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Archive: March, 2017

Posts in March, 2017

Beekeeping: Vital Input for Sustainable Agriculture

March 7, 2017 4155 Views 2 comments Print

Beekeeping is an agro-based activity which is being undertaken by farmers/landless labours in rural area as an integrated farming practice. Beekeeping supplements income & employment generation and nutritional intake of rural population.

Are you serious, Mr. Prime Minister?

March 7, 2017 7038 Views 19 comments Print

When I heard you during your election campaign for the parliamentary elections in 2014, I just dismissed it as another rhetoric by an aspiring politician…. I am referring to your vow of eliminating black money, the so-called parallel economy running in the country… rather, running the country.

Indian women continue to be viewed as supplementary bread earners in families

March 7, 2017 2157 Views 0 comment Print

A survey, conducted by Apollo Munich Health Insurance in collaboration with Nielsen India Pvt. Ltd. in 19 cities found that despite a rise in health insurance claims filed by women, few women are coming forward to buy health insurance.

Use of facility does not amount to technical services

March 7, 2017 2181 Views 0 comment Print

Freight income from operation of ships in international waters is not chargeable to tax under Indo-Danish DTAA; Use of facility does not amount to technical services, as technical services denote services catering to the special needs of the person using them and not a facility provided to all.

ITAT vacates stay on demand on flouting of terms of stay of demand

March 7, 2017 1023 Views 0 comment Print

This appeal, filed by the assessee, being ITA No. 971/Mum/2016 for assessment year 2011-12 has come up for hearing today i.e. 23-02.2017 whereby ld. Counsel Shri Hiten Chande,CA on behalf of the assessee and Mrs. Malathi Sridharan, CIT DR on behalf of the Revenue were present. The Assessing officer was also present during the course of hearing.

Bogus share capital: Source of source relevant even for period before amendment to section 68

March 7, 2017 4713 Views 0 comment Print

Main thrust of the appellant’s case is that the provisions of Section 68 of the Act as amended could not be given retrospective operation and if that position of law was accepted, then it was not open to the C.I.T. to direct an enquiry to ascertain the source and genuineness of the sums being projected by the appellants as capital receipts.

Purchase not Bogus for dealing with traders declared as hawala dealers by sales tax department

March 7, 2017 3000 Views 0 comment Print

ITAT held that purchases cannot be treated as bogus merely on the basis of assessee’s dealing with parties who were found out to be hawala dealers by the sales tax department.

Sec. 68 Unexplained Credit can only be added to taxable income of AY in which it occurs

March 7, 2017 2604 Views 0 comment Print

In a recent ruling, the ITAT Jabalpur, decided the case in favour of the assesse, deleting the additions made by the Assessing Officer towards sundry creditors amounting to Rs. 5.07 lacs. The court held that under Section 68 of the Income-Tax Act, 1961

Flour, Meal & Powder of Guar seeds ineligible for MEIS benefit

March 7, 2017 867 Views 0 comment Print

DGFT hereby deletes MEIS benefit on flour, meal and powder of Guar Seeds of heading ITC(HS) 0713. Existing product description of the export item at Sl. No. 472 of Appendix 3B of MEIS schedule is amended as below with immediate effect:

Penalty not levaiable on Management Bonus not offered to tax as books of company not finalised

March 7, 2017 972 Views 0 comment Print

In this case the bonus was determined after finalisation of accounts in the month of September 2009. The same related to income for the period ended 31st March 2009. The company which is the employer of the assessee did not deduct TDS of the said income till filing of income tax return by the assessee.

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