Category: Income Tax

Availability of self owned interest free funds for disallowance u/s 36(1)(iii) can only be determined by examining the accounts

In a recent judgment, Amritsar has held that issue of availability of self owned interest free funds for making disallowance u/s 36(1)(iii) can only be determined by examining the accounts. Case Details: ITA No.66(Asr)/2016 Assessment year:2008-09   M/s. Sehdev Enterprises vs. Income Tax Officer Date of Order/Judgment: 21/04/2016 Brief Facts …

Online Upload of e-TDS/TCS statement(s) and AIR functionality will be discontinued from May 1, 2016 at TIN

NSDL Tax Information Network (TIN) Notice Online Upload of e-TDS/TCS statement(s) and AIR functionality will be discontinued from May 1, 2016 at TIN. The users who are desirous to file e-TDS/TCS statements/AIR are requested to visit our TIN-FC agents at https://www.tin-nsdl.com/tin-facilities.php. Alternatively, you can visit to e-filing website …

Exemption 10(23C)(iiiab)-Fee collection by Universities not Government funding because it is authorized under Act or fees rates fixed by Govt. Agencies-SC

Supreme Court in a latest judgment has held that Fees collection by Universities does not amount to Government funding for exemption u/s 10(23c)(iiiab) merely because such fees are authorized under the relevant Act or fees rates are fixed by Govt. authorised Agencies Case Law Details: Civil Appeal No. 4361-4366 of …

Know Name by giving PAN Number

To know the correct Permanent Account Number (PAN) of a deductee is of utmost importance for filing eTDS quarterly statement/returns for giving credit of tax deducted to the payee as per Form-26AS Statement. Apart from this, CBDT has vide notification dated 95/2015 dated 31/12/2015 has notified Rule 114B for quoting a …

Demolition/destruction of house not necessarily results in transfer u/s 2(47) by extinguishment of capital assets rights for capital gain purpose

ITAT Mumbai, in a recent case has stated that demolition/destruction of house not necessarily results in transfer u/s 2(47) by extinguishment of rights in a capital assets for capital gain purpose. Case Law Details: I.T.A. No. 6169/Mum/2013  Assessment Year : 2007-08 Dilip Manhar Parekh vs.  Dy. Commissioner of …

Employee secondment charges not fees for technical/professional services for invoking disallowance u/s 40(a)(ia)

In a recent judgment, ITAT Mumbai has held that where the assessee pays secondment charges for the employees, for all practical purposes, the assessee is the employer and the charges paid can not be said fees for technical/professional services for disallowance u/s 40(a)(ia) Case Law Details: ITA No. 1945/Mum/2013 Assessment Year: 2009-10 Deputy …

Reopening/Reassessment u/s 147/148 on retrospective amendment bad as there is no failure on the part of assessee to disclose fully/truly all material facts

In a recent judgment, ITAT Delhi has stated that a concluded assessment can not be reopening u/s 147/148 based on a retrospective amendment in Law as there could not be any failure on the part of the assessee to disclose fully and truly all material facts. Case Law Details: ITA Nos. …