Month: March 2016

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 …

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 …

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: …

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 …

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 …

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 …

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 …

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 …

Cancellation registration u/s 12AA of a charitable trust based on oral statement related to bogus donation entries without any evidence giving opportunity to cross-examine the witness quashed by ITAT Case Details: INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH “A”, LUCKNOW ITA No.792/LKW/2015 Assessment Year:2011-12 M/s Fateh Chand Charitable Trust …

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 …