"11 January 2015" Archive

CBI arrests JCIT, 2 CAs & Businessmen in bribery case

In the operation which started yesterday across Mumbai and Chennai The CBI, Anti Corruption Branch, Chennai has caught Sallong Yaden, Joint Commissioner, Income Tax, Range-VI, Nungambakkam, Chennai red handed while accepting a bribe of Rs 8 lakhs from a chartered accountant, Shreyans Bhandari of S.H. Bhandari & Co., Chartered Accounta...

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Posted Under: Income Tax |

Section 54 places thrust on investment & not on completion

Smt. Rajneet Sandhu Vs DCIT (ITAT Chandigarh)

Smt. Rajneet Sandhu vs. DCIT (2010) 133 TTJ 0064 (Chandigarh): In this case the construction of the house was not completed within the prescribed period. It was held that section 54F does not prescribe that the residential house should be completed within the prescribed period and benefit under s. 54F was allowed....

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Sec. 54F exemption cannot be denied for mere delay in construction completion

Pradeep Kumar Chowdhry Vs DCIT (ITAT Hyderabad)

In this scenario, the only issue is whether the amount of consideration received on transfer invested by the assessee in a flat constructed within three years would amount to construction of a residential house within the time limit of three years. ...

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Extension U/s 80G(5) cannot be denied for violation of section 13

Ashoka Education Foundation Vs CIT (ITAT Pune)

While granting the exemption or renewal of exemption under section 80G(5) of the Act, the role of CIT is limited to look into the nature of activities being carried on by the institution or fund and the violation if any, of the provisions of section 13 of the Act and its various sub‑sections are to be looked into by the Assessing Office...

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Deduction U/s. 80IB(10) cannot be denied for mere delay in issue of completion certificate by Municipality

Gera Developments Pvt. Ltd Vs JCIT (ITAT Pune)

Entire case of the Assessing Officer rests on Explanation (ii) to section 80IB(10)(a) of the Act which prescribes that the date of completion of construction of the housing project shall be taken to be the date on which the completion certificate in respect of such housing project is issued by the local authority. ...

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Penalty imposed u/s 271(1)(c) cannot survive if issue is debatable & admitted by HC

Schrader Duncan Limited Vs ACIT (ITAT Mumbai)

when the Hon'ble jurisdictional High Court has admitted substantial question of law on the addition, it becomes apparent that the addition so made has become debatable. The penalty was imposed on the basis of addition so made, therefore, when the addition on the basis of which the penalty was imposed has become doubtful/debatable, therefo...

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Depreciation optional- Assessee can claim Depreciation partly in respect of certain block of assets & not in respect of other

DCIT Vs Sun Pharmaceuticals Ltd (Gujarat High Court)

Tribunal is right in law and on facts in holding that depreciation not claimed for by the assessee, cannot be allowed as a deduction despite the introduction of the concept of block assets. Depreciation is optional to the assessee and once he chooses not to claim it, the Assessing Officer cannot allow it while computing the income....

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Know Your Customer Guidelines – Faqs

What is KYC? Why is it required? Response: KYC means 'Know Your Customer'. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts and also periodically u...

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Posted Under: Income Tax |

Income Tax Dept. filing TDS return after due date

Centralizud Processing Cell (TDS) Vs Shri Surender Mehto (Rajasthan High Court)

28,537 TANs of Government deductors filed their quarterly TDS statement late. 97 Deductors of Income Tax Department have files their quarterly TDS statement late during period from 01.07.2012 to 01.03.2014....

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