Daily Archive: Sunday, March 27, 2016

Selection of scrutiny for the cases selected manually on the basis of recommendations of CPC for AY 2013-14

Author: | Categories: Income Tax, Instructions No comments
AST- Instruction No. 141 DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055 F.No. DGIT(S)/ADG(S)-2/CASS/2014-15                                                          

 

Keyman Insurance Policy (KIP) Premium is an allowable business expenditure

Author: | Categories: Income Tax, ITAT, Judgments No comments
In a recent judgment, ITAT Amritsar has endorsed that Premium of Keyman Insurance Policy (KIP) is an allowable business expenditure. Case Details: I.T.A No. 20(Asr)/2013 Assessment Year: 2007-08 Freewill Sports Pvt. Ltd vs. ACIT Date of Order/Judgment: 22/03/2016 Brief Facts of the Case: The only issue involved in this appeal was

 

Shipping charges using non-resident shipping are not liable to TDS u/s 172(8) as supplemented by CBDT Circular No. 723/1995

Author: | Categories: Income Tax, ITAT, Judgments No comments
ITAT Amritsar, in a recent judgment has held that shipping charges (Inland haulage charges, Terminal handling charges, Bunker adjustment factor, Cost adjustment factor, etc) using non-resident shipping are not liable to TDS u/s 172(8) as supplemented by CBDT Circular No. 723/1995 Case Details: ITA No.257(Asr)/2014 Assessment year:2006-07 PMS International