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Archive: 16 January 2016

Posts in 16 January 2016

Disallowance u/s 14A gets attracted even if a mix of interest bearing & non-bearing funds used to make investments earning exempt income

January 16, 2016 2021 Views 0 comment Print

The ITAT bench of Pune in the case of M/s Thermotech Engineering held that where the assessee has earned exempt income and incurred expenditure by way of interest which is not directly attributable to any particular income

Initiation of penalty proceedings u/s 271(1)(c) without specifying basis makes such proceedings void -ab-initio

January 16, 2016 1489 Views 0 comment Print

The ITAT Bangalore in the case of Shri E. Krishnappa vs. ITO held that initiation of penalty proceedings u/s 271(1)(c) without mentioning its basis i.e. concealment of income or furnishing inaccurate particulars or both would make the proceedings illegal because AO’s satisfaction of the existence

No time limit for compliance of direction or findings of appellate forum

January 16, 2016 3463 Views 0 comment Print

Common appeal is raised by the assessee against the order of CIT relating to assessment year 2001-02 & 2005-06, therein CIT by virtue of Sec 263 of Income Tax Act, 1961(ACT) ordered assessing officer to make fresh assessment for said asstt year

On voluntarily disclosure in response to notice u/s 153A before any detection by revenue, immunity from levy of penalty can’t be denied

January 16, 2016 790 Views 0 comment Print

In the case of DCIT Vs. Deepak Chaudhary Kolkata Bench of ITAT have held that the assessee has cumulatively satisfied all the conditions stipulated in Clause 2 of Explanation 5 to Section 271(1)( c) of the Act and hence entitled for immunity from levy of penalty for all the assessment years under appeal.

If AMP is an International Transaction than TPO have jurisdiction over it even without any reference by A.O.

January 16, 2016 873 Views 0 comment Print

M/s Nikon India (Pvt) Ltd. Vs. DCIT (ITAT Delhi) In the light of various case laws & on bare reading of the provision prescribed in Act: ITAT held that as AMP is an international Transaction and TPO is having jurisdiction over it even without any reference is made by A.O.

Mere Change in profit sharing ratio would not change constitution of Partnership firm

January 16, 2016 10393 Views 0 comment Print

ITAT Delhi in DCIT Vs Deepsons Southend held that if there is change in the profit sharing ratio of the partnership and all the partners remain same in the new partnership deed then that would not be change in the constitution of the firm so the loss of the firm could be carried forward.

Continuously selling of product depicts commercial production not trial production

January 16, 2016 1504 Views 0 comment Print

ITAT New Delhi held in ACIT Vs Phonix Lamps India Ltd that if the assessee was selling its final product to particular parties continuously and there was no return of the final product. Moreover there was no complaint of any defect in the finished product.

Problem during Payment of MCA Challans Through SBI Internet Banking

January 16, 2016 17980 Views 6 comments Print

Now a days, many stakeholders are facing problem in making payment for the challans w.r.t. E Forms filed with Ministry of Corporate Affairs specifically who are making payment through SBI Gateway. Problem being faced is: When we upload E Forms, system ask for payment via Credit Card/ Internet Banking/ Challan/ Pay Later. When stake holders […]

Project Management Study expense to facilitate existing business is revenue in nature

January 16, 2016 1379 Views 0 comment Print

ITAT Mumbai held In the case of J.P MORGAN SERVICES PVT LTD Vs. ITO held that ‘benefits of enduring nature’ is not the sole factor to categorise an expense as capital expense. Expenditure for improving “operational efficiency” regarding Project Management Study will be considered as Revenue in Nature.

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January 2016