"29 June 2015" Archive

TDS on Salary/Income tax Calculator for F.Y. 2015-16 A.Y. 2016-17

This tax calculator has been made with the information available to me. I don't claim this to be 100% accurate. This tax calculator can be used for tax planning to calculate the approximate tax payable by salaried individuals. This should NOT be used to compute the actual taxes to be paid to the Government. The author is not responsible f...

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Posted Under: Income Tax | ,

‘Sale in Transit’ an Apparatus of Harassment

‘Sale in transit’ (subsequent sale) under Section 6(2) of Central Sales Tax (CST) Act 1956 has become ‘an apparatus of harassment’ for the suppliers of the goods (manufactures or dealers). The State Revenue Assessing Officers are enjoying this tool by imposing taxes and penalties by treating it as ‘pre-determined’ sale under S...

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Posted Under: Income Tax |

Interest on refund allowed even if law is silent

State of Gujarat Vs. Indian Petro Chemicals Ltd. (Gujarat High Court)

HC held that the principles of compensatory measure may apply where the legislature is silent about entitlement of interest on refund of the tax amount, which is already paid by the Assessee. Thus, by considering interest by way of a compensatory measure...

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Posted Under: Income Tax |

Interview: – A Big Hurdle to Your Job

Success of an interview is totally dependent on you. In most of the part of your professional lives you will face many interviews. Facing and to succeed the interview requires both the knowledge and skills. With proper preparation and by following some basic guidelines you can crack most of the interviews....

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Posted Under: Income Tax |

Service Tax on Construction Service

Services provided by the Builders/ Developers is not taxable prior 01st July 2010. It is taxable from 1st July 2010 onwards as per CBEC circular No. 108/02/2009-ST. Service tax is applicable on under construction property at the time of bookings/agreements made before the construction completes. Is the Flats/Apartments / Villas is given t...

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Posted Under: Income Tax |

Signing of Annual return under Companies Act, 2013

Earlier the provisions of Annual Return were governed under Section 159,160,161, 162 & Schedule V of the Act, 1956 where as now the all the sections are merged into one hut under Section 92 of the Act, 2013 excluding format for the same which is provided in Form No. MGT-7 prescribed in Rule 11 of the Companies (Management & Administration...

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Posted Under: Income Tax | ,

All About Deposits under Companies Act, 2013

As per Section 2(31) of Companies Act, 2013,deposit includes any receipt of money by way of depositor loan or in any other form by a company, but does not include such categories of amount as may be prescribed in consultation with the Reserve Bank of India....

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Posted Under: Income Tax |

Assessee must prove genuineness of gift, circumstance and reason which necessitated making a gift

Sarita Aggarwal Vs The Income Tax Officer (Delhi High Court)

In AY 1994-15, the assessee (Sarita Aggarwal) had shown credit of Rs.2,60,000/- in the capital account under the narration Gift. The Assessing Officer disbelieved the claim and made an addition of the aforesaid amount to the income as declared, holding that the assessee was unable to establish genuineness of the gift. ...

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Posted Under: Income Tax |

Provisions of Section 245D (2C) can be invoked only if the assessee does not deposit income tax payable on income disclosed

CIT Vs Vishan Das (Delhi High Court)

Whether assessee has defaulted in payment in payment of additional amount of income-tax payable on the income disclosed in the original application and provision of section 245D (2C) can be invoked in such circumstances....

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Section 2(15) Hostel accommodation provided to various invitees could be considered as commercial activity? 

India International Centre Vs ADIT (ITAT Delhi)

The predominant activities of the centre was not to earn income but to provide facilities for disseminating or exchanging knowledge as per the object of the society The dominant object of the assessee is definitely for the well being of public at large by organizing various seminars for...

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Loss on account of intraday trading in shares settled through clearing difference bills is not speculative in nature

CIT Vs Lalit Kumar Poddar (Delhi High Court)

Clearing difference has been determined on the basis of statement of purchase and sales of shares of security made on assessee’s behalf by the broker. CIT(A) decided this issue after examining the ledger accounts maintained by the assessee and contract notes issued by the broker. ...

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Release of Mobile Application for DGFT related services

Trade Notice No. 06/2015 (29/06/2015)

It is the endeavour of DGFT to provide various trade related information in electronic format. At present this information is available on the website of the DGFT (http://www.dgft.gov.in). As part of trade facilitation, DGFT has now developed a mobile application which has been released for the Android platform. Mobile app has the fol...

