"23 September 2015" Archive

Writ in Karnataka HC for Extension of TAR/ITR Due Date

Karnataka State Chartered Accountant Society (KSCAA) & Sri.Raveendra S.Kore vs Union of India & CBDT (Karnataka High Court ), Writ Petition (WP) 41109/2015, 41110/2015. Updated on 28.09.2015- Hon’ble Karnataka high court directed CBDT to consider the representation of KSCAA by 29.09.2015. - ...

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Posted Under: Income Tax |

Addition in case of own mischief of assessee will not amount to double taxation – HC

R.B. Shreeram Durgaprasad (P) Ltd. Vs The CIT (Bombay High Court)

Bombay High court held In the case of R.B. Shreeram Durgaprasad (P) Ltd. vs. The CIT that concept of double taxation is not attracted in the present matter. The Export firm has to pay tax as it has actually utilized that amount as its income while the assessee has to pay tax as it attempted to conceal that income....

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Periodic payments are covered under section 40(c)(iii) but Lumpsum Payment are not : HC

M/s Nagpur Engineering Co. Pvt. Ltd. Vs Commissioner of Income Tax, Nagpur (Bombay High Court)

Bombay High court held In the case of M/s Nagpur Engineering Co. Pvt. Ltd. vs. CIT. that in order to attract ceiling u/s 40(c), the payment must be a periodical payment. A Lumsum payment or one time payment is not covered under section 40(c) of Income Tax Act, 1961....

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Deduction U/s. 80P(2)(a) allowable to Co-Op. banks on Commission on collection of electricity bills & prepayment facility: HC

The CIT Vs Amravati District Central Cooperative Bank Ltd. (Bombay High Court)

Bombay High court held In the case of CIT vs. Amravati District Central Cooperative Bank Ltd. that following the judgment of (2003) 264 ITR (38) (Bom.) (CIT vs. Ahmednagar District Central Cooperative Bank Ltd.) ...

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Distance for agricultural land prior to A.Y. 2014-15 is to be measured by approach road & not by straight line/ aerial method : HC

The CIT Vs Nitish Rameshchandra Chordia, & Others (Bombay High Court)

Bombay High court held In the case of The CIT vs. Nitish Rameshchandra Chordia & others. that amendments in the statute unless a different legislative intention is clearly expressed, shall operate prospectively....

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Loan to Shareholders in the course of lending business cannot be treated as deemed dividend

I.T.O Ward 29(4), Kolkata Vs Shri Piyush Jalan (ITAT Kolkata)

ITAT Kolkata has held in the case ITO Vs. Piyush Jalan that where lending of money is substantial part of the business of the concerned company and any advance or loan is made by it to a shareholder in the ordinary course of its business...

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Section 68 Cannot be invoked merely on the basis of Presumptions

Mukesh V. Prajapati Vs I.T.O. Ahmedabad (ITAT Ahmedabad)

It has been held in case of Mukesh V. Prajapati Vs ITO (Ahmedabad ITAT), that the amount of cash credits shown as loan taken from various relatives , cannot be added as unexplained credit under sec 68 just on the presumption that the sources of the fund is not genuine...

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Section 68 Cannot be invoked if Creditor’s Identity, Mode of Payment & Repayment proved

M/s. Jindal (India) Textiles Vs I.T.O. Ward 2(2), Surat (ITAT Ahmedabad)

In the case of M/s. Jindal (India) Textiles Vs. ITO the Hon’ble ITAT held that once creditors’ identity, mode of payment and repayment, assessee’s books of accounts proved the impugned credit transactions...

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No addition for mere sharp decline in G.P ratio in absence of collaborating evidence

Principal Commissioner of Income Tax Vs M/s Hues India Pvt. Ltd. (Rajasthan High Court)

In the case of of Pr. CIT vs. M/s Hues India Pvt. Ltd., High court of Rajasthan bench at Jaipur held that that quantum and penalty proceedings under the Act stand on a different footing and relying on decision in case of CIT v. Gotan Lime Khanij Udyog reported in 2002 (256) ITR 243 and Malani Ramjivan ...

