"18 February 2017" Archive

Woes of a Salaried Tax Payer – A wake up call for Government

It is almost three years since Modi Government sat in the saddle. The people of India have a lot of expectations from this Government as compared to the previous ones and the whopping majority with which this Government was elected by the electorate signifies this aspect....

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Posted Under: Income Tax |

Complete Guide for Taxation of Bogus or Hawala Purchase from suspicious dealer

Maharashtra Sales Tax Department has published ‘List of Suspicious Dealers, who have issued false bills, without delivery of goods. Such dealers have commonly referred as ‘hawala dealers’ The fact that the list purports to name only ‘Suspicious’ Dealers and not ‘confirmed hawala dealers’. ...

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Posted Under: Income Tax |

Dividend – Icing on the cake

Final dividend is recommended by the Board of directors and it is declared by the shareholders at the Annual General Meeting (AGM). Generally, the articles of association (AOA) of Company provide that the shareholders cannot increase the rate or amount of dividend than the one recommended by the Board....

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Posted Under: Income Tax |

Entire Bogus Purchases cannot be added as undisclosed income

Ashwin Purshotam Bajaj vs. ITO (ITAT Mumbai)

The conclusion of the ld. CIT(A) that the assessee has purchased material from some other dealers but quantitative reconciliation of the stock was duly done by the assessee of the sale and purchase and hence the profit element in this accommodation entries are to be added to the income cannot be faulted . ...

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Section 73 / 43(5) cannot be interpreted to disadvantage of assessee

J. M. Financial Services Ltd Vs JCIT (ITAT Mumbai)

Under provisions of section 43(5), the transactions in derivatives at certain stock exchanges are deemed to be non-speculative, however, as per the explanation to section 73 for the purpose of computation of business loss the derivative transactions squarely fall within the scope of explanation to section 73....

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Show-cause notice u/s 274 without application of mind is void

Dr. Sarita Milind Davare vs. ACIT (ITAT Mumbai)

Since we have held that the penalty proceedings are liable to be quashed on the reasoning that there was non-application of mind on the part of the AO while issuing notice to the assessee, we do not find it necessary to address the arguments urged on merits....

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Section 14A applies also to strategic investments in subsidiaries; No estoppel against a statute

DCIT Vs. The Saraswat Co-operative Bank Limited (ITAT Mumbai)

Section 14A applies also to strategic investments in subsidiaries.Section 40A(2) is not applicable to co-operative societies. No disallowance under section 40A(2) should be made if the tax effect is neutral i.e. the recipient is paying tax at the same rate as the payer...

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Significant Achievements of Internal Audit Standards Board, ICAI

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Significant Achievements of the Internal Audit Standards Board, ICAI (during the period from February 2016 to till date) 1. Technical Literature Issued Manual on Concurrent Audit of Banks (2016 Edition) The Internal Audit Standards Board has r...

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Posted Under: Income Tax |

Trust Registration cannot be denied for absence of dissolution clause in Trust Deed

Kamla Nevatia Charitable Trust Vs Dit (Exemption) (ITAT Mumbai)

DIT-E had denied registration to assessee-trust because he was of opinion that in absence of dissolution-clause assessee-trust was not entitled for registration....

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ITAT dismisses appeal filed by Salman Khan against revision order of Principal CIT

Salman Khan Vs. ACIT (ITAT Mumbai)

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in All these appeals filed by the assessee are directed against the revision orders passed by Ld. Principal Commissioner of Income Tax-16, Mumbai u/ s. 263 of the Act and they relate to A.Y. 2011-12 to 2013-14. 2. Learned counsel appearing for [&...

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