"25 February 2017" Archive

Section 50C not applicable to transfer of leasehold land & building

CIT Vs Greenfield Hotels & Estates Pvt. Ltd (Bombay High Court)

Section 50C of Income Tax Act, 1961 is not applicable while computing capital gains on transfer of leasehold rights in land and buildings....

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Taxability of business done by NRI through Power of Attorney holder

Carpi Tech SA Vs ADIT (ITAT Chennai)

Assessee submitted that project receipt from Tanakpur Power Project of NHPC work is exempt from tax in India for the reason that assessee does not have continuous presence or 'business connection' or a permanent establishment in India....

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Foreign exchange fluctuation loss due to compliance with AS-11 is not a notional loss

Silicon Graphics Systems (India) Pvt. Ltd Vs DCIT (ITAT Delhi)

Foreign exchange fluctuation loss cannot be called notional loss since the fall in the exchange rate has already taken place in the accounting year. Accounting Standards-11 provides that the entire amount of liabilities outstanding as at the balance sheet date should be restated and the loss should be charged to the Profit and Loss accou...

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CA in practice cannot run Business via Companies, Trusts & Firms

Council of Instt. of Chartered Accountants of India Vs Subodh Gupta & anr. (Delhi High Court)

The Institute of Chartered Accountants has made the instant Reference under Section 21(5) of the Chartered Accountants Act, 1949 in respect of the respondent being indicted for a misconduct other than such misconduct which is referred to in sub-Section (4) of Section 21....

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Aadhaar mandatory for STEP Scheme for women

Notification No. S.O. 625(E) (25/02/2017)

Aadhaar mandatory for Support to Training and Employment Programme (STEP) Scheme for women.In order to provide convenient and hassle free benefits to the beneficiaries under the Scheme, the Implementing Agencies receiving grants from the Ministry under the Scheme shall make all required arrangements on behalf of the Ministry ...

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Yoga a form of ‘medical relief and Propagation of Yoga constitutes imparting of education

Patanjali Yogpeeth (Nyas) Vs ADIT (ITAT Delhi)

In a big relied to Baba Ramdev’s Patanjali Yogpeeth, the Delhi bench of Income Tax Appellate Tribunal (ITAT) has allowed exemption status under section 11 and 12 of the Income Tax Act....

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Section 68: ITAT gives relief to Reliance Group, Deletes addition of Rs. 700 crore

DCIT Vs. M/s Reliance Utilities P Ltd. & M/s Reliance Ports and Terminals Ltd. (ITAT Mumbai)

Whole issue in the present appeal by Revenue, is about the source, nature and genuineness of the transaction to determine whether the addition made by the AO under section 68 of the Act is sustainable. ...

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Proposed Important Amendments for Charitable Trust by Finance Bill 2017

While presenting budget 2017, there were several amendments proposed by Finance Minister Mr. Arun Jaitley with respect to Taxation of Charitable Trust...

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Posted Under: Income Tax | ,

Related Party transactions under Companies Act, 2013 & SEBI LODR, 2015

Article Discusses Related Party Transactions under Companies Act, 2013 and SEBI LODR Regulations, 2015. It Explains who is Related Party, What is a related party transaction, Related Party Transaction requiring Audit Committee Approval, Related Party Transaction requiring Board/Shareholders’ Approval and Related Party Transactions whic...

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Posted Under: Income Tax | ,

What will happen after submission of response to notices on cash deposits during demonetization

The IT Department issued online intimations for verification of cash deposits during demonetization to nearly 18 lakh taxpayers of which about 9 lakh submitted response for verification of cash deposits during demonetization. ...

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Posted Under: Income Tax | ,
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