"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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Migration of Service Tax Assessees to GST: – Reg.

F.No.ST2/Dn X/GST/47/2016-17 (02/03/2017)

As you are aware that, the process of migration of the existing Service Tax assesses to GSTN is on. All the existing Service Tax assesses have been assigned provisional user ID and password for migration which can be viewed at www.aces.gov.in.after login with your current TIN and Password....

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IEPF Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017

G.S.R. 178(E) (28/02/2017)

These rules may be called the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017. They shall come into force from the 28th February, 2017....

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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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GP on unaccounted Sales cannot be less than that of Accounted Sales

Income Tax Officer Vs Paraskumar V.Kataria Prop. (ITAT Rajkot)

We note that GP rate on the accounted sales estimated by the assessee himself stands at 07.29%. We thus fail to understand as to how the GP for the unaccounted sale should be so lower at 03.56% which is less than half of the GP rate declared by the assessee himself on accounted sales....

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EPFO introduces Pension claim Form (Aadhaar)

No.Pension-I/7(1)/96/2017/Forms/32614 (03/03/2017)

members and pensioners of the Employees' Pension Scheme desirous of continuing to avail pension and membership to the Employees' pension Scheme by availing the Central Government's contribution and subsidy under the said Scheme, are required to furnish proof of the possession of the Aadhaar number or undergo Aadhaar authentication for bet...

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