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Archive: 03 July 2015

Posts in 03 July 2015

Assessment framed in the name of non-existing entity due to amalgamation cannot be cured by provision of section 292B

July 3, 2015 1167 Views 0 comment Print

Hon’ble Delhi Court in the matter Spice Entertainment (ITA no. 475/2011) give finding on the proposition that completion of assessment in respect of a non-existent company due to the amalgamation would result assessment in the name and in respect of the original assessee company,

Application of provision of section 14A r.w. Rule 8D without recording satisfaction cannot be upheld

July 3, 2015 953 Views 0 comment Print

It is a trite law as per provision of section and various judicial pronouncement that AO must record satisfaction regarding to non-correctness of the claim of the assessee u/s 14 A. He must ensure that there is an error in calculation of expenditure relating to the income which relates to the exempted income.

Estimation of income without any basis by Assessing Officer is not valid

July 3, 2015 3201 Views 0 comment Print

The contention of the assessee was that the AO framed the assessment arbitrarily on the basis of assessment order for the assessment year 2002-03 which was set aside by the ITAT in ITA No. 326/Del./2007 vide order dated 25.7.2008.

No Rectification u/s 154 for mistake from long drawn process of reasoning

July 3, 2015 2388 Views 0 comment Print

Karnataka High Court held In the case of K.S. Venkatesh vs. DCIT that The Hon’ble Apex Court in T.S.Balaram Vs Volkart Brothers and others reported in 1971 (82) ITR 50 has observed that a mistake apparent on the record must be obvious and patent mistake and not something

Allocation of work to Commissioner of Income-tax (Judicial)-Reg.

July 3, 2015 5950 Views 1 comment Print

(A) Work Jurisdiction of CIT (J) The CIT (J) shall be the nodal office for all matters, including but not limited to those mentioned in Part (C) below, relating to the jurisdictional High Court as also co-ordination with counterparts for other High Court/s. He shall be responsible for ensuring that the Departmental view regarding the interpretation of the Income-tax Act, 1961 is enforced uniformly and coherently within the jurisdiction of the respective Region.

Investment in companies engaged in tobacco related activities

July 3, 2015 3355 Views 0 comment Print

In terms of the above regulations foreign direct investment is prohibited in manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes. It is clarified that the prohibition applies only to manufacturing of the products mentioned therein and foreign direct investment in other activities relating to these products including wholesale cash and carry, retail trading etc. shall be governed by the sectoral restrictions laid down in the FDI policy

All about Section 44AD of Income Tax Act, 1961

July 3, 2015 283592 Views 24 comments Print

To give relief to small assesses, the Income-tax Law has incorporated a simple scheme commonly known as Presumptive Taxation Scheme. There are two schemes, viz., the scheme of section 44AD and the scheme of section 44AE. An assesses adopting these provisions is not required to maintain the regular books of account and is also exempt […]

Consequence of not Downloading TDS certificate from Traces Website

July 3, 2015 6627 Views 0 comment Print

TDS Certificates downloaded only from TRACES hold valid: In view of above circulars, it may kindly be noted that the TDS Certificates downloaded only from TRACES Portal will be valid. Certificates issued in any other form or manner will not comply to the requirements referred in the Income-tax Act 1961 read with relevant Rules and Circulars issued in this behalf from time to time.

Treatment of Business Losses- Carry forward and Set Off

July 3, 2015 18027 Views 0 comment Print

In this article, we will analyse the provisions for ‘set off’ or ‘carry forward and set off’ of losses from the head ‘Profit and Gains from business and profession’. Types of business under the head ‘Profits and Gains from Business and Profession’:-

Black Money Compliance Window & Analysis of Black Money Act

July 3, 2015 2930 Views 0 comment Print

The last date by which a person must pay the tax and penalty in respect of the undisclosed foreign assets so declared shall be the 31st day of December, 2015. Detailed features of the compliance window are notified separately.

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