Category: Income Tax
Addition us 68 remanded back by ITAT for short time lag between inquiry initiation and conclusion when the evidence was to be produced in just 10 days. ABCAUS Case Law Citation: 1781 2016 (06) ITAT Brief Facts of the Case: During the assessment proceedings, the copy of the cash book …
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 …
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 …
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 …
Income Declaration Scheme 2016 Download Form1 Java Utility Form 1 is available for e-Filing. To download Form 1, Go to Downloads -> Forms (Other than ITR) -> Form1. As per Income Declaration Scheme, 2016, the declaration of undisclosed income is to be filled in Form 1. Name Description …
PAN Card Application Revised Fee from 01/06/2016 As per NSDL notice, the PAN Card application fees have been revised after Krishi Kalyan Cess (KKC)as under: 1. For dispatch of PAN card in India:- Rs. 107 (inclusive of service tax) 2. For dispatch of PAN card outside India: – Rs. …
Equalisation Levy effective Date 01062016 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NEW DELHI NOTIFICATION NO. 37/2016 Dated: May 27, 2016 S.O.1904(E). – In exercise of the powers conferred by sub-section (2) of section 163 of the Finance Act, 2016 (28 …
