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Archive: 27 November 2015

Posts in 27 November 2015

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

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Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

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Speculative loss can be carried forward even if revised return claiming loss is filed u/s 139(5)

November 27, 2015 2131 Views 0 comment Print

ITAT held in ITO Vs Ramesh Kumar Jajodia that if the assessee had filed its original return u/s 139(1) but forgot to claim the speculative loss in its original return and filed revised return u/s 139(5) and claimed the loss in its revised return then the speculative loss should be allowed to be carried forward.

Revenue expenses after setting up of business allowable despite non-commencement of business

November 27, 2015 988 Views 0 comment Print

ITAT Mumbai held in Reliance gems & Jewels ltd Vs DCIT that the revenue expenditure would be allowed as an expense after the setting up of the business before the commencement of the business. The expense incurred on recruitment of employees gave indication that the business had been set up

Interest on IT Refund/ FDR, Other interest and Tender fees eligible for deduction u/s 80IA

November 27, 2015 2602 Views 0 comment Print

ITAT Mumbai held in M/s Hiranandani Builders Vs ITO that the followings receipts were also eligible for deduction u/s 80IA considering the same to be profits from undertakings: 1.Interest on IT refund 2.Other Interest 3. FDR Interest 4. Tender fees

CIT must establish that order is erroneous before remanding matter to AO u/s 263

November 27, 2015 863 Views 0 comment Print

ITAT Delhi held In the case of Lakshya Seth vs. ITO that CIT cannot remand the matter to the AO to decide whether findings recorded are erroneous. In the case where there is inadequate inquiry but not lack of inquiry

Income Surrendered as business income cannot be treated as deemed income u/s 69A

November 27, 2015 5042 Views 0 comment Print

ITAT Amritsar held In the case of M/s Dev Raj Hi-Tech Machines Ltd. vs. DCIT that it is apparent that assessee had made a surrender as additional income over and above the normal profits of the concern and since the income has been declared as business income

Share application money not to be included in average investment in disallowance u/s 14A r.w. Rule 8D

November 27, 2015 1756 Views 0 comment Print

ITAT Kolkata held In the case of ITO vs. M/s LGW Ltd that share application money is only in the nature of an offer to buy shares made by the assessee. It is only after the offer is accepted by the company; the Assessee becomes the shareholder in a company.

No disallowance on non-deduction of TDS if payee discharged tax liability on income; Applicable retrospectively: ITAT

November 27, 2015 2296 Views 0 comment Print

ITAT Bangalore held In the case of M/s. Ravi Spice Processors P. Ltd vs. ACIT that amendment to Sec. 40(a) (ia) whereby a second proviso was inserted by the Finance Act, 2012, w.e.f. 1-4-2013 which state that if the payee has considered the income in return of income and tax has been paid by the payee

CBDT Invites Suggestions on Issues In ICDS

November 27, 2015 1136 Views 0 comment Print

After notification of ICDS, it has been brought to the notice of the Central Board of Direct Taxes by the stakeholders that certain provisions of ICDS may need further clarification/ guidance for proper implementation. These implementation issues raised by the stakeholders have been referred to an expert committee comprising of departmental officers and professionals and the committee is currently examining these issues.

Mere non-intimation of amendments in Trust Deed cannot lead to cancellation of registration

November 27, 2015 5350 Views 0 comment Print

Issue- The Assessing Officer has denied the exemption under section 11/12 to the assessee on the ground that the objects of the assessee Trust have been amended after the grant of Registration under section 12A of the Act without getting itself re-registered

Assets being part of block of assets eligible for depreciation even if same are related to discontinued business

November 27, 2015 3763 Views 0 comment Print

The respondent assessee had claimed depreciation in respect of its machinery valued at Rs.16.96 lacs which was used in its business of refining edible oil. The machinery had not been used during the assessment year as the respondent has discontinued its business of refining edible oil.

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