"24 February 2017" Archive

CBEC launches GST mobile app & invites suggestions on AIR Duty Drawback rates under GST

CBEC has invited suggestions from Export Promotion Councils/ Commodity Boards/ Trade and Industry Associations/ Chambers of Commerce on All Industry Rates of Duty Drawback under the GST framework....

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Applicability of ICDS for May 2017 CA exams

The Central Government had, vide Notification No.S.O.892(E) dated 31.3.2015, in exercise of the powers conferred by section 145(2), notified ten income computation and disclosure standards (ICDSs) to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-...

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CS Dec 2016 Exam results to be declared on 25th February 2017

The result of Company Secretaries Examinations for Professional Programme and Executive Programme held in December,2016 is scheduled to be declared at 11.00 A.M. and 2.00 P.M . respectively on Saturday, the 25th February,2017 through the website of the Institute: www.icsi.edu...

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ICAI Shocker: CPE hour increased to 120 Hours

A. All the members (aged less than 60 years) who are holding Certificate of Practice (except all those members who are residing abroad) are required to: a. Complete at least 120 CPE credit hours in a rolling period of three-years....

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Exemption U/s. 11 and 12 cannot be denied just because of profits from imparting of education

Society for Participatory Research in Asia Vs ITO(E) (ITAT Delhi)

Invocation of proviso to section 2(15) of the Act to deny claim of exemption under section 11 and 12 of the Act is not justified. Accordingly, grounds of appeal are allowed...

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Amount Paid to ex-Staffs to avoid Litigation is not Profit in Lieu of Salary

Kuwait Airways Corporation Vs ITO (ITAT Mumbai)

Challenging the order,dated 02/01/2013,of the CIT(A)-20,Mumbai the Assessing Officer (AO)has filed the present appeal.The assessee has filed cross objections. Assessee-company is an international airline engaged in the business of passenger and cargo transportation....

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Sec. 153C: Documents found during Search must belong to Assessee

CIT Vs M/s Arpit Land Pvt. Ltd. (Bombay High Court)

Requirement of Section 153C of the Act cannot be ignored at the alter of suspicion. The Revenue has to strictly comply with Section 153C of the Act. We are of the view that non satisfaction of the condition precedent viz. the seized document must belong to the respondent – assessee is a jurisdictional issue and non satisfaction thereof ...

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Profit exempt in Partnership cannot be taxed in Partners Account

DCIT Vs M/s. Bakeri Construction Pvt Ltd (ITAT Ahmedabad)

CBDT itself has accepted the proposition that the share income from the firm received by the partners is exempt u/s 10(2A) of the Act and under no circumstances can be taxed in the hands of the partners. ...

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Property transferred to spouse for Inadequate Consideration can be attached to recover Tax dues

T. S. Sujatha Vs Tax Recovery Officer (Kerala High Court)

The petitioner, the wife of an assessee in default, is before this Court aggrieved by Exhibits P9, P10 and P12 by which the Income-tax authorities proceeded against her property comprised in Survey Number 354/17/8, Re-survey number 681/9; which also adjoins the property in which the petitioner runs a hotel....

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Fulfill Your Dreams without Worrying about Finance

Many people are increasingly purchasing consumer durable products, such as washing machines, air-conditioners, televisions and refrigerators. Therefore, manufacturers are constantly launching new products with advanced technology and excellent features....

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