"25 October 2017" Archive

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....

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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...

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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 ...

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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...

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Interest U/s. 244A allowable on unpaid interest component

Dy. CIT Vs Peerless General Finance & Investment Co. Ltd. (ITAT Kolkata)

Assessee is entitled for interest under section 244A of the Act on the unpaid interest and the unpaid interest partakes of the character of the principal amount due to the assessee as section 244A of the Act states any amount due to the asses­see. ...

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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 […]...

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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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Posted Under: Income Tax |

ICAI Request for Tax Audit / ITR Due Date extension to 30th Nov 2017

ICAI/DTC/2017-18/Rep-31 (23/10/2017)

Request to extend the due date of filing Income-tax returns for assessees mentioned under clause (a) of Explanation 2 to Section 139(1) and Tax Audit report u/s 44AB for the AY 2017-18 from 31st October, 2017 to 30th November, 2017...

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Dept cannot deviate from GST law prescribed for release of detained Goods

Madhu M.B vs The Commercial Tax Officer (Kerala High Court)

Madhu M.B vs The Commercial Tax Officer (Kerala High Court)- It was held that where as the statutory provisions in relation to search, seizure, detention and release thereof is provided under section 129 of CGST Act, 2017, the Department cannot deviate from the said provisions in order to pass an order which is against such provisions con...

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7.8% interest on General Provident Fund for Oct 17 to Dec 17

Government of India has announced that during the Financial Year 2017-18, accumulations at the credit of subscribers to the General Provident Fund (GPF) and other similar funds shall carry interest at the rate of 7.8% (Seven point eight per cent) with effect from 1st October, 2017 to 31st December, 2017. This rate will be in force w.e.f. ...

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Posted Under: Income Tax |

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January 2021