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Keyman insurance expenses allowable if conditions u/s 10(10D) fulfilled

Suri Sons Vs Additional Commissioner of Income Tax (ITAT Amritsar)

In the case of Suri Sons vs. ACIT - ITAT Amritsar has held that that once life insurance policy has been sold as a life insurance policy on the keyman to the business, as long as it is in the nature of life insurance policy...

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Anti-dumping duty could not be added for computing customs duty, SCD & SAD: SC

M/S Jaswal Neco Ltd. Vs Commissioner of Customs, Visakhapatnam (Supreme Court of India)

In the case of M/S. Jaswal Neco Ltd. Vs. Commissioner Of Customs , it was held by Supreme Court that anti-dumping duty could not be added for computing customs duty, Special Customs Duty and Special Additional Duty by referring to the judgment in the case of Commissioner of Customs ...

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Availability of alternate remedy do not preclude High Court from exercising jurisdiction– SC

D.R. Enterprises Ltd. Vs Assistant Collector of Customs and ORS. (Supreme Court of India)

In the case of D.R. Enterprises Ltd. Vs. Assistant Collector Of Customs And Ors, it was held by Supreme Court that the powers of the High Court under Article 226 of the Constitution, while issuing appropriate writs, are very wide....

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Section 54F cannot be denied if Assessee was not exclusive owner of more than one property at the time of Transfer

CIT Vs Kapil Nagpal (Delhi High Court)

In the case of CIT vs Kapil Nagpal, it was held by the Delhi High Court that purchase of an agricultural land used for agricultural purposes did not violate 54F conditions. Further the exclusive ownership of the residential house on the date of transfer is required to prove violation of Section 54F....

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RBI to issue ₹ 500 and ₹ 1000 Banknotes with Three Additional Features

The Reserve Bank of India will shortly put into circulation banknotes in the denominations of ₹ 500 and ₹ 1000 incorporating three new/revised features – (i) ascending size of numerals in the number panels, (ii) bleed lines, and (iii) enlarged identification mark. It may be recalled that the Reserve Bank recently put into circul...

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Posted Under: Income Tax |

Valuation of Non – Monetary Consideration under Service Tax

The term ‘service’ is defined under service tax law to mean any activity for ‘consideration’ by one person for another. In this regard, it is important to note that section 67 of the finance act, 1994 determines consideration to include both monetary as well as non-monetary consideration. ...

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Posted Under: Income Tax |

Public Private Partnership In BOT

Deficiencies in Indian infrastructure as already seen is a major obstacle for achieving and sustaining higher economic growth in India. To attend these problems the economic programme of 1991-96 in tune with economic liberalization and new wisdom of reducing role of public sector, ended the decades long monopolies of public sector in the ...

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Posted Under: Income Tax |

Head Office not registered as Input Service Distributor – CENVAT Credit cannot be denied

Customs, Excise and Service Tax Appellate Tribunal Jaipur has ruled in the case of National Engineering Industries Ltd. Vs. Commissioner of Central Excise that CENVAT credit cannot be denied for non-registration of head office as Input Service Distributor (ISD), since omission to obtain registration as an ISD can at best be considered as ...

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Posted Under: Income Tax |

Can Receiver Avail Threshold Exemption In Service Tax

A threshold exemption scheme was introduced in Union Budget 2005-06 (effective from 1.4.2005) exempting from service tax aggregate value of taxable services not exceeding four lakh rupees received by the service provider during a financial year. A point has been raised whether payments received after 1.4.2005 towards the services provided...

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Posted Under: Income Tax |

List of cases requiring Audit under Income Tax Law by 30th September

Dear Taxpayer, It is found from the Return of Income e-Filed by you for AY 2014-15 you were liable to get your accounts audited under applicable sections of the Income Tax Act, 1961. The due date for e-Filing the return of income for AY 2015-16 together with the appropriate audit report(s) is 30th September, 2015. […]...

