"08 October 2017" Archive

Penalty U/s. 271(1)(c) leviable on Income disclosed in return filed pursuant to notice U/s. 153A without proper explanation

Asst. CIT Vs. S & P Foundation (P) Ltd. (ITAT Chennai)

Where no return was filed prior to the date of search and a return had been filed only after the issue of notice under section 153A and in respect of income offered by assessee no proper explanation was provided regarding nature and source of income, AO was justified in initiation of penalty proceedings under section 271(1)(c)....

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VAT in UAE : eBook – Compilation of FTP, ER and Fees and Fines

UAE has released its Tax Procedures to be adhered for VAT and other Tax Laws in the UAE along with its Executive Regulations. Also FTA has released Administrative Fee and Fines for VAT and other Tax Laws of the UAE. Here is an eBook, compiling the Tax Procedures, Executive Regulations and Fee/ Fines for VAT […]...

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Posted Under: Income Tax |

Notice Mandatory to Pass Rectification Order U/s. 154

Aparna Ashram Vs. ADIT(E) (ITAT Delhi)

In case of M/s. Deepak Agro Food (Supra), the Hon’ble Apex Court dealt with Sec. 29(8)(b) of the Act which is not having similar wordings like that of Sec. 154 (3) of the Act under which it is mandatory to issue notice. As per Section 154(3) of the Act amendment/rectification which has effect of enhancement of an assessment or reducing ...

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Hindu Succession Act: Hindu Daughter after Converting to Islam Not Loses Right to Inherit Property

Nayanben Firozkhan Pathan Vs Patel Shantaben Bhikhabhai (Gujarat High Court)

A change of religion and loss of caste was at one time considered as grounds for forfeiture of property and exclusion of inheritance. However, this has ceased to be the case after the passing of the Caste Disabilities Removal Act, 1850. Section 1 of the Caste Disabilities Removal Act inter alia provides that if any […]...

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Deduction u/s 54F on more than one residential flats received by virtue of a development agreement is allowable

Mrs. Adeebunnisa Begum Vs. ITO (ITAT Hyderabad)

Assessee was entitled to deduction u/s 54F of the Act in respect of more than one residential flats received by virtue of a development agreement. We find that this issue is now fairly covered by the decision of various High Courts in favour of the assessee....

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Bad Debts deductible if same been taken into a/c in computing income of an earlier previous year

Stock point Share Services Private Ltd Vs. The Assistant Commissioner Of Income Tax (Kerala High Court)

In Stock point Share Services Private Ltd v. ACIT, Justices Antony Dominic and Dama Seshadri Naidu of Kerala High Court held that in order claim deduction in respect to bad debts under section Section 36(1)(vii) of the Income Tax Act, the assessee has to fulfill two conditions, i.e, (i) the bad debt has been written off and (ii) that the ...

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Analyzing draft rules notified on Country-by-Country Reporting (CbCR)

As a measure of safeguard against base erosion and profit shifting (BEPS) by Multinational Enterprises (MNEs) and following the Action Plan 13 of OECD, of which the India is a member country, the amendment was made recently in the Income Tax Act mandating the maintenance and furnishing of Master File and filing of Country-by-Country Repor...

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Posted Under: Income Tax |

P2P Lending – Concept and Regulations

This articles aim to introduce the concept of P2P lending and noteworthy features of RBI Master Direction on operation of P2P lending platform....

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Posted Under: Income Tax |

7 Key decisions taken at 22nd GST Council Meet

A big relief to file returns Quarterly whereas tax has to be paid Monthly. For this purpose, Small and Medium Enterprises are those Assesses whose annual turnover is less than or Equal to Rs. 1.5 Crore....

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Posted Under: Income Tax |

Registration – Reverse Charge Mechanism – GST Taxes

Reverse charge means the liability to pay tax by a person receiving goods or services or both. In the normal circumstances the seller ( supplier ) would be paying sales tax to the Government on the goods sold or services supplied....

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Posted Under: Income Tax |
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