Daily Archive: Friday, April 29, 2016

Section 69/69C mandates that assessee must have incurred any expenditure. Additions can not be made by just estimating the expenditure-ITAT

Author: | Categories: Income Tax, ITAT, Judgments No comments
ITAT Lucknow in a recent judgment has held that section 69 of the Income Tax Act, 1961 provides that the assessee must have incurred any expenditure and the additions can not be made by the Assessing Officer by just estimated the expenditure. Case Law Details: ITA Nos.35,36 & 37/Lkw/2016 Assessment years: 2004-05, 2005-06


Special Audit u/s 142(2A) Stay Period to be excluded for Limitation concluding Block Assessment u/s 158BE-Supreme Court

Author: | Categories: Income Tax, Supreme Court No comments
In a recent judgment, Supreme Court has upheld that special audit u/s 142(2A) was an integral step towards assessment proceedings and hence High Court was right in holding that period for which special audit was stayed shall be excluded in counting limitation for concluding block assessment u/s 158BE. Case Law Details:


Step-by-step-wise Procedure for uploading/e-filing of TDS Returns at Traces website with effect from 01/05/2016

Author: | Categories: Income Tax No comments
Step-by-wise Procedure for e-filing of TDS Returns with effect from 01/05/2016 With effect from 01/05/2016 etds quarterly statements/returns shall not be e-filed or uploaded at TIN NSDL website. However they shall be uploaded at TRACES TDSCPC website TDS Statement Upload – User Manual  Pre-Requisites for Uploading TDS Statement To upload


Custom safeguard duty imposed on the final findings of Director General (Safeguards) on goods under heading 7208/tariff item 7225 30 90 1st Schedule

Author: | Categories: Excise/Custom No comments
Government of India Ministry of Finance (Department of Revenue) Notification No. 1/2016-Customs (SG) New Delhi, the 29th March, 2016 G.S.R. (E). – Whereas, in the matter of import of “Hot-rolled flat products of non-alloy and other alloy Steel in coils of a width of 600 mm or more” (hereinafter