Income Tax Archives - Page 412 of 446

Bad debts written off in same/first assessment year eligible for deduction u/s 36(1)(vii) after amendment and in terms of CBDT Circular 12/2016

administrator July 10, 2016 Income Tax, ITAT, Judgments

Debts written off in the same/first assessment year eligible for deduction u/s 36(1)(vii) as after the amendment w.e.f. 1st April 1989, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable – ITAT ABCAUS Case Law Citation: 968 (2016) (07) ITAT …

Direct Tax Collection upto June 2016 Increased by 24.79% due to four instalments of advance tax to be paid by individuals starting June 2016

administrator July 9, 2016 Income Tax

Direct Tax Collection upto June 2016 Increased by 24.79% due to four instalments of advance tax to be paid by individuals starting June 2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 8th July, 2016. Sub : Direct Tax …

No requirement of certificate u/s 115VD under Tonnage Tax Scheme (TTS) for vessel on which slot charter operations are carried out – Supreme Court

administrator July 7, 2016 Income Tax, Judgments, Supreme Court

There is no requirement of the certificate under Tonnage Tax Scheme u/s 115VD in relation to the vessel on which slot charter operations are carried out – Supreme Court ABCAUS Case Law Citation:967 2016 (07) SC Question before the Court:Is the income derived from ‘slot charter’ operations of …

Deduction u/s 80IB(10)-Land ownership not a condition precedent for developing the housing project and claiming the deduction. ITAT

administrator July 7, 2016 Income Tax, ITAT, Judgments

Deduction u/s 80IB(10)-Land ownership not a condition precedent for developing the housing project and claiming the deduction. ITAT ABCAUS Case Law Citation: 966 2016 (07) ITAT Assessment Year: 2008-09 Date/Month of Judgment/Order July, 2016 Important Judgment Cited/relied upon: CIT vs. Radhe Developers (2012) Gujarat High Court Brief Facts of the Case: …

ICDS applicable from FY 2016-17 AY 2017-18. Revisions are being made to Tax Audit report for ensuring ICDS compliance

administrator July 7, 2016 Income Tax

ICDS applicable from FY 2016-17 AY 2017-18 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 6th July, 2016 Subject: Applicability of Income Computation and Disclosure Standards (ICDS) notified under section 145 (2) of the Income – tax Act, …

Club Membership allowed partly as business expenses. Contacts developed through clubs also brings new clients and professional opportunity – ITAT

administrator July 5, 2016 Income Tax, ITAT, Judgments

Club Membership allowed partly as business expenses Contacts developed through clubs also brings new clients and professional opportunity. 1/3rd of club membership fee paid allowed as attributable to professional activities by ITAT ABCAUS Case Law: 965 2016 (06) ITAT Assessment Year: 2010-11 Date/Month of Judgment/Order: June, 2016 Brief …

Penalty u/s 271(1)(b) deleted for non compliance due to non-availability of accounting staff in September month for finalization of accounts

administrator July 3, 2016 Income Tax, ITAT, Judgments

Penalty 2711b-Non compliance due to September Finalisation September being the month for finalization of accounts, the assessee’s explanation that there was nonavailability of accounting staff, cannot be doubted. Penalty u/s 271(1)(b) for non compliance of notices 143(2), 142(1) deleted by ITAT ABCAUS Case Law Citation: 964 2016 (06) ITAT …

No Additions solely on AIR information basis when the assessee denied reported transactions as the onus /burden shifted upon the AO – ITAT

administrator July 3, 2016 Income Tax, ITAT, Judgments

Addition cannot be made solely on the basis of AIR information especially when the assessee denies the reported transactions and the onus/burden shifted upon the AO to rebut the accounts/contentions of the assessee – ITAT ABCAUS Case Law Citation: 963 2016 (06) ITAT Assessment Year: 2010-11 Date/Month of Judgment/Order: …

Peak credit theory do not apply to cash deposits made at outstation stations/cities when cash withdrawal were made at one city only-ITAT

administrator July 2, 2016 Income Tax, ITAT, Judgments

Peak credit theory do not apply to cash deposits made at outstation stations/cities when cash withdrawal were made at one city only – ITAT ABCAUS Case Law Citation: 962 2016 (06) ITAT Assessment Year: 2009-10 Date/Month of Judgment/Order: June 2016 Brief Facts of the Case: The case of …

Double Taxation Avoidance Agreement DTAA between India and Cyprus. In-principle agreement reached on all pending issues – Press Release

administrator July 2, 2016 Income Tax

DTAA between India and Cyprus – In-principle agreement reached on all pending issues Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 1st July, 2016. Sub : Indo-Cyprus Double Taxation Avoidance Agreement An official level meeting between India and Cyprus took …

Category: Income Tax