Follow Us :

Archive: 13 November 2015

Posts in 13 November 2015

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7347 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Order resulting in payment of interest u/s 244A is appealable

November 13, 2015 2214 Views 0 comment Print

Sandvik Asia Limited V/s. CIT (OSD)- ITAT Pune – Interest on the refund is really a part of the refund and interest and refund are not two different things. When the Income-tax Officer has passed the order under section 154 of the Act without granting interest due to the assessee

Satisfaction is a prerequisite for initiating assessment proceedings against any other person u/s.158BD

November 13, 2015 711 Views 0 comment Print

A search and seizure action was carried out at the residence of Devdas A.Alva on 13.9. 2001.During the action,a loose paper file marked A-1was seized.Pages No 1-17 contained a copy of the catering contract entered into by Apporva caterers and Ooters Club and Page No. 26 to 28 were the bills

Loan given in the course of trade and written off is allowable as business loss

November 13, 2015 9105 Views 0 comment Print

I.T.O Vs. M/s. Shree Gouri Shankar Jute Mills Ltd (ITAT Kolkata)-It is not in dispute that the advance was made for purchase of Jute during the course of business of the assessee. Since the supplies could not materialize, the assessee to protect its money started charging interest

Proviso to section 12A(2) is to be construed as retrospective in operation

November 13, 2015 14800 Views 0 comment Print

since the only reason for denial of exemption u/s 11 was absence of registration u/s 12AA (which was granted to assessee society on 29.10.2010 with effect from 1.4.2010) for the relevant assessment years and on no other ground

Levy of Swachh Bharat Cess on transportation passengers by rail

November 13, 2015 2746 Views 0 comment Print

Ministry of Finance ‘vide their Notification Nos. 21 & 22/2015-Service Tax dated 06-11- 2015 have decided that Swachh Bharat Cess @ 0.5% shall be levied on the value of all taxable services w.e.f. 15-11-20-15. Service tax of 14% and Swachh Bharat Cess of 0.5 % are chargeable on 30% of total passenger fare equivalent to 4.35% of the total fare in first class and all AC classes.”

Inadvertent mentioning of wrong assessee code does not invalidate payment: HC

November 13, 2015 4709 Views 2 comments Print

In the case of Devang Paper Mills Pvt Ltd Vs UOI, it was held that merely mentioning wrong code in the process, cannot result into such harsh consequence of the entire payment not being recognized as valid, incurring further liability of repayment of the basic duty with interest and penalties.

Interest received by Contractor due to delay in payment is Business Income

November 13, 2015 1978 Views 0 comment Print

Interest received by the assessee on account of delay in the payment of money due to it cannot be taxed separately but only as an income from business. Mehta Construction Co. Vs ITO (ITAT Delhi), ITA No. 3967/Del/2010, Date of pronouncement: 16.10.2015

Book of Contractor cannot be rejected for Mere low Profit or Non Maintenance of Stock Register

November 13, 2015 1345 Views 0 comment Print

Mehta Construction Co. Vs ITO (ITAT Delhi) Assessing Officer was driven to reject the book results, mainly on the ground that the profit returned on the contract receipt is very low and no stock register was maintained.

Consideration for right to use copy right shrink-wrap software amounts to royalty

November 13, 2015 810 Views 0 comment Print

M/s Tejas Networks Ltd. Vs. DCIT (ITAT Bangalore) As per the provision of sec. 192 of the Income-tax Act 1961, the assessee was liable to deduct tax at source on the payment made to Cadence Designs Systems Ireland .

RBI NPA guidelines overrides Income Tax Act & binding on income tax authorities

November 13, 2015 5189 Views 0 comment Print

The facts emanating from the order of the AO and the submissions of the assessee is that the assessee is a Co-operative Bank and is engaged in banking business and the assessee was claiming deduction u/s 80P(2)(a)(i) up to AY 2006-07 @ 100%.

Search Post by Date
May 2024