Category: Income Tax
Peak credit theory not applicable when cash not withdrawn but only deposited in bank account and used for investment in mutual funds-ITAT ABCAUS Case Law Citation: 952 2016 (06) ITAT Assessment Year: 2009-10 Date/Month of Judgment/Order: June, 2016 Brief Facts of the Case: In this cross objection filed …
Annual Conference of Tax Administrators-2016 Major Take aways Ministry of Finance Press release dated 18-06-2016 Rajswa Gyansangam- Annual Conference of Tax Administrators-2016”concludes; Major Take Aways from two day “Annual Conference of Tax Administrators-2016” include further improvement in Tax Payers Services by use of technology and increased human touch; …
FDRs Interest was business income but not contract income. Interest on Margin Money deposits for obtaining bank guarantee is not income out of contract business-ITAT upheld CIT order u/s 263 ABCAUS Case Law Citation: 951 2016 (06) ITAT Assessment Year – 2009-10 Date/Month of Judgment/Order: June 2016 Brief Facts …
Penalty 2711c – Pending Petition us 154 to be verified/disposed off first and penalty be dropped if the claim of the assessee as per rectification petition was found correct-ITAT ABCAUS Case Law Citation: 950 2016 (06) ITAT AY: 2006-07 Date of Judgment: June, 2016 Brief Facts of the …
Disallowance 40A3-two proprietorship concerns of same assessee. In the absence of alleged tax evasion, additions for cash purchases not warranted-ITAT ABCAUS Case Law Citation: 949 2016 (06) ITAT AY: 2008-09 Important Case Laws/Judgments Cited: Hasanand Pinjomal Vs. CIT 112 ITR 134 Gujarat High Court Smt. Ch. Mangayamma Vs. …
CPC TDS reminder-downloading TDS Certificates Form 16A by deductors for TDS Statements filed during Q1, FY 2015-16 from TRACES website Date of communication: 11/06/2016 Dear Deductor (TAN XXXXXXXXXX), As per the records of Centralized Processing Cell (TDS), TDS Statements have been filed by you for Quarter 1 of …
Foreign exchange fluctuation loss event occurring before balance-sheet date. If the event has occurred before the balance-sheet date and a subsequent event materially affects the profits, then the same has to be provided in the balance-sheet which is finalized after the closing of the year. This was held …
Order passed on deceased person name without bringing legal heirs on record null and void. This was held by ITAT in a recent judgment. ABCAUS Case Law Citation: 947 2016 (06) ITAT Assessment Year: 2008-09 Date of Judgment: June 2016 Brief Facts of the Case: During the course …
W.e.f. June 1, 2016, the e-TDS/TCS, Form 24G and Annual Information (AIR) acceptance fees have been revised as under: 1. Statements having up to 100 records:- 44.00 (inclusive of service tax) 2. Statements having 101 to 1000 records:- 205.00 (inclusive of service tax) 3. Statements having more than …
Deduction us 80IA-Notional brought forward of losses even when it were set off against income of the assessee in earlier years not allowed. This was held by ITAT in a recent judgment as under. ABCAUS Case Law Citation: 946 2016 (06) ITAT Date of Judgment – June, 2016 …
