"02 September 2015" Archive

Once Labour Payments are made, clear-cut Contract exists between the parties

I.T.O Vs M/s. Talwar Brothers Pvt. Ltd. (ITAT Kolkata)

The Assessee had paid a sum of Rs.9,22,160/- on account of Sewing and Processing Charges without deducting TDS on the same. The AO invoked the provisions of Section 40(a)(ia) of the Act and disallowed the entire amount paid on account of Sewing and Processing Charges....

Read More

Provisions related to ‘Private Placement’ under Companies Act 2013

Tug of war between Private Placement and Preferential Offer: Section 42 of the Companies Act, 2013, read with Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014 prescribe the procedure for private placement of securities to any persons through the issue of a private placement offer letter and subject to an overa...

Read More
Posted Under: Income Tax |

Scope of additions that can be made in a pending assessment and in a completed assessment pursuant to a search u/s 132

CIT Vs Kabul Chawla (Delhi High Court)

Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course...

Read More

Analysis of ICDS and comparison with AS and IND AS

CBDT vide its Notification No: 32/2015 dated 31-03-2015 notified 10 Income Computation and Disclosure Standards (ICDS) which is to be followed by all assesses at the time of computation of income chargeable to income tax under the head Profit and gains of business or profession or Income from other sources. The effective dates of such ICD...

Read More
Posted Under: Income Tax |

ADIT (Recovery) found guilty in Disproportionate Assets case

The Special Judge for CBI Cases, Hyderabad has today convicted Sri A.Mallikarjuna Rao, (IRS-2001), then Assistant Director of Income Tax (Recovery), New Delhi in a Disproportionate Assets case and sentenced him to undergo five years Rigorous Imprisonment with fine for Rs.Six lakhs. The said accused is presently posted as Deputy Commission...

Read More
Posted Under: Income Tax |

Income Tax Return due date extended to 7th September 2015

F.No.225/154/2015/ITA.II (02/09/2015)

Government has extended the due date for filing of Income Tax Return for Assessment Year 2015-16 to 7th September 2015 from 31st August 2015 for taxpayers who were required to file their tax-return by 31st July, 2015. It has been done considering hardships faced by taxpayer in E-Filing Returns of Income on the last date i.e. […]...

Read More

Government pushing GST to meet April, 2016 deadline

Even though Parliament’s Monsoon Session could not turn into success, the Indian Government did not step-back and has been significantly working towards the success of Goods and Services Tax (GST) to be able to meet the April, 2016 deadline. The Government has pressed the pedal on the much needed administrative ground work for rolling o...

Read More
Posted Under: Income Tax |

Central Excise Refund & Sales Tax Remission are admissible deductions u/s 80IC

Shri Manoj Garg Vs. C.I.T., Kolkata (ITAT Kolkata)

In the case Manoj Garg Vs. ITO the Hon’ble Kolkata ITAT held that both Central Excise Refund and Sales Tax Remission are eligible deductions u/s 80IC and that the CIT was not justified in initiating proceedings u/s 263 of the Act ...

Read More

Notice u/s 274 should specify Grounds of Imposition of Penalty

Shri B L Dasraj Urs Vs I.T.O (ITAT Bangalore)

In the case Shri B L Dasraj Urs Vs. ITO the Hon’ble Bangalore ITAT held that show cause notice u/s 274 is defective if it does not spell out the grounds on which penalty is sought to be imposed....

Read More

Slight difference in Person’s Name does not prove transaction is not genuine

I.T.O Vs Smt. Mala Gupta (ITAT Kolkata)

In the case ITO Vs. Smt. Mala Gupta the Hon’ble Kolkata ITAT held that slight difference in the name of the person does not mean that it is not the same person provided the genuineness of the transaction is proved....

Read More