Daily Archive: Tuesday, March 22, 2016

ICAI-Empanelment of Resource Persons for Investment Awaress Programs

Author: | Categories: ICAI No comments
ICAI Announcement for Empanelment of Resource Persons Madam/Sir, We are pleased to share with you that the Institute of Chartered Accountants of India under the aegis of Investor Education and Protection fund (IEPF) is conducting Investor Awareness Programs through its Committee on Financial Markets & Investors’ Protection. The Ministry

 

Disallowance u/s 14A/Rule 8D upheld where major part of partners capital, bank and unsecured loans were stuck up in receivables

Author: | Categories: Income Tax, ITAT, Judgments No comments
In a recent judgment, ITAT, Amritsar has upheld the disallowance u/s 14A read with Rule 8D where major part of partners capital, bank and unsecured loans were struck up in receivables holding that money has no colour and in a running business it rotates and balance in each account changes from

 

Tipi Tipi Top, What Colour you want?-Happy Holi 2016

Author: | Categories: Read My Beads No comments
Tipi Tipi Top, What Colour you want? Dear Friends, Colours do magic. It has been rightly said that the craving for colour is a natural necessity just as for water and fire. It is something indispensable to our life. At every era of our existence and history, we have

 

Assessment u/s 263 based on judgement delivered after the date of original assessment bad

Author: | Categories: Income Tax, ITAT, Judgments No comments
Assessment in pursuance of order u/s 263 based on a judgement subsequent to the date of original assessment cannot be basis for estimation of higher rate of net profit. Case Details: ITAT VISAKHAPATNAM I.T.A.No.458/Vizag/2012 Assessment Year: 2006-07 ACIT vs. Padmavathi Transports Date of Order: 18/03/2016 Brief Facts of the Case: The

 

Mere hiring of vehicle without any risk associated with the carriage of goods not a contract liable to TDS u/s 194C(2)

Author: | Categories: Income Tax, ITAT, Judgments No comments
Mere hiring of vehicle without any risk associated with the carriage of goods does not amount to carrying out any work or sub contract as defined u/s 194C(2) of the Income Tax Act, 1961 Case Details: TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM I.T.A.No.483/Vizag/2012  Assessment Year:2005-06 DCIT vs. Yekkala Subba Rao

 

AO cannot sit in the chair of the businessman and direct him to do business in a particular fashion

Author: | Categories: Income Tax, ITAT, Judgments No comments
ITAT Visakhapatnam in a recent judgment has ruled that Assessing Officer cannot sit in the chair of the businessman and direct him to do business in a particular fashion. The ITAT deleted the notional interest charged by AO on sundry debtors based on the fact that assessee charged interest for the preceding