Daily Archive: Sunday, October 16, 2016

Partnership salary allowed in profit loss ratio as per deed as the remuneration clause provided the manner of quantifying as per CBDT Circular No. 739

Author: | Categories: Income Tax, ITAT, Judgments No comments
Partnership salary allowed in profit loss ratio as per deed. Remuneration clause provided the manner of quantifying as per CBDT Circular No. 739 – ITAT ABCAUS Case Law Ctation 1035 (2016)(10) ITAT Important Judgments Cited: Assistant Commissioner of Income Tax Vs. M/s. DCS International Trading Durga Dass Davki Nandan

 

No Penalty 271(1)(c) even if quantum proceedings upheld additions. Merely because a bona fide explanation did not find favour, penalty not justified

Author: | Categories: Income Tax, Judgments No comments
No Penalty 271(1)(c) even if quantum proceedings upheld additions. Merely because a bona fide explanation did not find favour, it would not justify the levy of concealment penalty-ITAT ABCAUS Case Law Citation: 1034 (2016) (10) ITAT Brief Facts of the Case: A search operation u/s 132 of the Income Tax Act, 1961

 

Insolvency and Bankruptcy Code 2016-ICAI Request to give suggestions on the Draft Rules and Regulations issued by MCA

Author: | Categories: Companies Act No comments
Insolvency and Bankruptcy Code 2016-ICAI Request to give suggestions on the Draft Rules and Regulations as issued by the Ministry of Corporate Affairs. he Ministry of Corporate Affairs as part of the process of implementing Insolvency and Bankruptcy Code, 2016 (Code) had set up a Working Group consisting of