Daily Archive: Sunday, May 29, 2016

Penalty us 271C-Contumacious conduct of assessee necessary to be established before penalty for failure to deduct tax (TDS) can be imposed-Supreme Court

Penalty us 271C-Contumacious conduct of assessee necessary to be established before penalty for failure to deduct tax at source (TDS) can be imposed-Supreme Court Case Details: Civil Appeal No. 1704 of 2008 Commr. of Income Tax Delhi (Appellant)  vs. Bank of Nova Scotia (Respondent) Date of Judgment: 07/01/2016 Coram: Justice

 

Block Facebook Advertisers Apps using data without knowledge. easy steps how to block unwanted adverts/apps to have access to your personal data

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The other day Times of India carried a post titled “Not just pals, taxmen also tracking FB for your foreign trip pic”. As per the post, Income Tax Officials are keeping a tab on taxpayers facebook Profiles for tracking their posts/pics of foreign trips, new cars etc.  No doubt,

 

Self-made cash payment vouchers disallowance made for truck hire charges doubting genuineness of expenditure without any enquiry deleted by ITAT

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Self-made cash payment vouchers disallowance additions made for truck hire charges doubting genuineness of expenditure without making any enquiry was deleted by ITAT Kolkata. Case Law Details: I.T.A. No. 1182 /KOL/ 2013 Assessment Year: 2008-2009 Assistant Commissioner of Income Tax vs. Shyam Sundar Agarwal Date of Judgment/Order: 27/05/2016 Important Judgments

 

No disallowance us 14A on presumption when assessee not claimed any exempt income expenditure. No revision us 263 for view taken as per procedure prescribed

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No disallowance us 14A on presumption only-If the assessee has not claimed any expenditure on exempt income and there can not be any disallowance under section 14A on mere presumption. This was held by ITAT Kolkata in a recent judgment as under: Case Law Details: I.T.A No. 1336/Kol/2013 A.Y.

 

Indirect expenses can never be in proportion to sale. There was no reason to ask justification to explain variation in expenses for the fluctuation in sales

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Indirect expenses can never be in proportion to sale. There was no reason to ask justification to explain variation in expenses for the fluctuation in sales and make addition of projected expenses on the basis of increase in sale.  This was held by ITAT, Chandigarh while quashing additions made