"12 May 2013" Archive

Expense by tenant on house property repairs cannot be included in ALV

Tushar Shantilal Kothari Vs. Dy. CIT (ITAT Ahmedabad)

In the present set of facts, we have noted that the AO had considered the impugned repair expenditure as annual rent in the hands of the assessee which was without any basis. As far as the assessee was concerned, the deduction @ 30% is like a standard deduction as prescribed u/s.24(a) of IT Act, not necessarily incurred towards repairs of...

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S.269SS not applies to transfer between two accounts by Journal Entry

Income-tax Officer Vs Shri Mineshkumar Shantilal Patel (ITAT Ahemdabad)

That argument was not acceptable to the AO and it was held that there was no evidence in support of the contention that the expenditure had actually been incurred directly by those persons. It was held that the assessee had shown the amounts in question as loans/deposits in his books of accounts....

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Form & mode of filling of Income Tax Return for AY 2013-14

CA Pardeep Kumar Relevant Sections of Income Tax Act, 1961: 139(1), 139(3), 139(4A), 139(4B), 139(4C), 139(4D), 142(1), 148(1), 153A All Applicable Return Forms for A Y 2013-14: ITR – 1 (SAHAJ), ITR – 2, ITR – 3, ITR -4S (SUGAM), ITR – 4, ITR – 5, ITR – 6, ITR – 7 Filling of Income […]...

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Posted Under: Income Tax |

Applicability of Transfer Pricing provisions to Specified Domestic Transactions

Applicability of transfer pricing provisions was earlier limited to International Transactions only. With effect from 01.04.2013, the scope of Transfer Pricing provisions is extended to Specified Domestic Transactions and will accordingly be applicable from A.Y. 2013-14....

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Posted Under: Income Tax |

Mandatory e-filling of Audit report u/s. 44AB, 92E & 115JB

Mandatory ELECTRONIC FILLING of Chartered Accountant’s report under section 44AB, 92E & 115JB of Income Tax Act, 1961 . Where an assessee is required to furnish a report of audit under section 44AB, 92E or 115JB, he shall furnish the same Electronically on or before the due date for furnishing the return of income under subsection (1) o...

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Posted Under: Income Tax |

CENVAT credit written off on surrender of Excise Registration Certificate is allowable as deduction u/s 37

ACIT Vs. M/s. Rangoli Industries Pvt. Ltd. (ITAT Ahmedabad)

In the light of the above decisions, once on identical facts, a view has already been taken in favour of the assessee on this issue, therefore respectfully following that view, we hereby hold that ld.CIT(A) has rightly allowed the claim. In the result, ground raised by the Revenue is hereby dismissed....

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LBT – All about coffins & coffers

Ashish Kedia It seems the arrogance of the government simply refuses to die! Inspite of being witness to one of the largest mass movements over the last 4-5 days by the business community in recent time, the government seems to be in no mood to show any empathy. Octroi taxes have a respectable antiquity, being […]...

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Posted Under: Income Tax |

Condonation of Delay for Delayed Filing of Form 8 / Form 17 & Procedures

Now condonation of delay for late filing of Form 8 and form 17 under the Companies Act, 1956, requires a petition to be filed with Regional Director, Ministry of Corporate Affairs and earlier the same was required to be made to Company Law Board. The procedure for making the petition for condonation of delay under Section 141 of the Compa...

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Posted Under: Income Tax |

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