"26 October 2014" Archive

Sec. 194A TDS not deductible on Hundi discount as it is not interest

DCIT Vs Shri Harnamsingh Kulbirsingh Maker (ITAT Mumbai)

During the course of the scrutiny the assessment proceedings the AO noticed that under the Head 'Finance Expenses' the assessee has debited an amount of Rs.91,30,250/- on account of discount on Hundi....

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TDS / TCS – Restriction on Download of Conso Files & issues

We are aware that recently TRACES enabled its online correction utility and seized downloading of conso files where the statement contained unmatched challans. It has caused inconvenience to many for the reasons stated below :...

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Posted Under: Income Tax | ,

In case of disclosure of material facts of during original assessment proceeding, AO cannot issue re-assessment notice u/s 148 of the Act to find nature of same

Oracle India Pvt. Ltd. Vs DCIT (Delhi High Court)

It is a settled position in law that for reassessment proceedings beyond the period of four years from the end of the relevant assessment year, it is an essential condition that the income chargeable to tax which has allegedly escaped assessment must be occasioned...

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S. 80IC Assembling of Tools & Machinery for final product is equal to manufacturing process

CIT Vs M/s. Faith Biotech Pvt. Ltd. (Delhi High Court)

The respondent-assessee was engaged in the business of manufacture of health care and surgical items and in the returns filed for Assessment Years 2006-07, 2008-09 and 2009-10 had declared taxable income of Rs.26,25,230/-, Rs.94,90,363/- and Rs.32,18,350/- respectively....

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