Month: April 2016
In a latest judgment, ITAT Chennai has quashed penalty proceedings u/s 271(1)(c) for concealment holding that there is a difference in “facts not proved” and “facts disproved” and penalty can be levied only for the latter. Case Law Details: ITA No.1730/Mds./2015 Assessment Year :2010-11 Mr.R.A.Palanisamy vs. Income Tax Officer Date of …
No. 1/1/2016-E·II (B) Government of India Ministry of Finance Department of Expenditure ***** North Block, New Delhi Dated the 7th April, 2016. OFFICE MEMORANDUM Subject: Payment of Dearness Allowance to Central Government employees – Revised Rates effective from 1.1.2016 The undersigned is directed to refer to this Ministry’s …
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 …
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 …
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 …
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, …
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 …
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 …
How to enable WhatsApp end-to-end encryption WhatsApp Messenger has introduced the facility of end-to-end encryption when messages are sent using the latest versions 2.12.556. According to WhatsAPP, there are many other messaging apps that only encrypt messages between users and them, but WhatsApp’s end-to-end encryption ensures that only …
In a recent judgment, Allahabad High Court has held that right of appeal is a matter of procedure which gets converted into a substantive right as a creature of statute which cannot create a retrospective right. The appeal has to be filed within the limitation prescribed. Case Details: ITA …
