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Archive: 28 April 2017

Posts in 28 April 2017

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7167 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Cyprus seeks Indian investments to enhance ties: Nicos Anastasiades

April 28, 2017 504 Views 0 comment Print

President of the Republic of Cyprus urged Indian industry to invest in the country`s key areas including banking and finance, shipping and transportation, education, science and technology, pharmaceuticals, renewable energy and tourism in order to stimulate trade and investments between the two countries said at `India –Cyprus Business Session` jointly organized by ASSOCHAM, CII and FICCI.

Section 80-IB(10) If Authority excluded open terrace from working of built-up area than revenue cannot review the same

April 28, 2017 2148 Views 0 comment Print

In a significant ruling, the ITAT Chennai held that the private open terrace attached with residential unit would form part of built- up area for the purpose of computing deduction under section 80-IB(10) of the Income Tax Act if the same was included in the house project approved by the local authority.

Need to create awareness on pension at grassroots level

April 28, 2017 720 Views 0 comment Print

Need to create awareness on pension at grassroots level

Notification No. 35/2017-Income Tax, Dated: 28.04.2017

April 28, 2017 213 Views 0 comment Print

S.O. 1359(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Odisha Electricity Regulatory Commission, a commission constituted by the State Government of Odisha, in respect of the following specified income arising to that Commission, namely:—

AO should allow credit of TDS deducted and deposited wrongly in assessee’s erstwhile name

April 28, 2017 3567 Views 0 comment Print

The learned Commissioner (Appeals)-3, Bengaluru has erred in not allowing credit in respect of TDS deducted and deposited by certain customers wrongly in the erstwhile name of the appellant (IT &T Technology Services Limited now known as IGATE Infrastructure Management Services Limited) of Rs. 61,84,211.

No specific format is provided U/s. 14A for recording satisfaction

April 28, 2017 1164 Views 0 comment Print

Since, no specific format is provided under the Act for recording satisfaction for making dis allowance under section 14A, AO was not required to give detailed reasons for invocation of rule 8D(2) in view of the fact that assessee failed to discharge its primary onus of proving nexus between interest-free funds and the investments yielding tax- free income.

Interest on Fixed Deposits received by society from Bank is Taxable

April 28, 2017 5433 Views 0 comment Print

In assessee’s case, the bank is not even a member of the society. The nature of the transaction between the assessee and the bank would disqualify application of the principle of mutuality. Therefore, the transactions with the bank who is not even a member of the society cannot be considered as a transaction for which […]

Patent application examination time may reduce to 18 months

April 28, 2017 684 Views 0 comment Print

Government is taking steps to reduce the patent application examination time to 18 months. IPR enforcement tool kit enables police to beef up govt. machinery to handle infringement issues

GST: Five States passed SGST Acts till date

April 28, 2017 3342 Views 0 comment Print

On the GST front, five States – Telangana, Bihar, Rajasthan, Jharkhand and Chhattisgarh have passed the SGST Acts as on date. The other States are also in the process of calling sessions of the respective legislative assemblies/council for passage of the law.

Income from leasing of factory premises after discontinuing business is taxable as Income from other sources

April 28, 2017 5385 Views 0 comment Print

When the business asset of the assessee is let out but after discontinuing the business activity of the textile mill then the rental income cannot be treated as income from house property however the same would be assessed as income from other sources.

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