Daily Archive: Tuesday, March 15, 2016

Data on CSR Expenditures/Activities by Corporate Houses during FY 2014-15

Author: | Categories: Companies Act No comments
Eradicating hunger poverty & health care tops the CSR activities by Corporate Houses during FY 2014-15 Ministry of Corporate Affairs Press Release dated 15-03-2016 Corporate Social Responsibility (CSR) provision of the Companies Act, 2013 came into force from 1st April, 2014. The year 2014-15 was the first year of

Deduction u/s 10A allowable without setting off of brought forward losses/unabsorbed depreciation

Author: | Categories: Income Tax, ITAT, Judgments No comments
Deduction u/s 10A of the Income Tax Act, 1961 is allowable without setting off of brought forward losses/unabsorbed depreciation.  When there are two judgments of the very same High Court by benches of equal strength, then the later judgment of the High Court has to be followed. Case Details: INCOME TAX

SEBI-Investments by FPIs in REITs, InvIts, AIFs and corporate bonds under default

Author: | Categories: SEBI No comments
Securities & Exchange Board of India CIRCULAR CIR/IMD/FPIC/39/2016 March 15, 2016 To, 1. All Foreign Portfolio Investors (“FPIs”) through their Designated Depository Participants (“DDPs”)/ Custodian of Securities. 2. All Recognized Stock Exchanges. 3. The Depositories (NSDL and CDSL). Sir/ Madam, Sub: Investments by FPIs in REITs, InvIts, AIFs and

Assessee not liable to LTCG as registered owner where land leased to builder for flats construction and payments received directly by builder

Author: | Categories: Income Tax, ITAT, Judgments No comments
Assessee not liable to Long Term Capital Gain for being registered owner where the land was leased out to a builder company for construction of flats and payments for flat sales were received directly by the builder. Case Details: INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI I.T.A. No 4518/Mum/2012 Assessment Year:

Without change in facts, situation or law, Revenue can not take different stand. Rent taken as house property income not business

Author: | Categories: Income Tax, ITAT, Judgments No comments
In case there is no change in the facts, situation or in law, the Revenue cannot be allowed to adopt a different stand. Rental income is treated as income from house property and not income from profession or profession. Case Details: INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A” Asstt. Commissioner

Additions made for non furnishing name address details of raddi-wallas for purchases made deleted

Author: | Categories: Income Tax, ITAT, Judgments No comments
In case of purchases made from small raddi-walas/kabadi-walas  it is not practically possible to have them supported by bills. It is equally not possible to furnish details of such small raddi-walas/kabadi-walas. Case Details: INCOME TAX APPELLATE TRIBUNAL AHMEDABAD ITA. No: 1360 & 1552/AHD/2012 (Assessment Year: 2006-07) ITA. No: 1361 & 1553/AHD/2012 (Assessment
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