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Archive: 25 December 2015

Posts in 25 December 2015

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 4884 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4221 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Mere mismatch of description cannot be a reason to treat the same as unexplained

December 25, 2015 3376 Views 0 comment Print

The ITAT Mumbai in the case of M/s Parle Bottling Pvt. Ltd. held that the mismatch in description of jewellery as recorded vis a vis as found by valuer cannot be in its own a sole basis for treating mismatched jewellery as unexplained particularly when minor difference in carat weight.

Interest in leasehold property includible in net wealth of assessee if he exercises power of owner on it

December 25, 2015 1267 Views 0 comment Print

The Hon’ble Bombay High Court in the case of Jaya Hind Sciaky Limited held that the words belonging to as used in sec 40(2) of the Act would include assets in possession of the Company without full Ownership

Where assessment order was based on inadequate or improper enquiry, CIT can invoke jurisdiction u/s 263

December 25, 2015 1307 Views 0 comment Print

In the case of PVS Multiplex (India) Ltd. Vs. CIT Delhi Bench of ITAT held that CIT can pass order u/s 263 where he can hold that AO did not made adequate inquiry. ITAT observed that there is difference between lack of enquiry and Inadequate Inquiry.

Electricity duty is not a tax, duty cess or fee, section 43B is not attracted in respect of electricity duty collected by MSEB

December 25, 2015 3139 Views 0 comment Print

In the case of ACIT Vs. M/s. Maharashtra State Electricity Distribution Co. Ltd. ITAT adjudicated two appeals against the order of CIT (A) who allowed the appeal of assessee in part. Both revenue as well as assessee filed appeal against the order of CIT (A).

Mere Providing stadium with all arrangements for Cricket matches conducted by BCCI is not a business activity carried out u/s 2(15)

December 25, 2015 2376 Views 0 comment Print

In the case of M/s Tamil Nadu Cricket Association Vs. DDIT (Ex.) Madras Bench of ITAT have observed the activities carried out by assessee in nature of charitable or business. After detailed examination it was held that assessee did not engaged in any business or commercial activity and hence liable for the exemption u/s 11.

Where no satisfaction was recorded by AO at the time of search, revenue cannot attain jurisdiction over other person

December 25, 2015 652 Views 0 comment Print

In the case of ACIT Vs. Shivaansh Advertising & Publications Pvt. Ltd. Delhi Bench of ITAT observed the requirements of section 153C provides for taking recourse to assessment in respect of any other person and held the conditions precedent are

Assessee held shares under investment in books, AO in absence of anything contrary can’t held investment as trading

December 25, 2015 1015 Views 0 comment Print

In the case of Shri Vishal Dipak Shah Vs. Addl. CIT Mumbai Bench of ITAT held that Principle of Res judicata does not apply to the income-tax proceedings as each assessment year is a separate and self-contained assessment year. Therefore, the plea of the appellant that he should be allowed a relief on the same lines as he was allowed in the AY 2005-06 does not hold good. On the merits ITAT held that shares held by the assessee in the investment portfolio cannot be treated as stock-in-trade and consequently the transactions are in the nature of investment and not trading.

Empanelment of advocates as Prosecution Counsels with Income Tax Dept.

December 25, 2015 3958 Views 0 comment Print

Applications are invited from advocates of substantial standing and repute and with good academic credentials for the empanelment of Addl. Public Prosecutor and Assistant Public Prosecutor for representing prosecution cases of the Income Tax Department in the Sessions Court and Addl. Chief Metropolitan Magistrate Courts or the appropriate court of Mumbai.

Income Tax Benefits on Various Plans of LIC for FY 2015-16

December 25, 2015 63416 Views 14 comments Print

1) Deduction allowable from Income for payment of Life Insurance Premium (Sec. 80C). (a) Life Insurance premia paid in order to effect or to keep in force an insurance on the life of the assessee or on the life of the spouse or any child of assesse

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