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Profit exempt in Partnership cannot be taxed in Partners Account

DCIT Vs M/s. Bakeri Construction Pvt Ltd (ITAT Ahmedabad)

CBDT itself has accepted the proposition that the share income from the firm received by the partners is exempt u/s 10(2A) of the Act and under no circumstances can be taxed in the hands of the partners. ...

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Property transferred to spouse for Inadequate Consideration can be attached to recover Tax dues

T. S. Sujatha Vs Tax Recovery Officer (Kerala High Court)

The petitioner, the wife of an assessee in default, is before this Court aggrieved by Exhibits P9, P10 and P12 by which the Income-tax authorities proceeded against her property comprised in Survey Number 354/17/8, Re-survey number 681/9; which also adjoins the property in which the petitioner runs a hotel....

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CBDT SOP for Service Litigation & Vigilance related Court matters

C-18011(S)/70/2017-SO(V&L) (23/02/2017)

A SOP has now been prepared for effective, efficient and time bound handling of all the cases of service litigation by CBDT. All the field authorities should meticulously observe the prescribed guidelines within stipulated time limits as mentioned in the SOP....

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Foreign Exchange (Compounding Proceedings) Amendment Rules, 2017

Notification No. G.S.R. 151(E) (20/02/2017)

Central Government hereby makes the following rules further to amend the Foreign Exchange (Compounding Proceedings) Rules, 2000, namely: Provided that with respect to any proceeding initiated under rule 4, if the Enforcement Directorate is of the view that the said proceeding relates to a serious contravention suspected of money launderin...

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Govt extends tenure of Shri Amardeep Singh Bhatia

Notification No. S.O. 554(E) (20/02/2017)

Central Government hereby extends the period of tenure of Shri Amardeep Singh Bhatia, as Chief Executive Officer (Additional Charge) in the Investor Education and Protection Fund Authority for a further period of one year with effect from the 1st November, 2016 or till further orders, whichever is earlier....

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CG notifies National Iranian Oil Company as Foreign Company

Notification No. 13/2017-Income Tax (23/02/2017)

In exercise of the powers conferred by clause (48) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the national interest, hereby notifies for the purposes of the said clause, the National Iranian Oil Company, as the foreign company...

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Govt notifies Acquisition of State Bank of Patiala Order, 2017

Order No. G.S.R. 159(E) (22/02/2017)

SBI, with sanction of Central Government and in consultation with RBI, has entered into negotiations for acquiring, by way of amalgamation, the business including the assets and liabilities of the State Bank of Patiala...

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New rules for Maintenance of registers under various labour laws

Notification No. G.S.R. 154(E) (21/02/2017)

These rules may be called the Ease of Compliance to Maintain Registers under various Labour Laws Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette....

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Central Govt appoints G. D. Agrawal as VP of ITAT

Notification No. F. No. A-12023(1)/15/2016-Admn.III (LA) (17/02/2017)

Central Government is pleased to appoint Shri G. D. Agrawal, Vice President of the Income Tax Appellate Tribunal, as President of that Tribunal in officiating capacity with effect from the forenoon of 18th February, 2017, till the regular President is appointed....

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Losses due to Fraud of employees allowable despite no FIR

M/s. Pawan Specialities (P) Ltd. Vs The ACIT (ITAT Jaipur)

It is an admitted position that theft/ fraud had indeed taken place in the assessee company and the AO had nowhere doubted the fact of fraud but he disallowed the claim of the assessee for the reason that the assessee could not establish the fact of fraud like non- production of copy of FIR and not taking any legal action against the empl...

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