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Calcutta High Court in a recent judgment has held that expenditure incurred for software development was capital expenditure Case Details: ITA No. 278 OF 2007 Indian Aluminium Co. Ltd Versus Commissioner of Income Tax-III Kolkata Date of Judgment: 18/03/2016 Question of Law: Whether on the facts and in the …
In a recent judgment, Calcutta High Court has held that to claim exemption under section 10(22A), existence of a nexus between the hospital or an institution engaged in any one of the five activities, and the income is essential. Kindly note that the said section 10(22A) has since been …
Government of India Ministry of Corporate Affairs Notification New Delhi, 23rd March, 2016 S.O. (E) In exercise of the powers conferred by sub-sections (1) and (2) of section 396 of the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the Act), the Central Registration Centre (herein …
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 23rd March, 2016 Sub: Inclusion of interest income in the return of income filed by persons liable to pay tax- regarding Information regarding interest earned by individuals and business entities …
ICAI Announcement for Empanelment of Resource Persons Madam/Sir, We are pleased to share with you that the Institute of Chartered Accountants of India under the aegis of Investor Education and Protection fund (IEPF) is conducting Investor Awareness Programs through its Committee on Financial Markets & Investors’ Protection. The …
In a recent judgment, ITAT, Amritsar has upheld the disallowance u/s 14A read with Rule 8D where major part of partners capital, bank and unsecured loans were struck up in receivables holding that money has no colour and in a running business it rotates and balance in each account changes …
Tipi Tipi Top, What Colour you want? Dear Friends, Colours do magic. It has been rightly said that the craving for colour is a natural necessity just as for water and fire. It is something indispensable to our life. At every era of our existence and history, we …
Assessment in pursuance of order u/s 263 based on a judgement subsequent to the date of original assessment cannot be basis for estimation of higher rate of net profit. Case Details: ITAT VISAKHAPATNAM I.T.A.No.458/Vizag/2012 Assessment Year: 2006-07 ACIT vs. Padmavathi Transports Date of Order: 18/03/2016 Brief Facts of the Case: …
Mere hiring of vehicle without any risk associated with the carriage of goods does not amount to carrying out any work or sub contract as defined u/s 194C(2) of the Income Tax Act, 1961 Case Details: TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM I.T.A.No.483/Vizag/2012 Assessment Year:2005-06 DCIT vs. Yekkala Subba …
ITAT Visakhapatnam in a recent judgment has ruled that Assessing Officer cannot sit in the chair of the businessman and direct him to do business in a particular fashion. The ITAT deleted the notional interest charged by AO on sundry debtors based on the fact that assessee charged interest for the …
