"28 August 2014" Archive

Not necessary for assessee to own Plant and Machinery to Claim deduction U/s. 80IB

The Commissioner of Income Tax Vs Shri Jyoti Prakash Dutta (Bombay High Court)

This is one more instance of the Revenue urging before this Court that firstly a film production unit or a Company is not an industrial undertaking within the meaning of section 80IB of the Income Tax Act 1961 (for short the said Act)....

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Strategy to crack CA Final Exam in First Attempt

Hello friends, I am CA Manoj Bothra; secured All India Rank 44 in CA Final May 2014 Exam. I am here to share a strategy to crack CA Final Exam in First Attempt and study plan. 1. First thing first, you should have at least a period of 6 month to prepare.  2. During this […]...

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Posted Under: Income Tax |

Criminalisation of politics is an anathema to the sacredness of democracy : SC

Manoj Narula Vs Union of India (Supreme Court of India)

Criminalisation of politics is an anathema to the sacredness of democracy. Commenting on criminalization of politics, the Court, in Dinesh Trivedi, M.P. and others v. Union of India and others (1997) 4 SCC 306, lamented the faults and imperfections which have impeded the country in reaching the expectations which heralded its conception....

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Revenue cannot recover demand to the extent of TDS deducted despite non payment by deductor

Smt. Anusuya Alva Vs Deputy Commissioner Of Income Tax (Karnataka High Court)

HC held that Revenue is to be definitely restrained in terms of Section 205 of the Act from enforcing any demand on the assessee-petitioner insofar as the demand with reference to the amount of tax which had been deducted by the tenant of the assessee in the present case, and assuming that the tenant had not remitted the amount to the Cen...

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Assessee cannot be held liable for non payment of TDS by deductor

ACIT Vs Om Prakash Gattani (Guwahati High Court)

It would not be possible to proceed to recover the amount of tax from the assessee. The assessee cannot be doubly saddled with the tax liability. Deduction of tax at source is only one of the modes. Once this mode is adopted and by virtue of the statutory provisions the person responsible ...

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Assessee not required to pay tax to the extent to which it has been deducted from relevant income

Commissioner Of Income Tax Vs Ranoli Investment Pvt. Ltd. & Ors. (Gujarat High Court)

As provided by s. 205 of the Act, where tax is deductible at source, the assessee shall not be called upon to pay the tax himself to the extent to which it has been deducted from the relevant income. Thus, from the aforesaid provisions it emerges that as soon as the tax is actually deducted...

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Does the Date of Filing of ITR really Extended?

CA Rekha Dhamankar We all know that the CBDT unexpectedly changed the formats of the tax audit report U/S 44AB of Income-tax Act by its Notification No.33 dated 25/07/2014 and to everyone’s surprise these new formats were made applicable from Financial Year 2013-14, for which the date of filing tax audit reports is 30/09/2014. Few ques...

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Posted Under: Income Tax |

TDS intimations cannot be in the form of Demand U/s. 156

Page Industries Ltd. Vs UOI (Karnataka High Court)

From a reading of the Centralised Processing of Statements of Tax Deducted at Source Scheme, 2013 it becomes clear that the Department has sought to achieve a comprehensive processing of statements filed under sub-section (3) of Section 200 of the Act, including rectification of a mistake in the said statement under Section-154 of the Act...

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Service Tax on Advertisement & Exchange Rate for Valuation

D.O.F. No. 334/15/2014-TRU (25/08/2014)

D.O.F. No. 334/15/2014-TRU Dated: August 25, 2014 Subject: Union Budget 2014-15: enactment of the Finance (No.2) Bill -reg. The Finance (No.2) Bill, 2014 received the assent of the President of India on 6th August, 2014 and has been enacted as the Finance (No.2) Act, 2014 [Act No.25 of 2014] [hereinafter referred to as the said […]...

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A Financial Conditions Index for India

Financial market variables contain information about the future state of the economy. Changes in financial variables often translate into changes in the real economy. Very often financial variables send contradictory signals to economic agents. Further, acute information asymmetry exists in financial markets especially around trigger even...

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Posted Under: Income Tax |