Daily Archive: Monday, March 21, 2016

When bye-laws was amended, society was entitled to registration u/s 12AA from the date of establishment

Author: | Categories: Income Tax, Judgments No comments
In a recent judgment, ITAT Chennai has held that when the amendment was made in the . of the society it related back to the date of original establishment and hence the society was entitled for registration u/s 12AA with effect from its date of establishment. Case Details: INCOME TAX

 

House rent addition on notional basis u/s 23 for unrealised rent upheld when property was not vacant

Author: | Categories: Income Tax, ITAT, Judgments No comments
In a recent judgment Chennai ITAT has upheld the addition made for notional house rent under the provisions of section 23 of the Income Tax Act, 1961, . It was held that: (a) When the assessee is the legal owner of the property; and (b) The property was let

 

Central Excise duty on jewellery-No arrest, prosecution, search seizure, no challenge to invoice value till sub committee recommendation finalization

Author: | Categories: Excise/Custom No comments
Central Excise duty on jewellery-No arrest, prosecution, search seizure, no challenge to invoice value till sub committee ( of High Level Committee) recommendation are finalization Circular No. 1021/9/2016-CX F.No. 354/25/2016-TRU Government of India Ministry of Finance Tax Research Unit New Delhi, the 21st March, 2016 To, Principal Chief Commissioners

 

Cancellation of Charitable Trust Registration u/s 12AA for Bogus Donation Entries without evidence

Author: | Categories: Income Tax, ITAT, Judgments No comments
In a recent order, ITAT Lucknow has quashed an order cancelling registration u/s 12AA of a charitable trust based on oral statement related to bogus donation entries in lieu of cash without any evidence giving opportunity to cross-examine the witness. Case Details: INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH “A”,

 

Latest Whatsapp use without internet scam. Email that company is launching a new Utlta Light Wifi feature to enjoy 3G internet

Author: | Categories: Scam No comments
Recently, Whatsapp users are receiving a viral message informing them they now it is possible to use WhatsApp without internet, and that the company is launching a new “Utlta-Light Wifi feature”. The message encourages users to click on the link provided in the message. Sample of the message is as

 

ICAI- Extra Questions attempted in CA Examinations and valuation methodology adopted

Author: | Categories: ICAI No comments
Institute of Chartered Accountants (ICAI) has clarified the methodology adopted for valuation of marks where a candidate answers extra question/sub question in CA examinations. Announcement Examination Department of ICAI It is seen that in CA examinations, sometimes, candidates answer more questions or sub parts of a question, than are required in