Indirect expenses can never be in proportion to sale. There was no reason to ask justification to explain variation in expenses for the fluctuation in sales

Author: | Categories: Income Tax, ITAT, Judgments No comments | 33 views
Indirect expenses can never be in proportion to sale. There was no reason to ask justification to explain variation in expenses for the fluctuation in sales and make addition of projected expenses on the basis of increase in sale.  This was held by ITAT, Chandigarh while quashing additions made for expenses claimed more then the proportion of increase in […]

Engagement of Chartered Accountants in Competition Commission of India along with Research Associates. Last Date to apply 20/06/2016

Author: | Categories: CA CS CMA, Empanelment No comments | 66 views
Engagement of Research Associates/Professionals in the Competition Commission of India on contract basis. COMPETITION COMMISSION OF INDIA Hindustan Times House, 3rd, 4th & 7th Floor, 18-20, Kasturba Gandhi Marg, New Delhi – 110 001 Tel: +91-11-23473600 Fax: +91-11-23704686 F. No. A-12015/01/2016- HR                           […]

Land sold by plotting held business income not capital gain. Sale was completed within a short period of few months and space was left for streets

Author: | Categories: Income Tax, ITAT, Judgments No comments | 75 views
Land sold by plotting held to be business income not capital gain as the sale was completed within a short period of few months and space was left for streets. In a recent judgment, this was upheld by ITAT Amritsar. Case Law Details: I.T.A No.478(Asr)/2014 Assessment Year: 2010-11 Sakun Aggarwal vs. Dy. CIT Date of […]

Penalty us 158BFA2 for jewellery Loose Papers found during search as undisclosed income deleted as addition was made on the basis of probabilities

Author: | Categories: Income Tax, ITAT, Judgments No comments | 70 views
Penalty us 158BFA2 for jewellery Loose Papers found during search as undisclosed income deleted as addition was made on the basis of probabilities. Case Law Details: ITA No.85/Lkw/2016  Block Period ending on 14/09/2002 Dr. Harnam Singh vs. ACIT Date of Judgment: 27/05/2016 Brief Facts of the Case: During a search & seizure operation u/s 132(1) […]

GAAR Provisions Guidance Note. Provisions effective from FY 2017-18. Comments invited from general public and stakeholders-CBDT Press Release

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F No 370149/89/2016-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) Dated: the 27th May, 2016 PRESS RELEASE Subject: Implementation of General Anti Avoidance Rule Provisions-Issuance of Guidance Note-Comments of the Stakeholders-reg. The provisions of General Anti Avoidance Rule (GAAR) are contained in Chapter X-A of the Income-tax Act, […]

No Mandatory 12AA registration cancellation for turnover cut-off as per proviso to section 2(15) if no change in nature of activities-CBDT Circular 21/2016

Author: | Categories: Income Tax No comments | 176 views
No Mandatory 12AA registration cancellation for business/trade turnover limit cut-off as per proviso u/s 2(15) if no change in  nature of activities Circular No. 21/2016 F No. 197/17/2016-ITA-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 27th May, 2016   Subject- Clarification regarding cancellation of registration […]

Clarifications for implementation of FATCA and CRS-CBDT. Obtaining Self Certification, TIN, Account Balance Value and Procedure for furnishing report

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Clarifications for implementation of FATCA and CRS F.No. 504/632/12015-FT&TR-III(1) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (Foreign Tax & Tax Research Division) Dated 26th May, 2016 Subiect: Clarifications for implementation of FATCA and CRS-reg Pursuant to the consultations held with Financial Institutions (FIs) regarding implementation of FATCA and […]

Disclosure Audit Qualifications Impact by Listed Entities. Cumulative impact in separate format to be submitted to stock Exchanges-SEBI Circular

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 Disclosure of Audit Qualifications Impact by Listed Entities Securities and Exchange Board of India CIRCULAR CIR/CFD/CMD/56/2016                                                                               […]

Time limit for filing CIT e-appeals extension to 15-5-2016 for appeals which were due for filing on 15-05-2016. CBDT Circular 20/2016

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Time limit for filing CIT e-appeals extension to 15-5-2016 for appeals which were  due for filing on 15-05-2016 Circular No. 20/2016 F No. 279/Misc/M-54/2016/ITJ Government of India Ministry of Finance Department of revenue Central Board of Direct Taxes New Delhi, dated 26th May, 2016 Subject: E-filing of appeals: Extension of time limit – reg Rule […]

Compliance of natural justice in disciplinary inquiry necessary. There are no specific statutory rule requiring observance of natural justice-Supreme Court

Author: | Categories: Judgments, Supreme Court No comments | 54 views
Compliance of natural justice in disciplinary inquiry necessary-Supreme Court The Supreme Court in a recent judgment has dwelt upon the compliance of principles of natural justice in a disciplinary inquiry and summarised the emerging points on the subject. Case Details: Civil Appeal No. 2265 of 2011 Chamoli District Co-operative Bank Ltd. & Anr. (Appellants) vs. Raghunath Singh & Ors. (Respondents) Date […]
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