"03 March 2017" Archive

Notice U/s. 133(6) for cash deposited during demonetisation

Instruction No. 4/2017-Income Tax (03/03/2017)

Notice under section 133(6) of the Act is required to be issued, after obtaining prior approval of Pr. CIT/CIT/Pr. DIT/DIT as provided in the Act, in cases where the 'person under verification' fails to file Online response in a timely manner in spite of issue of reminder by the Assessing Officer. ...

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Clarify on claim of FTC of taxes under dispute in foreign country: ICAI

Section 155(14A) proposes to provide that where the payment of foreign tax is under dispute credit of such taxes will be available in India in the year in which the dispute is settled, on satisfaction of certain conditions. To give effect to this an enabling provision shall be inserted through which Tax Authority...

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Posted Under: Income Tax |

Entries in books of account are not conclusive of expense nature

CIT Vs M/s. Aditya Birla Nuvo Ltd. (Bombay High Court)

Whether Tribunal was right in holding that the expenditure on acquisition of marketing and technical know­how is revenue in nature as the benefit would accrue over a period of time and treatment in books of account is not relevant...

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Concluded assessments cannot be disturbed in absence of any incriminating material

Smt.Binnaifer Kohli Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

In terms of section 153A of the Act, the already finalised assessment can only be disturbed if the search team has found some incriminating documents or material and which was relied upon by the AO at the time of framing the assessment or the addition is made in the order passed under section 143(3) r.w.s.153A of the Act by referring to s...

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Section 271(1)(c): No Penalty for Section 50C addition unless concealment proved

DCIT Vs Trans Freight Containers Ltd. (ITAT Mumbai)

The addition has been made invoking the deeming provisions of section 50c of the Act. There is no finding that the actual sale consideration is more than that mentioned in the sale agreement....

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No penalty for non deduction of TDS on sale of SIM Cards/recharge coupons at discounted rate

Vodafone Cellular Limited Vs. Additional Commissioner of Income Tax, TDS Range (ITAT Pune)

Tribunal held that sale of SIM Cards/recharge coupons at discounted rate to distributors is not commission and therefore, not liable to TDS provisions u/s. 194H of the Act. Once, the substratum for levy of penalty has eroded there is no question for sustaining the penalty....

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CBEC amends Notification No. 384/86-Customs dated 23.07.1986

Notification No. 19/2017-Customs (N .T.) (03/03/2017)

CBEC hereby makes the following amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue) No.384/86-Customs, dated the 23rd July, 1986, published vide number G.S.R.954(E), dated the 23rd July, 1986 namely:-...

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CBEC amends Notification No. 31/97-Customs, dated 7th July, 1997

Notification No. 18/2017-Customs (N .T.) (03/03/2017)

CBEC hereby makes following amendments in notification of Government of India, Ministry of Finance (Department of Revenue) No.31/97-Customs, dated the 7th July, 1997, published vide number G.S.R.367(E), dated the 7th July, 1997 namely:-...

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Aadhaar mandatory for schemes of education for disabled Students

Notification No. S.O. 728(E) (03/03/2017)

Department of Empowerment of Persons with Disabilities , Ministry of Social Justice and Empowerment is implementing following Central Sector Scholarship Schemes for education of Students with Disabilities:-...

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Notification No. 17/2017-Customs (N.T.), Dated: 03.03.2017

Notification No. 17/2017-Customs (N.T.) (03/03/2017)

S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints officer mentioned in column 5 of the Table below to exercise the powers and discharge duties conferred or imposed on officers ment...

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