Daily Archive: Thursday, April 7, 2016

CBDT order rejecting TDS refund on penal interest treating it non-exempt u/s 10(15)(iv)(c) quashed

Author: | Categories: High Courts, Income Tax, Judgments No comments
In a latest judgment, Delhi High Court has quashed CBDT order rejecting refund of TDS deducted on penal interest treating it non-exempt u/s 10(15)(iv)(c) considering it as a result of violation/transgression of the loan agreement. The Court observed that the penal interest was imposed as part of the conditions of the Agreement

Set off of business loss from unexplained cash credits u/s 68 not permissible in view of combined reading of sections 71 , 72 and 32(2).

Author: | Categories: Income Tax, ITAT, Judgments No comments
In a latest judgment, ITAT Chennai has upheld that allowing set off of business loss from the unexplained cash credits u/s 68 not permissible in view of harmonious and combined reading of  sections 71 , 72 and 32(2). Case Law Details: I.T.A.No.325/Mds./2015 vs. Assessment Year :2006-07 Deputy Commissioner of Income Tax Corporate

Additional depreciation us 32(1)(iia)-There is no provision for postponement or carry forward to next financial year

Author: | Categories: Income Tax, ITAT, Judgments No comments
In a recent judgment, ITAT Chennai has held that the assessee is not entitled to additional depreciation u/s.32(1)(iia) of the Income Tax Act, 1961 on the machineries acquired in earlier year than the relevant financial year as there is no provision for postponement or carry forward of the residual additional

Financial Statements Formats for companies required to comply with IndAS-Amendment to Schedule-III

Author: | Categories: Companies Act No comments
MCA Notification-Format of financial statements for a company whose financial statements are drawn as per Companies (Indian Accounting Standards) Rules, 2015. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi , 6th April, 2016 G.S.R. 404(E).—In exercise of the powers conferred by sub section (1) of section 467 of the Companies Act, 2013

Merely because an income has been taxed in recipient’s hand it does not become deductible expenditure but as per Law

Author: | Categories: Income Tax, ITAT, Judgments No comments
In a recent judgment, ITAT Mumbai has opined that merely because an income has been taxed in the hands of recipient , does not mean that it is a deductible expenditure in the hands of the person making the payment instead the deduction is required to be examined and

Banking, insurance, power, NBFC and housing finance companies need not file XBRL financial statements

Author: | Categories: Companies Act No comments
GOVERNMENT OF INDIA Ministry of Corporate Affairs Notification New Delhi, the 4th April, 2016 GSR (E) – In exercise of the powers conferred by sub-sections (1) and (2) of section 469 read with section 398 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the
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