of ITR
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July 25, 2017
Customs:
Extending the Single Window Interface for Facilitation of Trade (SWIFT) in Exports with WCCB to all EDI locations- reg. - Circular
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July 25, 2017
Service Tax:
CENVAT credit - input services - credit was availed prior to registration - Input services includes the services used in relation to settingup, modernization, renovation of premises of provider of output services - credit allowed.
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July 25, 2017
Customs:
Misdeclaration of quantity and value - The fact that they have been allowed to be re-exported at a lower value to a different buyer will not automatically redeem or erase the act of attempting to export those goods initially by misdeclaration of quantity and value and accordingly, they should have been confiscated
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July 25, 2017
Customs:
100% EOU - Reimbursement of CST paid in respect of the purchases made from an EOU - denial on the ground that the reimbursement of CST vis-a-vis purchases made by an EOU was restricted to the supplies received from an unit located in a Domestic Tariff Area - HC rejected the contention of the revenue.
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July 25, 2017
Income Tax:
Recovery of dues u/s 179(1) - seeking recovery of unpaid tax of the said company and penalty under section 271(1)(c) of the Act of the same company from the director - A director of a company would discharge his responsibility of establishing necessary facts only when he is put to notice that the authority proposes to pass order u/s 179(1) - order set aside - HC
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July 25, 2017
Income Tax:
Gujarat Industrial Development Corporation (GIDC) shall be entitled to exemption under Section 11 of the Act, as the activities of the assessee is for advancement of any other object of general public utility, the same can be for “charitable purpose” - HC
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July 25, 2017
Income Tax:
Addition on unexplained cash credit - the entire entries in the books of accounts of the assessee were found to be fudged and fictitious. - no addition should be made on the basis of fictitious credit entries where no real money was found to be involved.
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July 25, 2017
Income Tax:
Deduction u/s 80C - The Income-tax Act does not require that the investment in NSC should be made from the same amount which an assessee had earned by way of income. It is always open to an assessee to either spend the amount earned by him as an income which is more than the amount invested under section 80C. The investment in NSC can be said to be out of income of the previous year.
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July 24, 2017
Goods and Services Tax:
Can a registered person, who purchases goods from a composition manufacturer / trader take input tax credit under GST?
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July 24, 2017
Goods and Services Tax:
In case of a person who is/was availing composition scheme u/s 10. What will be the due date of payment tax and submitting the return once he crosses the threshold limit of ₹ 75 Lakhs (or rs. 50 lakhs) as the case may be? Can he continue to pay tax and file the return on quarterly basis?
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July 24, 2017
Goods and Services Tax:
What is the due date of payment of Tax under GST? What is the due date for payment of tax (GST) and filing of return in case of person opting for composition scheme u/s 10?
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