"11 March 2017" Archive

S. 24(b) Interest on Loan taken to repay earlier Loan on property allowable

DCIT Vs M/s. Patton Developers Pvt. Ltd. (ITAT Kolkata)

Whether interest paid by assessee on loan taken for repaying the loan earlier borrowed for acquisition of the property is allowed as deduction u/s 24(b) of the Income Tax Act,1961?...

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Mere surplus year after year cannot be deciding factor to deny exemption U/s. 11

ACIT (Exemption) Vs. ACIT (Exemption) (ITAT Jaipur)

Assessee society is generating surplus year after year is not the deciding factor to determine whether it is eligible for exemption under section 11 of the Act. And on this ground alone, the exemption claimed by the assessee society under section 11 can not be denied. What is relevant to examine is whether the surplus so generated is plou...

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Rule-8D is not attracted if assessee has voluntarily computed disallowance

M/s Shapoorji Pallonji & Co. Ltd Vs. DCIT (ITAT Mumbai)

Under sub-section (2) of Section 14A of the Act, the Assessing Officer is required to examine the accounts of the assessee and only when he is not satisfied with the correctness of the claim of the assessee in respect of expenditure in relation to exempt income,...

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Download Unofficial/Tentative Draft State Goods and Services Tax Bill, 2017

We have received a copy of Draft State Goods and Services Tax Bill, 2017 on Social Media which is a Tentative Draft dated 28.02.2017. Source of Draft bill is unknown and seems to be leaked by someone who is associated with preparation / Finalization of Bill.  We have uploaded the same on our website for […]...

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Posted Under: Income Tax | ,

ITAT confirms addition in respect of accommodation entries by Paper/ Shell Companies

Saanika Industries Pvt. Ltd. Vs. ACIT (ITAT Ahmedabad)

Revenue is believed to prove that the activities undertaken by the alleged company are not meeting commercial prudence and the working of this company is merely to provide accommodation entries. ...

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Section 158BC Notice giving insufficient time to file return in invalid

Kumawat Udyog Bus Stand Vs CIT (Rajasthan High Court)

The words mentioned in the SECTION 158bc notice are `within fifteen days’ whereas the provision mandates the time of not less than fifteen days. As notice which was issued by the authority asking the assessee to file the return within fifteen days is not in accordance with the provisions of the Income-tax Act and therefore it is invalid...

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Nari Shakti Puraskars 2016: International Women’s Day– March 08

Women have played an integral role in Indian history from ancient times. We find that in the Vedic or Upanishadic age Maitreyi, Gargi, and others ladies of revered memory have taken the places of rishis through their skill in discussing about Brahman. ...

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Posted Under: Income Tax |

BCAS Post-Budget Memorandum On Finance Bill – 2017

We compliment you for the focused and non populist Budget that was presented on 1st February. The idea of combining the Rail Budget and the Finance Budget is also a welcome one....

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Posted Under: Income Tax |

Avoid unethical tax return preparers touting inflated tax refunds: IRS

Taxpayers should be on the lookout for anyone promising inflated refunds. Be wary of anyone who asks taxpayers to sign a blank return, promises a big refund before looking at their records or charges fees based on a percentage of the refund. ...

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Posted Under: Income Tax |

Cash Deposit by 17.92 Lakh persons not matches their tax profile

Operation Clean Money; Income Tax Department identifies 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period ...

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Posted Under: Income Tax | ,
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