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Gift received from Step Father not taxable us 562vi as income from other sources. The Explanation to section 56(2) would indicate that the expression “relatives” would recognize the relationship between the step-father and step-son for the purpose of exemption available under section 56(2) of the Income Tax Act, 1961. …
Bad Debts written off as irrecoverable must form part of income. The assessee can claim bad debts by just writing off as irrecoverable in the accounts without establishing that they have actually become bad debts or not but it is incumbent on the assessee to at least prove that …
ICAI income exempt us 11. The institute is an educational institute and its coaching activities falls within the meaning of charitable purpose u/s 2(15). In a yet another case for AY 2010-11, ITAT following previous judgments of ITAT, High Court and Supreme Court has upheld the charitable status …
Rented Building Renovation-Repair Expenses are Current Repairs allowable u/s 30. Accumulated repairs not allowed only when assessee owns building, as a tenant cost of repairs to the premises is allowable whether they are accumulated or current this was held by ITAT Delhi in a recent judgment detailed as …
F No. 5(1)-B(PD)/2016 Government of India Ministry of Finance Department of Economic Affairs (Budget Division) New Delhi, Dated the 2nd June, 2016 RESOLUTION It is announced for general information that during the year 2016-17, accumulations at the credit of subscribers to the General Provident Fund and other similar …
Service tax Department can not audit under rule 5A(2)-Delhi High Court quashes/Strikes down Rule 5A2 and Notification 23/2014 Circular 181/7/2014 Ultra Vires to Finance Act. Case Law Details: W.P.(C) 5192/2015 & CM No. 9417/2015 Mega Cabs Pvt. Ltd (Petitioner) vs. UOI and Ors (Respondents) Date of Judgment: 03/06/2016 …
House Property Rent or Business Income-Activity not ownership is decisive. ITAT Chennai, following Supreme Court Judgment upheld bifurcation of rent received from commercial complex into rent and business income. Case Law Details: ITA No.402/Mds/2013 Assessment Year : 2003-04 DCIT vs. M/s Keyaram Hotel Pvt. Ltd ITA Nos.2215 & 2216/Mds/2015 Assessment …
Vacation and Emergency Hearing in NCLT in June July 2016. File No. 10/03/2016-NCLT Government of India National Company Law Tribunal 6th Floor, Block-3 CGO Complex, Lodhi Road New Delhi-110003 Dated: 3rd June, 2016 ORDER There will be a vacation in The National Company Law Tribunal from 06.06.2016 to …
Installation services integral to contract not FTS under DTAA. This was held by Delhi High Court in a recent judgment as under: Case Law: W.P (C) No. 7416/2012 Technip Singapore PTE Ltd…. Petitioner vs. Director of Income Tax & ANR …. Respondent Date of Judgment: 02/06/2016 Coram: Justice …
Interest Payments on warehoused goods not required after prescribed requirement of furnishing a bank guarantee as security Circular No. 23/2016 -Customs F. No. 473/20/2013-LC Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi, the 1st June 2016 To, All Principal Chief …
