"09 February 2017" Archive

No decision taken on bank transaction tax: Shaktikanta Das

The government has not taken any decision with regard to the tax on bank transactions, though it has received a set of recommendations from the Committee of Chief Ministers, Economic Affairs secretary, Mr Shaktikanta Das said at ASSOCHAM’s 96th Annual Function....

Posted Under: Income Tax |

Govt to open 56 new Post Office Passport Seva Kendras

The Ministry of External Affairs (MEA) and the Department of Posts (DOP) announced on 24 January, 2017 their decision to utilize the Head Post Offices (HPO) in the various States as Post Office Passport Seva Kendra (POPSK) for delivering passport related services to the citizens of our country....

Posted Under: Income Tax |

Section 147/148 Reassessment is for the benefit of Revenue benefit and not for the benefit of assessee

Hareram Koley Vs Income Tax Officer (ITAT Kolkata)

Provisions of section 147/148 even otherwise are for the benefit of the Revenue and not for the benefit of the assessee. If there was any mistake on the part of the assessee in filing his return of income, which was duly accepted by the Assessing Officer under section 143(1), the filing of appeal before the ld. CIT(Appeals) was not the pr...

IT Proceeding against Company cease to be in existence is Illegal

BDR Builders and Developers Pvt. Ltd. Vs Assistant Commissioner of Income Tax & ANR. (Delhi High Court)

Notice issued under section 147 of the Act in respect of an entity which ceases to exist by virtue of amalgamation order under section 394 of Companies Act, would be illegal and unsustainable....

Mere failure to produce dealers would not make Entire Purchases ‘Bogus’

Shri Rupesh Chimanlal Savla Vs ITO 3(3) (ITAT Mumbai)

Simply because the Assessee could not produce the dealers, the entire purchases cannot be treated as bogus purchases. The Assessing Officer could have made further investigations to ascertain the genuineness of the transactions....

ICAI Increases Entrance, Annual Membership, COP & Restoration Fee

Notification No.1-CA(7)/179/2017 09/02/2017

Council of the Institute of Chartered Accountants of India, with the prior approval of the Central Government, wherever required, hereby notifies the following rates of fee for entry of name in the Register of Members, annual membership fee, annual certificate of practice fee and fee for restoration of name in the Register of Members:-...

Allotment of PAN through a common application form

Notification No. 09/2017-Income Tax [G.S.R.117(E)] 09/02/2017

An applicant may apply for allotment of permanent account number through a common application form notified by the Central Government in the Official Gazette, and the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall specify the classes of persons, forms and formats along with procedure f...

Two key labour reform bills to come up in Parliament: Labour Minister

As a part of Labour reforms, The Government would introduce two important bills relating to wages and industrial relations in Parliament in March for simplification and rationalisation of the Labour Laws, Labour Minister Mr.Bandaru Dattatreya said at an ASSOCHAM Annual Event today....

Posted Under: Income Tax |

Cess on Green Leaf paid to govt is Deductible from Composite Income

Tata Global Beverages Ltd Vs Deputy Commissioner of Income-tax (ITAT Kolkata)

AO placed reliance on the decision of the Hon’ble Gauhati High Court in the case of Jorhat Group Ltd vs Agricultural ITO reported in 226 ITR 622 (Gau) wherein it was held that the cess on green leaf is deductible from the agricultural income only and not from the composite income....

Interest rates for Small Savings Schemes for Q4 of FY 2016-17

RBI/2016-17/225 DGBA.GAD.2012/15.02.005/2016-17 09/02/2017

The Government of India, had vide their Office Memorandum (OM) No.F.No.1/04/2016–NS.II dated December 30, 2016 advised the rate of interest on various small savings schemes for the fourth quarter of the financial year 2016-17 (copy enclosed)....

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