"25 September 2017" Archive

Generation of scrutiny notices in CASS-2017-reg.

F.No.DGIT(S)/ADG(S)-2/CASS 2017-18/143/2016 25/09/2017

It is seen that till 25-09-2017, notices have not been issued in 2285 cases. These 2285 cases include 8 cases which are lying with inactive codes....

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Section 115 is constitutionally valid and and alteration in its provision by HC is unwarranted: SC

UOI vs. Tata Tea Co. Ltd (Supreme Court)

The facts giving rise to Civil Appeal No. 9178 of 2012 and 9180 of 2012 needs to be briefly noted. Several writ petitions were filed before the Calcutta High Court questioning the vires of Section 115­-O of the 1961 Act. The petitioner's case in the writ petition is that the petitioner is a Tea Company which cultivate tea in gardens and ...

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An Open Letter to Income Tax Department (Systems)

An Open Letter to Income Tax Department (Systems) regarding difficulties faced by Chartered Accountants and Tax Practitioner Fraternity for updating details in the Income Tax website....

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Posted Under: Income Tax |

Special Audit justified if no book before AO and Specialized nature of business activities and multiplicity of transactions

Takshashila Realties (P.) Ltd. Vs Dy. CIT (Gujarat High Court)

As common question of law and facts arise in this group of petitions and as such in respect of the same assessee, but with respect to different assessment years, all these petitions are disposed of by this common judgment and order....

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Abbreviations in order without indicating what they stand for creates confusion: HC to Tribunal

CIT Vs ITD CEM India JV (Bombay High Court)

High Court held that Tribunal’s order is confusing. In the impugned order, the Tribunal does not indicate what it means by AOP. It does not indicate as to what it means by TAS for both sides tell us that it is identical to TDS, namely, Tax Deducted at Source. We are unhappy with the abbreviations […]...

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IND As- Applicability And Advantages

In 1991, the Government of India opened its gates to the world through globalization. Over the years globalization has enabled cross border transactions in form of FDI’s and ODI’s, and cross border listing. ...

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Posted Under: Income Tax |

Karneeti Completes 200 Parts: Releases Book on GST & Income Tax

Arjuna, We had started the journey of Karneeti in June, 2013. Today it has completed its 200 parts. The series started for giving the information regarding taxation to general taxpayers and it became very successful. So today is exciting day....

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Posted Under: Income Tax |

Deferral of depreciation doesn’t Result in Income Concealment

Harish Narinder Salve Vs. ACIT (ITAT Delhi)

Deferral of depreciation allowance does not result into any concealment of income or furnishing of any inaccurate particulars, the Income Tax Appellate Tribunal has held while setting aside the penalty imposed on eminent lawyer Harish Salve for alleged concealment of income as it said his tax payments running into crores show his intentio...

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Concealment has to be checked with reference to return filed U/. 153A

ACIT Vs. Mehar Anand & Anr. (ITAT Delhi)

In the present case also the income returned by the assessee under section 153A of the Act has been accepted by the assessing officer and once the assessing officer accepts the revised return filed under section 153A of the Act, the original return under section 139 of the Act abates and becomes non-est. Therefore, in […]...

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Amendments to RBI Master Direction on Financial Services provided by Banks

RBI/2017-18/66 DBR.No.FSD.BC.89/24.01.040/2017-18 25/09/2017

Considering the suggestions and queries received from SEBI, banks and other stakeholders, Reserve Bank of India has decided to make certain amendments to Master Direction - Reserve Bank of India (Financial Services provided by Banks) Direction No.DBR.FSD.No.101/24.01.041/2015-16 dated May 26, 2016. In pursuance of these changes, Para 5(a)...

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