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Penalty u/s 271(1)(c) in search assessment is tenable only if some incriminating material found during search

M/s. Bhandari Construction Company Vs DCIT (ITAT Pune)

Assessee is not liable to penalty u/s 271(1)(c) of the I.T. Act since the same was not based on any incriminating material found during the course of search. The addition was based on the basis of loan creditors found from the balance sheet already filed prior to the search along with the original return of income....

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Peak credit theory for addition to income is applicable when deposit in bank account is out of cash withdrawals

Shri Shivraj Mishrilal Bafna Vs ITO (ITAT Pune)

Peak credit theory will be applicable only when there are deposits in cash and withdrawals in cash. In the instant case when the deposits are made in cash and most of the withdrawals are by way of clearing and not cash withdrawn, therefore, the theory of peak credit is not fully applicable to the facts of this case....

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Expense/Liability not allowable based on mere debit note, unless genuineness is established

M/s Breitling Properties Pvt Ltd. Vs DCIT (ITAT Pune)

Liability need not to always be a contractual one. On the basis of understanding between the two parties, both sides have passed necessary accounting entries. It was a genuine transaction. Since the assessee was unable to complete the SEZ it transferred the land to the sister concern IGICPL....

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Sponsorship charges on study of daughter of Director allowable if made out of business exigency

M/s Motors Sales Limited, Lucknow Vs Department Of Income Tax (ITAT Lucknow)

Sponsorship charges incurred by the assessee company on study of daughter of the Director of the company abroad was not held to be of Personal Nature in view of the fact that study was sponsored by the assessee-company for its business exigency. Moreover she, being a Deputy General Manager of the assessee company, has entered into an agre...

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No depreciation allowable on ‘identifiable fixed assets if not used for Business purpose at all’

M/. Pan Parag India Ltd, Kanpur Vs Department Of Income Tax (ITAT Lucknow)

It was held that it is undisputed fact that the ‘Jorhar Unit’ of the assessee did not function at all in the present year and its assets although part of block of assets are identifiable and therefore as per provision of section 38(2) of the Act, depreciation is not allowable because assets of this unit were not used for business purp...

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Are Chartered Accountants Really Independent?

CA Amresh Vashisht Our profession did not anticipate much of what has happened after Satyam, which has sufficiently concerned about the growing loss of credibility of the profession. Everyone is talking about the role and responsibility of Auditors. Company law and income tax are the two main resource legislation, which decide the fate of...

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Posted Under: Income Tax |

Dignified Self-Employment: Income Tax Practitioner

The 'Income Tax Practitioner' is a noble & dignified profession for those who have just passed out an 'accountancy examination', or have just acquired a 'Degree in Commerce or Law'. They could take up this Profession of Practicing in Income Tax Law, basing on one’s own abilities. ...

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Posted Under: Income Tax |

Deduction of Depreciation as well of Capital Expenditure U/s. 11 In Case of Trusts not amounts to Double Deduction

Income tax Officer-(E) I (1), Mumbai Vs Bai Kabibai & Hansraj Morarji Charity Trust (ITAT Mumbai)

Whether CIT (Appeals) erred in directing the Assessing Officer to allow depreciation on fixed assets without appreciating the fact that the capital expenditure incurred on acquiring the assets has already been claimed as application of income u/s. 11 of the I. T. Act 1961 in the current / past years. ...

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AO cannot decide reasonableness, commercial expediency of expenditure incurred by Assessee

ACIT Vs Mubarak Kasam Momin, Prop. Opal Stone Industries (ITAT Mumbai)

ITAT Mumbai held that the ad hoc disallowance made by the AO was not based on any scientific or logical basis. It is a fact that the books of the assessee are audited and no discrepancy was pointed out by the AO about the accounts maintained by him. Cash vouchers were supported by the documentary evidences...

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CIT Cannot Deny Registration of Trust U/S 12AA without Examining Activities & Objects of Trust

Mallikarjun School Society Vs Commissioner of Income Tax, Uttarakhand (ITAT Delhi)

According to the provisions of section 12AA of the I.T. Act, the Commissioner, on the receipt of Application for registration of a trust or institution shall (a) call for such documents or information from the trust or institution as he thinks necessary in order to satisfy himself about the genuineness of activities of the trust ...

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