ACIT vs. R.P.G.Credit & Capital Ltd. (ITAT Delhi) – In course of assessment, AO made addition under Section 68 .CIT (A) remanded matter back for obtaining confirmation of creditors. AO gave a remand report that he was satisfied with confirmation given by creditors and loan appeared to be genuine.
JCIT vs. Cybertech Systems & Software P. Ltd.,(ITAT Mumbai) Assesse’s claim for exemption u/s 10B was denied. A.O. also passed a penalty order u/s 271(1)(c) for raising a false claim for exemption. Tribunal found that assesse had not even challenged rejection of claim in appeal.
In the case of Hinduja Global Solutions Ltd. Vs. UOI Assesse’s case for exemption under section 10A was allowed in earlier years by Tribunal. During the relevant year, the Tribunal disallowed assessee claim.
ITAT Mumbai has held in the case of C.R. developments Vs. JCIT that time limit for investment is six months from the date of transfer and even if such investment falls under two financial years, the benefit claimed by the assessee cannot be denied.
ITAT Mumbai has In the case of CIT Vs. Sh. Chandrakant V. Gosalia held that Loan given by Company to its substantial shareholder will attracts provisions of section 2 (22)(e) of Income Tax Act,1961 if the same were not lent in ordinary course of business and mere payment of loan amount would not escape assesse from provision of Section 2 (22)(e).
In this article we have compiled the details of release of Schema of ITR Forms for AY 2015-16 , Schema of Forms (Other than ITR), Schema of Form BB (Return of Net Wealth) for AY 2015-16 and ITR Validation Rules for AY 2015-16 from the details we can make out that department has updated the […]
Highlights of e-Filing No of Registered Users as on 31/08/2015- 46926524 Peak rate of receipt of returns per day : (31/08/2015)- 1417227 Peak rate of receipt of returns per hour : (31/08/2015)- 150293 Peak rate of receipt of returns per minute: (31/08/2015)- 3475 Percentage of returns received outside office hours- 52.613% Percentage of returns filed […]
RELAX TO STUDY- It’s only a month left for the CA exam and two months for the CS examinations. And so it is very natural for the students to be in a bad shape and deep stress. But apart from the academic suggestion we do not normally find people who could take us around as to how to maintain our mental stress during these crucial days before the D- day; which is equally important.
Under Section 2(18) of the Income tax a company is said to be a company in which the public are substantially interested in the following circumstances: (a) if it is a company owned by the Government or the Reserve Bank of India or in which not less than forty per cent of the shares are held (whether singly or taken together) by the Government or the Reserve Bank of India or a corporation owned by that bank; or
Government Decides to Amend Income-Tax Act 1961 so that with Effect from 1st April, 2001, the Provisions of Section 115JB Shall Not be Applicable to a Foreign Company If the Foreign Company is a Resident of a Country Having DTAA with India and Such Foreign Company Does Not have a Permanent Establishment within the Definition of the Term in the Relevant DTAA;
