Month: April 2016
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 4 th April, 2016 Sub: Record setting year for taxpayer services, issue of refunds by CBDT -reg The Central Board Direct Taxes achieved significant success in delivery of taxpayer services …
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 4 th April, 2016 Sub:Release of new functionality to taxpayers to secure their E-filing account -reg The Income Tax Department has from time to time issued advisories regarding the need …
ITAT, Ahmedabad has held that sale of shops by the assessee which were distributed on dissolution of partnership firm amounts to capital gain not business income. Case Details: ITA.No.1239/Ahd/2012 Asstt. Year: 2008-2009 DCIT vs. Mafatlal Nathalal Patel Date of Order: 01/04/2016 Brief Facts of the Case: The assessee was partner in …
In a recent judgment, ITAT Mumbai has held that as per CBDT circular no. 09 of 2014, construction cost on development of infrastructure facility of roads/highways under BOT project may be amortized and claimed as income tax business expenditure Case Details: ITA No.644/M/2013 Assessment Year: 2009-10 M/s. Koratalaiyar Bridge …
In a recent judgment, ITAT Amritsar has quashed penalty imposed u/s 271(1)(c) for non declaration of bank fixed deposit interest when the assessee due to her old age, forgot to obtain the information and certificates from the bank on account of accrual of interest Case Details: ITA No.170(Asr)/2014 Assessment …
The Karnataka State Chartered Accountant Society (KSCAS) has lost its case against inclusion of Cost Accountants as auditor of State Cooperative Societies by Karanataka State Government. Case Details: Writ Petition No. : 2026-2031 of 2015 Karnataka State Chartered Accountant Society and Ors vs. State of Karnataka, Department of …
In a recent judgment, ITAT Delhi has held that it is not pre-requirement for seeking registration u/s 12A of the Income tax Act, 1961 that the applicant must show and establish having undertaken charitable activities before filing such application for registration u/s 12A. Case Details: ITA No. 3766 …
CENVAT Credit Rules amendment regarding option to pay tax by the manufacturer of goods or the provider of output service, opting not to maintain separate accounts. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 23 /2016- Central Excise (N.T.) New Delhi, the 01st April, 2016 G.S.R. …
In a recent judgment, ITAT Delhi has held that land possession given and major sales consideration received through unregistered agreement to sell amounts to transfer u/s 2(47) of the Income Tax Act, 1961, though it was claimed that possession was taken back for non receipt of balance sales consideration. …
F.No. 1/04/2016-NS.II Government of India Ministry of Finance Department of Economic Affairs (Budget Division) North Block, New Delhi Dated: 1st April, 2016 OFFICE MEMORANDUM Subject: Discontinuation of physical pre-printed NSC and KVP certificates- reg. The undersigned is directed to refer to this Department’s OM of even number dated …