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Posted Under: Income Tax |

Empanelment with ICAI of Writers for CAs examination

The concessions extended by the Institute of Chartered Accountants of India (ICAI), to differently abled candidates, in CA examinations, inter alia include a) compensatory time and/or b) writer (scribe). Detailed guidelines in this regard are hosted in the students>examination section of www.icai.org...

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Posted Under: Income Tax |

Last date for filing declaration under compliance window of Black Money Act – regarding

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been enacted to deal with the menace of black money stashed abroad. The Act provides for a one-time compliance opportunity which will end on 30th September, 2015....

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Posted Under: Income Tax |

ICAI Meeting with FM: No Concrete Decision on TAR/ITR Date Extension

During Meetinf of ICAI president with FM, Hon’ble Finance Minister has assured to look into the matter. However, in the absence of any concrete decisions so far, the esteemed members of the profession are advised to put in their best efforts to comply with the prescribed due date i.e. 30th September, 2015....

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Posted Under: Income Tax |

Deaf and dumb assesse can now claim Transport allowance exemption upto Rs. 3200 p.m.

Notification No. 75/2015 - Income Tax (23/09/2015)

Notification No. 75/2015 - Income Tax - Under Rule 2BB of Income Tax Rules various allowance and extent to which the same can be claimed as exempt by Salaried Assessee is been specified. Under the same rule Exemption limit of Transport allowance also been given. In this rule be amendment the higher exemption limit of Transport allowance o...

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Writ in Gujarat High Court for extension of ITR/TAR Due Date

All Gujarat Federation of Tax Consultants vs. CBDT (Gujarat High Court), Special Civil Application No. 15075 Of 2015, Dated-15.09.2015. Update on 30.09.2015- Click here to Download Copy of Gujarat High Court Judgment - Update on 29.09.2015- Gujarat High Court directs CBDT to extend the due date for Filing of ITR to 31st October 2015. A...

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Posted Under: Income Tax |

TAR/ITR Due Date – Writ in Punjab & Haryana High Court

Vishal Garg & Ors. Vs. Union of India & Anr. (Punjab & Haryana High Court), CWP- 19770 -2015, Dated- 15.09.2015 High Court Directed CBDT to Extend due date of ITR from existing 30.09.2015 to 31st October 2015. Court also provided future guidelines for issuing forms. Check Link- Tar Audit/ ITR date extended to 31st October 2015...

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Posted Under: Income Tax |

Extension of TAR/ITR Due Date- Writ in Rajasthan HC by CA Devendra Somani

CBDT extends date only in Punjab, Haryana, UT of Chandigarh and Gujarat Update on 29.09.2015 – Case is been dismissed by High Court following the judgment of same court in the case of Rajasthan Tax Consultants Association & Anr Vs. UOI.  Update on 28.09.2015- As writ in the case of Rajasthan Tax Consultants Association & A...

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Posted Under: Income Tax |

Writ in Rajasthan HC by RTCA for Extension of TAR/ITR Due Date

Rajasthan Tax Consultants Association & Anr Vs. Union Of India & Anr (Rajasthan High Court, Jodhpur) , CIVIL WRIT NO. 11037 of 2015 , Dated -22.09.2015 Writ is been dismissed by Jodhpur Bench of Hon'ble Rajasthan High Court following judgment of Delhi High Court....

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Posted Under: Income Tax |

Delhi HC instructs CBDT to release ITR on or before 1st April

Avinash Gupta V/s Union of India and Ors (Delhi High Court) , W.P.(C) 9032/2015 As per information received from Appellant CA Avinash Gupta, While hearing the above case on the matter of extension of due date of Tax Audit Report and Income Tax Return Filing, Hon;ble High Court has interalia issued directions to CBDT To notify ITR Forms ...

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Posted Under: Income Tax |

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