"06 September 2015" Archive

TAR Due Date- Request to FM to take note of CBDT wrong doing

I would like to attract your attention for seeking extension of the Tax Audit date of 30th September 2015 as it is totally unjustified to look towards the fraternity of Chartered Accountants to complete their job within 23 days against statutory availability of 180 days. ...

Read More
Posted Under: Income Tax |

Reservation…whether time has come to have a re-look at it?

As I close this article today on September 6, 2015, the Indian Express is carrying an interview of Mr. Sitaram Yechuri with the heading If caste numbers are known, Janata Parties will gain. That's why Census data is not coming out....

Read More
Posted Under: Income Tax |

sec 263 can be invoked If assessment has been done without examinations/inquiry

Ambience Hotel & Resort Pvt. Ltd Vs CIT, Ambience Developers & Infrastructure Pvt. Ltd Vs CIT II [ITAT Delhi]

ITAT Delhi held in Ambience Hotel & Resort Pvt. Vs CIT that if the AO had done his assessment ignoring the provisions of the IT act and TPA and ignoring the examinations/inquiry then that assessment was erroneous...

Read More

NO TDS on payment of Interest by co-operative society to its Members

Almora Urban Co-operative Bank Ltd Vs ITO (ITAT Delhi)

ITAT held in Almora Urban Co-operative Bank Ltd Vs ITO that TDS was not required to be deducted when co-operative society pays interest to its members as per sec 194A(3)....

Read More

Hundi discounting charges to carry on business is revenue expenses

CIT Vs DLF Universal Ltd (Delhi High Court)

Delhi High Court held in CIT Vs DLF Universal Ltd held that If assessee got hundi from its suppliers and get it discounted from the bank ,then the discounting charges paid by the assessee would be treated as a revenue expense;...

Read More

Penalty u/s 271D & 271E for raising & repayment of loans in cash cannot be imposed if sufficient reasonable cause exist

Envogue Wood Working Pvt Ltd Vs ACIT (ITAT Delhi)

ITAT held in Envogue Wood Working Pvt Ltd Vs ACIT that if the assessee had taken and repaid the loan in cash and provided the sufficient reasonable cause of doing such then penalty u/s 271D & 271E would not be imposed....

Read More

Order u/s 250 cannot be passed ex-parte without giving reasonable opportunity of being heard to assessee

Executive solutions Pvt Ltd Vs ITO (ITAT Delhi)

ITAT Delhi held in Executive solutions Pvt Ltd Vs ITO that reasonable opportunity of being heard should be given to the assessee as per the principle of natural justice irrespective of the fact the number of times opportunity of being heard had already been given to the assessee....

Read More

‘Such income’ in Section 11(1)(a) stands for ‘Gross Income’ not ‘Net Income’

Public Education Society Vs DDIT (Exemptions) (ITAT Bangalore)

Public Education Society Vs DDIT (Exemptions) (Bangalore ITAT) Since the expenditure incurred by the assessee was more than 93% of the gross receipts, no part of the gross receipts are liable to be taxed in the year under consideration, as the balance amount was set apart for application in the next year....

Read More

Income from assignment of film rights received in one shot taxable in the year of receipt if not refundable

M/s. AVM Film Studios Vs ITO (ITAT Chennai)

The ITAT Chennai in the case of M/s AVM Films Studios held that entire lease rental received in first year of assignment of film rights with a condition that the same is not refundable in any circumstances is taxable in that year itself and cannot be spread over the period of lease. ...

Read More

Sales commission paid to foreign company is not taxable in India in absence of PE in India

Asst. Commissioner of Income Tax Vs Karishma Global Mineral Pvt. Ltd. (ITAT Panaji)

The ITAT Panaji in the case of ACIT Vs. Karishma Global Mineral Pvt. Ltd. held that the sales commission paid by assessee to Singapore based entity is not taxable in India as the same is business profits which cannot be taxed in the hands of foreign company under India...

Read More