Category: Income Tax

CIT Revision u/s 263- the word ‘erroneous’ includes the failure to make an inquiry when circumstances would make such it prudent

In a recent judgment, ITAT held that  the word ‘erroneous’ in section 263 includes the failure to make an inquiry when circumstances would make such an enquiry prudent. Also order passed without applying the principles of natural justice or without application of mind are fall in the same category.  …

Addition u/s 69 for discrepancies in stocks was business income to be considered for computing partners remuneration under Section 40(b)

In a recent judgment, ITAT Chennai has upheld that Addition u/s 69 for discrepancies in stocks was business income and has to be considered for computing partners remuneration under Section 40(b) Case Law Details: ITA No.393/Mds/2013 Assessment Year : 2009-10 Income Tax Officer vs. M/s Roshan Date of Order/Judgment: 07/04/2016 Brief …

No disallowance u/s 40A(2)(b) when payees assessed at maximum rate. Excessive directors remuneration disallowance quashed

In a recent judgment, Ahmedabad ITAT quashed disallowance for excessive directors remuneration stating that section 40A(2)(b) disallowance is not to be invoked when the payees already stand assessed at maximum rate. Case law Details: ITA 857/Ahd/2012 Assessment year 2008-09  ACIT vs. M/s. Patel Alloy Steel Pvt. Ltd Date of Judgment/Order: 08/04/2016 Brief facts …

CPC(TDS) Advisory-Deposit TDS and TDS Defaults Demand for Purchase of Immovable Property (26QB Statement-cum-challan)

CPC(TDS) Advisory for Deposit of Tax deducted and Demand for TDS Defaults with respect to Purchase of Immovable Property (26QB Statement-cum-challan) The Centralized Processing Cell (TDS) provides important tips, for the convenience of Taxpayers, who have executed any transaction for Purchase of Immovable Property exceeding Rs. 50 Lakhs …

Excel Auto Income tax Calculator AY 2016-17 FY 2015-16 download for all heads of income, salary, business, capital gains, house Property, etc.

ABCAUS Excel Income Tax Calculator for Assessment Year 2016-17 (FY 2015-16) is excel based calculator is automatic, e.g. users are required to fill only the income under the various heads, amount of deductions to be claimed and it instantly calculates the amount of income tax payable. It has …

Delhi ITAT granted stay beyond 365 days holding that delay was not attributable to assessee and his conduct was bonafide and reasonable

In a recent judgment, ITAT Delhi following Pepsi Foods (P) Ltd case  has granted stay beyond 365 days in a re-fixed appeal for clarification, holding that the  delay was not attributable to the assessee. Case Law Details: S.A.-211/Del/2016 (In ITA No.-1681/Del/2015) AY: 2010-11 D.E.Shaw India Advisory Services Pvt.Ltd vs. DCIT …