"12 July 2015" Archive

Interest on Bank FDRs to maintain the Minimum Interest Reserve Account is taxable as Business-Income

CIT Vs M/s Accession Buildwell (P) Ltd. (Delhi High Court)

In regard to claim of expenditure on Registrar of Companies’ fee for increase in authorized share capital, the HC held that the same could not be allowed and was also not amortizable under Section 35D (2)(c)(iii) of the Act, not being fee for initial registration of the company. ...

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Commencement of business simply means taking first step in performing overall income producing activity

CIT Vs M/s Jcdecaux Advertising India (P) Ltd. (Delhi High Court)

The ITAT noted that there are three stages in operational business:- (i) setting up; (ii) post setting up but before commencement of business; and (iii) commencement of business and thereafter. In case of a building contractor...

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New evidences obtained can be used only after proper opportunity of being heard is given to assessee

DIT Vs M/s Ericsson AB (Delhi High Court)

CIT (Appeals) did not offer any opportunity to the assessee to make submissions with respect to the materials obtained from the survey and unilaterally rendered findings, CIT (Appeals)’s order was bad for the reason that he did not follow the procedure prescribed by the law....

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Excess stock found during search cannot be the sole reason for rejection of books of accounts

CIT Vs M/s Navbharat Export (Delhi High Court)

The expenses claimed for transportation could not have been a valid ground for rejecting the books of account considering the fact that the transport expenses in doubt was just 5.1% of total Transport Expense....

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Pros and Cons of Selfie culture

In the modern life, it is fashionable to name the latest trends and technologies with short and crisp words such as SciFi, HiFi and WiFi. The latest addition is the Selfie, which is a photograph of the self taken by the photographer. It can be taken with a handheld digital camera or tablet or smart phone. ...

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Posted Under: Income Tax |

Expanding Scope of Income Under Income Tax

The word income has a special significance in Income-tax machinery as the income-tax is a tax upon the 'income'. Section 2 (24) of the Indian Income-tax Act, 1961 [which corresponds to section 2 (6C) of the Income-tax Act, 1922] contains the inclusive definition of income. ...

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Posted Under: Income Tax |

CA Practice- Be an Arbitrator

CA Amresh Vashisht A Chartered Accountant can equip himself to enter into the field of Arbitration with considerable advantage. A Chartered Accountant normally represents the cases of his clients before various authorities, including the Tribunals, Company Law Benches, SEBI, RBI etc. He can definitely specialize in arbitration matters, pa...

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Posted Under: Income Tax |

Bhaijaan, TDS se kar lo Pehchaan

CA Umesh Sharma Arjuna (Fictional Character): Krishna, the festival of Eid is approaching. But the Taxpayers are in a rush of filing TDS returns. As the due date of TDS returns and the auspicious festival of Eid have come one after the other, Some taxpayers are facing some difficulty. Krishna please explains what is this […]...

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Posted Under: Income Tax |

व्यापार एवं उद्योग का एक बड़ा सवाल क्यों नही जारी हो पा रहे है आयकर रिटर्नस

आयकर में निर्धारण वर्ष 2015-16 के लिए समाप्त होने वाला वित्तीय वर्ष 31-03-2015 को समाप्त हो चुका है अर्थात वर्ष 01—4-2014 से 31-03-2015 का जो वर्ष है उसका ...

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Posted Under: Income Tax |

No Disallowance for non-deduction of TDS if payee includes the same amount in his ITR and paid taxes on the same

M/s Debdutta Construction Vs ITO (ITAT Kolkata)

The assessee had made payment to the labour contractors without deducting TDS on the same and claimed the same as an expense in his profit & Loss account. AO disallowed the same as per sec 40(a)(ia) for non-deduction of TDS....

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