Category: Income Tax
In a recent judgment, ITAT Delhi has interpreted the objective and scope of invoking revisionary powers of Commissioner of Income Tax (CIT) under section 263 of the Income Tax Act, 1961 as under: The provisions of section 263 cannot be invoked to correct each and every type of …
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 …
Foreign Tax Credit (FTC) draft rules for granting relief or deduction of Income-tax under section 90 90A 91 of the Income-tax Act F.No. 142/24/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi, dated 18th April, 2016 Sub: Draft …
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 …
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. …
TAN Name Branch Office Mismatch Errors in NSDL Latest RPU version 1.50 -How to resolve? NSDL has released e-TDS Return Preparation Utility (RPU) version 1.50 applicable from 13-04-2016. However, users are getting error messages while creating/validating files. The errors related to two type of mismatch as under: (a) …
ITAT Amritsar, in a recent judgment, has held that no conclusion of cessation of creditor’s liability u/s 41(1) can be drawn for an entry outstanding in books over the years and not been challenged in the initial year of such entry. Case Law Details: M/s. Modern Distributors vs. Income Tax Officer …
After New FVU version 2.146 and version 5.00, NSDL has also issued Return Preparation Utility (RPU) Version 1.5 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08 Key Features – Return Preparation Utility (RPU) version 1.5 Remark ‘B’ is made applicable for Section code 192A (Payment of …
Download TDS e-Validation Utility (FVU) version 2.146 (to validate statement(s) pertaining to FY 2007-08 to 2009-10) and FVU version 5.0 (to validate statement(s) pertaining to FY 2010-11 onwards) Key Features – File Validation Utility (FVU) version 2.146 Incorporation of TAN and TAN name in the Challan Status Inquiry …
Writing “Yes, I am Satisfied” establishes non recording of proper satisfaction/approval before issue of notice u/s 148 No sooner than a week after, holding that merely writing “yes” or “approved” and affixing signature by CIT) was not the required satisfaction (ITA No. 5311/Del/2013 dated 07/04/2016), ITAT delhi Bench …
