"08 February 2017" Archive

Books cannot be rejected for mere non-furnishing of details of sundry creditors in a proper way

Deputy Commissioner of Income Tax Vs M/s. SPML CISC (JV) (ITAT Kolkata)

Failure of the assessee to give details of the sundry creditors may be a ground for raising suspicion, but suspicion alone is not enough for invoking the powers of best judgment...

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Bad Debt is deductible once it is written off in Books of Account

Income Tax Officer Vs M/s. Rightex Commerce Pvt. Limited (ITAT Kolkata)

As per the amended section 36(1)(vii) with effect from 01.04.1989, the claim of bad debt is to be allowed once it is written off in the books of account and it is not required for the assessee to prove that the debt written off as bad has actually become irrecoverable....

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If Share premium defies commercial prudence, it cannot be assessed as unexplained credit

CIT Vs Green Infra Limited (Bombay High Court)

Revenue states that the impugned order itself holds that share premium of Rs.490/­ per share defies all commercial prudence. Therefore it has to be considered to be cash credit....

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Bogus purchases: A Statement cannot be relied without opportunity to cross-examine

CIT Vs Ashish International (Bombay High Court)

The question raised in this appeal is, whether the Tribunal was justified in deleting the addition on account of bogus purchases allegedly made by the assessee from M/s. Thakkar Agro Industrial Chem Supplies P. Ltd. According to the revenue, the Director of M/s. Thakkar Agro Industrial Chem Supplies P. Ltd....

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ASSOCHAM concerned over RBI leaving “accommodative” stance on interest rates

Expressing disappointment over belying of expectations on the interest rate cut by the Reserve Bank of India, the ASSOCHAM today said what is more worrying is the RBI putting an end to the “accommodative” stance in the wake of the impact of demonetization....

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Posted Under: Income Tax |

No limit on cash withdrawal from 13.03.2017; ₹50000 from 20.02.2017

RBI/2016-17/224 DCM (Plg) 3107/10.27.00/2016-17 08/02/2017

Effective February 20, 2017, the limits on cash withdrawals from the Savings Bank accounts will be enhanced to ₹ 50,000 per week (from the current limit of ₹ 24,000 per week); and Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts....

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Guideline for Seizure of Custom goods, documents and things

Instruction no. 01/2017-Customs 08/02/2017

It has been brought to the notice of the Board that in several cases, goods arc being held-up/seized by the field formations only under panchnama and separate orders for seizure of goods are not being passed....

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Principal place of business, Proper Officer and Services under Revised Draft GST Law

The amendment bought in the definition is that principal place of the business will be the place mentioned in registration certificate irrespective of the location of books and accounts. ...

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Posted Under: Income Tax |

When Should you Actually Apply for Small Business Loans?

Summary: When is the right time to apply for small business loan? There are specific times to check business loan eligibility and apply for loans for specific businesses....

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Posted Under: Income Tax |

Surgical strike on cash transactions by financial bill, 2017

After the demonetization government not stopped but continuously makes effort to reduce cash transactions and leads India to a digitalised and transparent economy either by providing subsidy or making laws. On 01.02.2017 Finance Minister presented Budget 2017 which also contains such provision to curb the use of Cash...

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Posted Under: Income Tax |

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