"25 October 2017" Archive

Section 54/54F exemption not available if house purchased is not for residence of the Assessee

Shri Arunkumar Nathan Vs Asst. Commissioner of Income Tax (ITAT Bangalore)

In the case of more than one properties are purchased by the assessee, the option is available with the assessee to claim benefit under Section 54 in respect of the residential house purchased for the assessee's own residence....

Second notice U/S. 148 during pendency of appeal against first notice is invalid

Pushpa Rajawat Vs CIT (Rajasthan High Court)

Pushpa Rajawat Vs CIT (Rajasthan High Court) Since, the original proceedings were pending before the Commissioner (Appeals), without entering into the question of jurisdiction of the Sawaimadhopur assessing officer, the fact remains that the adjudicating authority could not have issued second show cause notice under section 148. In that v...

TDS not deductible on Reimbursement of expenses billed separately

ITO Vs Deepak Bhargawa (ITAT Delhi)

In this case the appellant is receiving the material on Freight Prepaid basis (C&F). The foreign shipping companies were charging only the incidental charges like Port charges, Container payment, Stationery charges, License fees, Stamp charges, Bank charges, De-stuffing charges etc....

Hyderabad Cricket Association allowed to claim exemption u/s. 11

Hyderabad Cricket Association Vs. Jt. Director of Income Tax (ITAT Hyderabad)

Hyderabad Cricket Association is not engaged in activities in nature of trade and commerce or business and therefore, eligible to enjoy the benefit of section 11 of the Income Tax Act, 1961, the Income Tax Appellate Tribunal, Hyderabad bench said last week while disposing appeals filed by both HCA and the department....

CBDT extends due date for filing of Country-by-Country Report for 2016-17 to 31.03.2018

Circular No. 26/2017-Income Tax 25/10/2017

Circular No. 26/2017 : Order under section 119 of the Income-tax Act, 1961 in respect of extension of due date for filing of Country-by-Country Report for reporting accounting year 2016-17...

HC allows export against advance license issued prior to GST implementation

Chemico Synthetics Limited Vs. Union Of India & Ors. (Delhi High Court)

Chemico Synthetics Limited V/S. Union Of India & Ors. (Delhi High Court) - HC held that an interim relief can be granted to exporters to continue making duty free imports against Advance Authorization (AA) licenses issued to them prior to 1-7-2017 where period of validity of license remains unexpired, however the same shall be subject to ...

Mere non-allowability of claim not sufficient to impose penalty U/s. 271(1)(c)

DCIT Vs. Parinay Organizers Pvt. Ltd. (ITAT Ahemdabad)

In an appeal before Ahmedabad ITAT, DCIT vs. Parinay Organizers Pvt. Ltd., one of the grounds raised was that whether on the facts of the circumstances of the case, the CIT(A) was justified in deleting the penalty levied by the AO on account of dis allowances of interest expenses of Rs. 44,19,194/- without considering the merits of the c...

ITAT Slams CIT(A) for violation of Judicial Discipline by taking contradictory view on issue already confirmed on merit by it

Asst. Commissioner of Income Tax Vs. M/s. Sutures India Pvt. Ltd. (ITAT Bangalore)

ACIT Vs. M/s. Sutures India Pvt. Ltd. (ITAT Bangalore)- ITAT Slams CIT(A) for violation of Judicial Discipline by taking contradictory view on issue already confirmed on merit by it and CIT (Appeals) have no jurisdiction to take any decision on issue which is already been decided by CIT under Section 263....

MTM loss on forward contract as on balance sheet date not deductible as business loss

Bechtel India Pvt. Ltd. Vs ACIT (ITAT Delhi)

Bechtel India Pvt. Ltd. Vs ACIT (ITAT Delhi) Hedging forward contracts of foreign currency cannot be marked to market (MTM) on balance sheet date as already there is a underlying asset and there is no extra outgo for settlement of the forward contract other than already determined in the contract and thus there is no […]...

AIFTF requests extension of date for filing Income Tax Returns for AY 2017-18

Your Honor are well aware that this year, professionals are busy in making compliance with GST obligations. GST Act is new, compliances are many, notifications are being issued everyday and the technical glitches in the system have aggravated the problems. Further dates are being extended everyday and the professionals have to make the co...

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