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"09 February 2017" Archive

No decision taken on bank transaction tax: Shaktikanta Das

The government has not taken any decision with regard to the tax on bank transactions, though it has received a set of recommendations from the Committee of Chief Ministers, Economic Affairs secretary, Mr Shaktikanta Das said at ASSOCHAM’s 96th Annual Function....

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Posted Under: Income Tax |

Govt to open 56 new Post Office Passport Seva Kendras

The Ministry of External Affairs (MEA) and the Department of Posts (DOP) announced on 24 January, 2017 their decision to utilize the Head Post Offices (HPO) in the various States as Post Office Passport Seva Kendra (POPSK) for delivering passport related services to the citizens of our country....

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Posted Under: Income Tax |

Section 147/148 Reassessment is for the benefit of Revenue benefit and not for the benefit of assessee

Hareram Koley Vs Income Tax Officer (ITAT Kolkata)

Provisions of section 147/148 even otherwise are for the benefit of the Revenue and not for the benefit of the assessee. If there was any mistake on the part of the assessee in filing his return of income, which was duly accepted by the Assessing Officer under section 143(1), the filing of appeal before the ld. CIT(Appeals) was not the pr...

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IT Proceeding against Company cease to be in existence is Illegal

BDR Builders and Developers Pvt. Ltd. Vs Assistant Commissioner of Income Tax & ANR. (Delhi High Court)

Notice issued under section 147 of the Act in respect of an entity which ceases to exist by virtue of amalgamation order under section 394 of Companies Act, would be illegal and unsustainable....

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Mere failure to produce dealers would not make Entire Purchases ‘Bogus’

Shri Rupesh Chimanlal Savla Vs ITO 3(3) (ITAT Mumbai)

Simply because the Assessee could not produce the dealers, the entire purchases cannot be treated as bogus purchases. The Assessing Officer could have made further investigations to ascertain the genuineness of the transactions....

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Two key labour reform bills to come up in Parliament: Labour Minister

As a part of Labour reforms, The Government would introduce two important bills relating to wages and industrial relations in Parliament in March for simplification and rationalisation of the Labour Laws, Labour Minister Mr.Bandaru Dattatreya said at an ASSOCHAM Annual Event today....

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Posted Under: Income Tax |

Cess on Green Leaf paid to govt is Deductible from Composite Income

Tata Global Beverages Ltd Vs Deputy Commissioner of Income-tax (ITAT Kolkata)

AO placed reliance on the decision of the Hon’ble Gauhati High Court in the case of Jorhat Group Ltd vs Agricultural ITO reported in 226 ITR 622 (Gau) wherein it was held that the cess on green leaf is deductible from the agricultural income only and not from the composite income....

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Addition to shareholder for on money paid to / by company not justified

DCIT Vs M/s Maheswari Mega Ventures Ltd. (ITAT Hyderabad)

AO failed to appreciate that company is an independent entity and distinct person. The action of the company will not have any bearing on the shareholders. AO has no jurisdiction to charge anything in the case of assessee over the dealings of any other person....

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Interest rates for Small Savings Schemes for Q4 of FY 2016-17

RBI/2016-17/225 DGBA.GAD.2012/15.02.005/2016-17 (09/02/2017)

The Government of India, had vide their Office Memorandum (OM) No.F.No.1/04/2016–NS.II dated December 30, 2016 advised the rate of interest on various small savings schemes for the fourth quarter of the financial year 2016-17 (copy enclosed)....

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Govt. establishes one more Debt Recovery Tribunal at Chandigarh

Notification No. S.O. 379(E) (09/02/2017)

Central Government hereby establishes one more Debts Recovery Tribunal at Chandigarh with effect from the 13th day of February, 2017 to be known as Debts Recovery Tribunal – 3...

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