"05 April 2015" Archive

Amounts already paid without TDS cannot be disallowed- Merilyn Shipping followed

Jitendra Mansukhlal Shah Vs DCIT (ITAT Mumbai)

Contention of the Assessee- Provision of Sec. 40(a)(ia) shall apply only in respect of the amounts payable at the end of the year and shall not apply on the amounts actually paid by the appellant during the year. ...

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Section 40(a)(ia) not attracted in respect of payment already made by the end of previous year

M/s. Vivil Exports P. Ltd. Vs ITO (ITAT Mumbai)

The following disallowances were made by the AO by invoking provisions of section 40(a)(ia) of the Act: - 1 Disallowance on account of transportation charges paid to M/s. Lalji Mulji - Rs. 1 ,59,386/- 2 Disallowance on account of export freight charges paid - Rs. 6, 17,830/ - 3 Disallowance on account of export freight paid to Indian ag...

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s. 40(a)(ia) Disallowance has to be made irrespective the fact that whether payment is made during the year or not

ITO Vs Pratibhuti Viniyog Ltd. (ITAT Mumbai)

In this case ITAT Mumbai distinguished the Allahabad High Court’s ruling in the case of CIT v. Vector Shipping Services (P) Ltd. (ITA No.122 of 2013) and held that the issue of 'paid and payable' was not subject of reference before the Allahabad High Court....

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Penalty U/s. 271(1)(c) cannot be imposed for failure to deduct TDS

Rushi Builders and Developers Vs ACIT (ITAT Mumbai)

It is not the case of the Revenue that the assessee had not incurred the expenditure claimed or that the claim of expenditure was bogus or incorrect. The disallowance of expenditure was attracted due to non-deduction of TDS and it cannot be said to be a case of concealment of income or furnishing of inaccurate particulars of income....

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Revised Procedure/ Guidelines for Appointment of Non Official Directors

Government Amends Procedure For Appointment of Non Official Directors (Nods) on The Boards of Public Sector Banks, Insurance Companies and Financial Institutions to Professionalise the Boards The Government of India has amended the procedure for appointment of Non Official Directors (NoDs) on the Boards of Public Sector Banks (PSBs), Insu...

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Posted Under: Income Tax |

Myths and misconceptions about Personal Income tax

Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an inheritance, or from a registered charitable or e...

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Posted Under: Income Tax |

Service Tax Reverse Charges Mechanism for LLPs

Analysis on Service Tax RCM for LLPs/ Critical Analysis on Reverse Charges Mechanism in Service Tax for LLP after change in definition of Body Corporate...

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Posted Under: Income Tax |

Procedure to Apply for the Food License

For the better life of a human being, the good food is the one of the key factor which provides the proper quantity of vitamins, carbohydrate and other nutrients to a person. Hence, the Government keeps an eye over such traders/ manufactures/ venders who deal in any type of food items. For this Government passes the various laws, rules, r...

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Posted Under: Income Tax |