"05 November 2017" Archive

Madras HC allows filing of IT return without insistence on Aadhar

Preeti Mohan Vs Union of India (Madras High Court)

Preeti Mohan Vs Union of India (Madras High Court) The petitioner before this Court is a practicing advocate and she has filed this writ petition praying for a direction to the ITO to allow her to file income tax returns for the assessment year 2017-18 either manually or through e-filing facility without insisting for production […...

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Penalty U/s. 221(1) for default in payment of demand cannot exceed tax amount

CIT Vs. Oryx Finance and Investment (P) Ltd. (Bombay High Court)

On reading the provisions of section 221 conjointly with the definition of “tax” as detailed under section 2(43), the irresistible conclusion that can be drawn is that the phraseology tax in arrears as envisaged in section 221 of the Act would not take within its realm the interest component. ...

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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....

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Two assets falling under different classes having same depreciation rate constitutes a single ‘block of assets’

Panchshila Hospitality Ventures Ltd. Vs. ACIT (ITAT Delhi)

section 2(11) of the Indian Income Tax Act, 1961 specifies as only two class of assets i.e., tangible and intangible assets and within these two classes of assets, assets having same rate of depreciation are prescribed and they fall within the same block. ...

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80P Deduction eligible to Co-op Societies providing Credit facilities only to its Members

ITO Vs. Shri Shri Revanasiddeshwar Co-op. Credit Society Limited (ITAT Bangalore)

A co-operative society registered under the Karnataka Co-operative Societies Act, which is not having a banking license from the RBI to carry on the business of banking, cannot be deemed to be a co-operative bank coming within the ambit of section 80P(4) of the Act. ...

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Addition cannot be made for invalid gift of immovable property

Shri P. Vijayadeva Reddy Vs Assistant Commissioner of Income Tax (ITAT Bangalore)

If the gift is invalid then the assessee is not even owner of any property and therefore, no question arises for making addition in the hands of the assessee in respect of that property which is not even owned by the assessee and in that case also, addition if any may be made in the hands of the donor if the donor is not able to explain ...

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NFRA to be set-up soon; Will take disciplinary action against errant CAs, CSs & Cost Accountants

Around 2.24 lakh companies have been struck-off till date for remaining inactive for a period of two (2) years or more;. Around 3.09 lakh Directors disqualified who were on the Board of Companies that have failed to file Financial Statements and/or Annual Returns for a continuous period of three (3) financial years during 2013-14 to [&hel...

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Posted Under: Income Tax |

52 Important Services available on GST Portal

52 Important Services available on GST Portal Includes GST REG-01, Form GST REG-29, Form GST CMP-01,Form GST CMP-02, Intimation to pay tax under composition levy, Form GST CMP-03, Intimation of details of stock on date of opting for composition levy, Form GST CMP-04, Withdrawal from composition levy, Form GST ITC-01, Form GST ITC-03, Sto...

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Posted Under: Income Tax |

How to download Excel based GSTR 4 Offline utility

GSTR-4 offline utility has been put into Public Domain. Now It can be downloading from GST portal by following below link. https://www.gst.gov.in/downloads...

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Posted Under: Income Tax |

Capital gain from penny stocks not bogus for violation of SEBI regulations by broker

ITO Vs. Arvind Kumar Jain HUF (ITAT Mumbai)

Where assessee’s broker share transaction was bone fide in all respect, merely because share broker was tainted violating SEBI regulations, would not make assessee’s share transactions bogus....

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October 2021