Category: Income Tax
Disallowance us 361iii for bank interest on unutilized loan In a recent judgment, ITAT held that once the Assessing Officer satisfied with the nature of loan being of business in nature then no disallowance u/s 36(1)(iii) was called just for keeping the funds unutilized at the end of the …
The processing of TDS statements are fully centralized at CPC (TDS) Vaishali Ghaziabad and the AO has no power to revise the order. ITAT rejected Revenue’s appeal on this ground taken against CIT(A) order directing ITO(TDS) to make factual verification and pass suitable order. ABCAUS Case Law Citation: 944 2016 (06) ITAT …
India Mauritius DTAA Stakeholders comments invited Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 15th June, 2016. Sub: Comments of stakeholders – Working Group to examine issues arising out of amendment to India-Mauritius DTAA – regarding The CBDT …
India-Mauritius DTAA and related issues Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 13th June, 2016. PRESS RELEASE Sub: India-Mauritius Double Taxation Avoidance Agreement and related issues – Working Group to examine consequential issues arising out of amendment – reg …
TDS Default-Assessee liable us 2011A for interest even if payee declared income and paid taxes. ITAT amends the order in line with Supreme Court judgment. ABCAUS Case Law Citation: 943 2016 (06) ITAT Date of Judgment/Order June 2016 Brief Facts of the Case: A TDS survey was conducted …
Income tax Survey outcome disclosure to complainant directed under RTI Act ABCAUS Case Law Details: 001 2016 (06) CIC Date of Decision/Judgment: June 2016 Brief Facts of the Case: The appellant has sought copy of survey report held in January 2014 on his complaint. According to the appellant he …
Penalty 271B-Statutory auditor not tax auditors delay. Delay in completing statutory audit by Cooperative auditor was sufficient cause not imposing penalty as the assessee filed the tax audit report immediately after getting /and obtaining the same from Chartered accountant. This was held by ITAT in a recent judgment. …
Payments to franchisees held liable to TDS us 194C not 194J. The modus operandi for collection of the fees as well as of the revenue sharing cannot determine whether the amount remitted by the assessee to the franchisee is subject to tax deduction at source u/s 194J. This was upheld by …
STCG-LTCG of NBFC held as capital gains not business income based on broad principles as laid down by various judicial pronouncements ITAT observed that in deciding whether a transaction of sale of shares is business income or investment income taxable as short term or long term capital gain, the …
Annual Conference of CBDT-CBEC senior tax administrators 2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 12th June, 2016. Press Release Sub: “राजस्व ज्ञानसंगम – Annual Conference of CBDT-CBEC senior tax administrators.The two Revenue Boards first time holding the conference …
