"10 February 2017" Archive - Page 2

Guide to ITDREIN Registration and Upload of Form 61 / 61A

Users who have already registered in e-Filing portal can use this functionality to generate ITDREIN (Income Tax Department Reporting Entity Identification Number) and upload certain forms in e-Filing portal using the generated ITDREIN....

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Posted Under: Income Tax |

Impact of Union Budget 2017-18 On Real Estate Sector

The Union Budget was presented on 1st February, 2017 by Indias Finance Minister Arun Jaitely. After the event of demonetisation, Union Budget 2017-18 was an extremely high-focus event....

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Posted Under: Income Tax |

Discount on Property Purchased from Broker is Capital Receipt

Ms. Vandana Guliani Vs Income Tax Officer (ITAT Delhi)

ITAT Delhi held that any receipt directly and intimately linked with the procurement of capital asset is in the nature of capital receipt and not a revenue receipt. So such brokerage cannot be taxed in the hand of property buyer. ...

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SPICE Form: Frequently Asked Questions (FAQs)

How to apply for Incorporation of Company with Foreign Subscribers, without violating the Rule 13 of the Companies (Incorporation) Rules, 2014? Solution: Rule 13 provide manner of signing of MOA & AOA. Like: in case of foreign subscribers MOA & AOA should be notary in the country of origin, apostillised, authenticated by a Diplomatic or C...

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Posted Under: Income Tax |

TDS not applicable on Reimbursement to Sister Concern

Pr Commissioner of Income Tax Vs Shri Dinesh Kumar Mathur (Delhi High Court)

Delhi HC remanded the matter to AO to verify that claim towards the payment of Rs.3,19,66,460/- does not include any income component and if it constitutes reimbursement, the question of application of Section 40(a)(ia) would not arise....

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Sec 14A r.w. rule 8D not applies if assessee has kept shares as stock in trade

CIT Vs M/s. G K K Capital Markets (P) Limited (Calcutta High Court)

Assessing Officer had treated the claim of long term capital gain as business income. The assessee did not object to that. In such situation there could be no application of Section 14A for disallowance of expenditure incurred to earn exempt income....

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Charging Vat on discounted MRP is unfair Trade Practice: NCDRC

M/s. Aero Club (Woodland) Vs Rakesh Sharma (NCDRC)

Once it has come on record that the MRP of the product includes all taxes, it was not open for the trader to impose VAT again on the discounted price....

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Posted Under: Income Tax |

Purchases cannot be treated as bogus based on mere statement of vendors

ACIT vs. Mahesh K. Shah (ITAT Mumbai)

The assessee, a civil contractor, filed his return of income for A.Y. 2010-11 on 25.09.2010 declaring income of Rs. 30,65,277/-. The case was taken up for scrutiny and the assessment completed under section 143(3) of the Income Tax Act, 1961 (in short the Act) vide order dated 14.03.2013 wherein the income of the assessee was determined a...

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Assessee cannot seek restoration of Appeal withdrawn on advise of her Advocate without submitting Advocates letter

Jayant D. Sanghavi Vs ITAT (Bombay High Court)

In the present facts there is nothing on record in the form of the Advocates letter, etc. to indicate that the petitioner acted upon his legal advise and the same was wrong. Therefore, whether the petitioner acted on advise of his Advocate or not is itself a subject matter of debate. Thus taking the application outside the scope of Sectio...

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ICAI to condone delay in submission of Form 112

It is also notified that wherever any statement made by a student or member is found to be false or varying with the facts discovered during the scrutiny process or later at any stage, the student and/ or member concerned will be liable to be proceeded with in accordance with the provisions of the Chartered Accountants Act, 1949 and Rules...

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Posted Under: Income Tax |

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