Daily Archive: Tuesday, June 7, 2016

Income cannot be estimated without rejection of books of account. ITAT quashed revision order passed u/s 263 enhancing net profit rate.

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Income cannot be estimated without rejection of books of account. ITAT quashed revision order passed u/s 263 enhancing net profit rate. ABCAUS Case Law Citation: 936 2016 (06) ITAT Brief Facts of the Case: The present appeal was filed by the assessee against the order passed u/s 263 of

 

No Penalty us 2711c for additions made on DVO report basis as it is just an opinion estimate. This proposition of Law is in line with Supreme Court judgment

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No Penalty us 2711c for additions  made on DVO report basis as the DVO report is just an opinion or estimate. The mere fact that the assessee had not agitated additions made in the appellate proceedings does not militate against the assessee in the penalty proceedings. This was held

 

Service Tax on Senior advocate by way of representational services. Amendment to Service Tax Rules Notification No. 33/2016

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GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 33/2016-Service Tax New Delhi, the 6th June, 2016 G.S.R.____(E).-In exercise of the powers conferred by sub-section (1) read with subsection (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the

 

Service Tax on Senior Advocates on representational services before any court, tribunal, etc. directly-indirectly to business entity. Notification 34/2016

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GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 34/2016-Service Tax New Delhi, the 6th June, 2016 G.S.R.____(E).- In exercise of the powers conferred by sub-section (2) of section 68 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following further amendments

 

Service Tax on Senior Advocates for services to business entity up to turnover ten lakh exempt. Mega Exemption Amendment Notification 32/2016

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GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 32/2016-Service Tax, New Delhi, the 6th June, 2016 G.S.R.….(E).-In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government being satisfied that it is necessary in

 

Up-to-date Table of Cost Inflation Index (CII) from FY 1980-81 to FY 2016-17

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CBDT has notified “1125” as Cost Inflation Index (CII) for FY 2016-17. CII is used indexation of cost of acquisition and improvement for the purpose of  computation of long term capital gains under Income Tax Act, 1961. Up-to-date Table of Cost Inflation Index (CII) from FY 1980-81 to FY

 

Cost Inflation Index for FY 2016-17 is 1125 CBDT Notification 42/2016 dated 02/06/2016. CII for FY 2015-16 was 1081. The increase is 4.07%

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MINISTRY OF FINANCE Department of Revenue CENTRAL BOARD OF DIRECT TAXES Notification No. 42/2016 New Delhi, the 2nd June, 2016 INCOME-TAX S.O.1948(E).—In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes