"20 April 2017" Archive - Page 3

Partners to Explain Source of Gift received by their Minor Children

Banaras Chemical Factory Vs Commissioner Income Tax (Allahabad High Court)

We cannot loose sight of the fact that the minors in question were children of the partners in the firm and therefore, it had to be the partners who would have both arranged the gifts and also made the decisions to introduce money into the firm in name of the minors. ...

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Filing of Audit Report along with Income Tax Return is not Mandatory

Commissioner of Income Tax Vs M/S Fortuna Foundation Engineers & Consultants Pvt. Ltd. (Allahabad High Court)

This question is regarding filing of audit report in form 10CCB. If it is not filed alongwith return but filed before assessment, will it amount to non-compliance of Section 80IB (13) read with Section 80IA (7)....

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Job Work under the model GST Law

Section 2 (62) of the model GST Law provides that job-work means undertaking any treatment or process by a person on goods belonging to another registered taxable person and the expression job-worker shall be construed accordingly....

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Posted Under: Income Tax |

Electronic Commerce under model GST Law

Section 43B(d) of the model GST Law defines an Electronic Commerce to mean the supply or receipt of goods and / or services, or transmitting of funds or data, over an electronic network, primarily the internet, by using any of the applications that rely on the internet, like but not limited to e-mail, instant messaging, shopping carts, ...

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Posted Under: Income Tax |

LTC to Public Bank Employees for Travelling Abroad is subject to TDS

Syndicate.Bank Vs The Assistant. Commissioner of Income-tax (ITAT Bangalore)

Provisions of section 10(5) of were introduced in order to motivate the employees and also to encourage tourism in India and, therefore, the reimbursement of LTC/LFC was exempted, but, there was no intention of the Legislature to allow the employees to travel abroad under the garb of benefit of LTC available by virtue of s.10(5) […...

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EPF Organization Activities are not liable to Service Tax

M/s Employee Provident Fund Organization Vs CST (CESTAT Delhi)

These two appeals are against impugned orders, both dated 01/07/2010, passed by Commissioner of Service Tax, New Delhi. The appellant is an institution created by an Act of Parliament – The Employee’s Provident Fund and Miscellaneous Provision Act, 1952 (EPMF & MP Act)....

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Validity of Re-Assessment Proceedings can be questioned at any Stage

Km. Teena Gupta Vs Commissioner Income Tax Bareilly (Allahabad High Court)

Issue of validity of reassessment proceedings is a jurisdictional issue. It goes to the root of the matter. The Tribunal ought to have examined the ground no.3 raised in the assessee's appeal on its merit without being prejudiced by the facts that the reassessment order has been passed on the exparte basis in which the proceedings the ass...

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Section 14A also applies to investment with dividend income held as stock in trade

M/s. Kalyani Barter Vs I .T.O. (ITAT Kolkata)

Assessing Officer to compute the disallowance as per Rule 8D by taking into consideration only those shares, which have yielded dividend income in the year under consideration. ...

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SC Sets aside Himachal HC Judgment for Poor English

Sarla Sood and Ors Vs Pawan Kumar Sharma (Supreme Court of India)

In this case SC held that After hearing learned counsel, it is not possible to comprehend the contents of the impugned order passed by the High Court. The order passed by the High Court is, therefore, set aside and the matter is remanded to the High Court for fresh consideration on merits....

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Part Time Chief Financial Officer (CFO) in Bangalore, India

For past, few years there has been a lot of buzz on Part-time CFO’s in, Bangalore the silicon valley of India. Financial consultants like us have been getting more and more call to refer a part time CFO in various small to mid-sized organisations....

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Posted Under: Income Tax |
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