Daily Archive: Saturday, April 2, 2016

Penalty 271(1)(c) quashed-Assessee forget to declare interest income due to old age

Author: | Categories: Income Tax, ITAT, Judgments No comments
In a recent judgment, ITAT Amritsar has quashed penalty imposed u/s 271(1)(c) for non declaration of bank fixed deposit interest when the assessee due to her old age, forgot to obtain the information and certificates from the bank on account of accrual of interest Case Details: ITA No.170(Asr)/2014 Assessment year:2008-09

 

KSCAS petition challenging cost accountants appointment as auditor of co-operative societies dismissed by Karnataka HC

Author: | Categories: CA CS CMA No comments
The Karnataka State Chartered Accountant Society (KSCAS) has lost its case against inclusion of Cost Accountants as auditor of State Cooperative Societies by Karanataka State Government. Case Details: Writ Petition No. : 2026-2031 of 2015 Karnataka State Chartered Accountant Society  and Ors vs. State of Karnataka, Department of Co-operation

 

Application for registration u/s 12A-No pre-requirement to show and establish having undertaken charitable activities before filing such application

Author: | Categories: Income Tax, ITAT, Judgments No comments
In a recent judgment, ITAT Delhi has held that it is not pre-requirement for seeking registration u/s 12A of the Income tax Act, 1961 that the applicant must show and establish having undertaken charitable activities before filing such application for registration u/s 12A. Case Details: ITA No. 3766 &

 

CENVAT Credit Rules Amendment 2016. Option of not maintaining separate accounts-6% of value of exempted goods 7% of value of exempted services accounts

Author: | Categories: Excise/Custom No comments
CENVAT Credit Rules amendment regarding option to pay tax by the manufacturer of goods or the provider of output service, opting not to maintain separate accounts. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 23 /2016- Central Excise (N.T.) New Delhi, the 01st April, 2016 G.S.R. (E).

 

Unregistered agreement to sell amounts to transfer u/s 2(47) for capital gain purpose

Author: | Categories: Income Tax No comments
In a recent judgment, ITAT Delhi has held that land possession given and major sales consideration received through unregistered agreement to sell  amounts to transfer u/s 2(47) of the Income Tax Act, 1961, though it was claimed that possession was taken back for non receipt of balance sales consideration. Case