"11 May 2017" Archive

Quoting of Aadhaar on PAN Application / ITR not apply to individual who does not possess Aadhaar number

Notification No. 37/2017-Income Tax [S.O. 1513 (E)] 11/05/2017

Provisions of section 139AA shall not apply to an individual who does not possess the Aadhaar number or the Enrolment ID and is:-(i) residing in the States of Assam, Jammu and Kashmir and Meghalaya; (ii) a non-resident as per the Income-tax Act, 1961; (iii) of the age of eighty years or more at any time during the previous year;...

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Triple Talaq: Constitutional Rights Can’t be Infringed: Allahabad HC

Aaqil Jamil And 2 Others Vs State Of U.P. And Another (Allahabad High Court)

Talaq by a Muslim husband to his wife cannot be made in a manner which may infringe her fundamental rights guaranteed under Article 14 and 21 of part III of the Constitution....

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Loss on Foreign Cars Sale used in Business is ‘Business Loss

K. D. Madan Vs ITO (Madras High Court)

Loss suffered by the assessee on the sale of foreign is quantified at a figure of Rs. 51,6,108/-. The only question that remains is to determine the nature of loss. In view of the categoric finding of the Commissioner of Income Tax (Appeals) that has attained finality, to the effect that the foreign cars were utilised in the business of t...

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Interest cannot be disallowed without proving utilisation for non-business purposes

DCIT Vs Sardar Baldeo Singh Bhatia (ITAT Raipur)

In our considered view, without proving the nexus between the borrowed funds and its utilisation for non-business purposes, no dis allowance of interest expenditure can be made....

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TDS not payable for mere mismatch in data due to Technical Flaws

DCIT Vs Bhilai Steel Plant (ITAT Raipur)

Appellant has been held liable as assessee in default merely due to technical flaws. Demand has been raised merely due to fault of system and in view of the CBDT's Instruction No.5/2013 dated 08.07.2013, the demand cannot be sustained. ...

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Govt mandates Aadhaar for Atal Pension Yojana

S.O. 1512(E) 11/05/2017

An individual eligible for receiving the benefits under the Scheme of Atal Pension Yojana (APY) is hereby required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication....

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GST: Place of Supply of Goods or Services Part – II

Continuing with the discussion, today we shall discuss the changes made in the section 10. It is newly added clause in the draft GST law for determining place of supply of services where location of service provider or the location of service receiver is outside India....

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Posted Under: Income Tax |

ROC clarifies on acceptance of deposits without deposit insurance contract

G.S.R. 454(E) 11/05/2017

Provided that the companies may accept deposits without deposit insurance contract till the 31st March, 2018 or till the availability of deposit insurance product, whichever is earlier....

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Jobwork under GST

Job-work sector constitutes a significant industry in Indian economy. The manufacturing industries now-a-days stick to their core competencies and get most jobs done on outsourced basis. Here we are analyzing the position of Job Worker under GST regime....

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Posted Under: Income Tax |

Tax liability under Expenditure Tax on raising of a composite bill upon conclusion of hotel stay

Commissioner of Income Tax Vs Adyar Gate Hotel Ltd. (Madras High Court)

High Court held that under Expenditure Tax Act 1987 chargeable expenditure would be incurred only upon raising of a composite bill upon conclusion of hotel stay and not earlier....

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