"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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Expense on Renovation of purchased unit is eligible for Exemption u/s 54F

Income-tax Officer Vs. Shri. Ramakrishna M. J (ITAT Bangalore)

In a significant ruling delivered on Friday, a division bench of the ITAT Bengaluru held that the benefit of section 54F of the Income Tax Act, 1961 can be extended to the cost incurred by the assessee on alteration / renovation on the purchased unit....

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Surplus generation from charitable activities did not dis-entitle assessee from registration U/s. 12A

Yashaswi Education Society Vs CIT (ITAT Pune)

This appeal by the assessee is directed against the order of Commissioner of Income Tax -I, Pune dated 29-11-2013 rejecting the application of the assessee for grant of registration under section 12AA(1)(b)(ii) of the Income Tax Act, 1961 (hereinafter referred to as the Act)....

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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 |

RTI hints Fraud in note exchange at Delhi Post Office Branches: CIC Orders Inquiry

Ramswaroop Vs PIO (Central Information Commission)

The appellant sought to know: a) how many persons exchanged old notes for new notes at Pinto Park branch and also in 3 Wing Branch of Post Office in Air Force area, during the period 08.11.2016 to 25.11.2016 after demonetization; b) total amount of new currency issued for the period 08.11.2016 to 01.12.2016 from both the post offices; c) ...

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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 |

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January 2021