"28 April 2017" Archive

Cyprus seeks Indian investments to enhance ties: Nicos Anastasiades

President of the Republic of Cyprus urged Indian industry to invest in the country`s key areas including banking and finance, shipping and transportation, education, science and technology, pharmaceuticals, renewable energy and tourism in order to stimulate trade and investments between the two countries said at `India –Cyprus Business ...

Posted Under: Income Tax |

Section 80-IB(10) If Authority excluded open terrace from working of built-up area than revenue cannot review the same

The Deputy Commissioner of Income Tax Vs M/s Ace Star Properties Pvt. Ltd. (ITAT Chennai)

In a significant ruling, the ITAT Chennai held that the private open terrace attached with residential unit would form part of built- up area for the purpose of computing deduction under section 80-IB(10) of the Income Tax Act if the same was included in the house project approved by the local authority....

Need to create awareness on pension at grassroots level

Need to create awareness on pension at grassroots level...

Posted Under: Income Tax |

Notification No. 35/2017-Income Tax, Dated: 28.04.2017

Notification No. 35/2017-Income Tax 28/04/2017

S.O. 1359(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Odisha Electricity Regulatory Commission, a commission constituted by the State Government of Odisha, in respect of the following specifi...

AO should allow credit of TDS deducted and deposited wrongly in assessee’s erstwhile name

iGate Infrastructure Management Services Ltd. Vs The Deputy Commissioner of Income Tax (ITAT Bangalore)

The learned Commissioner (Appeals)-3, Bengaluru has erred in not allowing credit in respect of TDS deducted and deposited by certain customers wrongly in the erstwhile name of the appellant (IT &T Technology Services Limited now known as IGATE Infrastructure Management Services Limited) of Rs. 61,84,211....

No specific format is provided U/s. 14A for recording satisfaction

G.E India Exports Pvt. Ltd. (Formerly GE Power Controls India (P) Ltd. Vs. Dy. CIT (ITAT Bangalore)

Since, no specific format is provided under the Act for recording satisfaction for making dis allowance under section 14A, AO was not required to give detailed reasons for invocation of rule 8D(2) in view of the fact that assessee failed to discharge its primary onus of proving nexus between interest-free funds and the investments yieldin...

Interest on Fixed Deposits received by society from Bank is Taxable

The Gujarati Social Welfare Society Vs TITO (ITAT Hyderabad)

In assessee’s case, the bank is not even a member of the society. The nature of the transaction between the assessee and the bank would disqualify application of the principle of mutuality. Therefore, the transactions with the bank who is not even a member of the society cannot be considered as a transaction for which […]...

Patent application examination time may reduce to 18 months

Government is taking steps to reduce the patent application examination time to 18 months. IPR enforcement tool kit enables police to beef up govt. machinery to handle infringement issues ...

Posted Under: Income Tax |

GST: Five States passed SGST Acts till date

DO.No.06/CH(EC)/2017 28/04/2017

On the GST front, five States - Telangana, Bihar, Rajasthan, Jharkhand and Chhattisgarh have passed the SGST Acts as on date. The other States are also in the process of calling sessions of the respective legislative assemblies/council for passage of the law. ...

Income from leasing of factory premises after discontinuing business is taxable as Income from other sources

T.R. Mills (P.) Ltd. Vs ITO (ITAT Bangalore)

When the business asset of the assessee is let out but after discontinuing the business activity of the textile mill then the rental income cannot be treated as income from house property however the same would be assessed as income from other sources. ...