Cabinet approves Agreement between India and the Hong Kong Special Administrative Region of China for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income
SC held that appellants were entitled to refund of Education Cess and Higher Education Cess which was paid along with excise duty once the excise duty itself was exempted from levy
The decision of GST Council on pruning of the 28% slab list would be a welcome move for many industries in mass consumption space. In certain cases, it is also likely to bring down the total tax impact even lower than earlier regime which would be a big relief to the industry as well as consumers.
ACIT Vs Shri Dilip Ranjrekar (ITAT Bangalore) It was held that despite the non completion of the construction of the new property by the builder, the assessee would be entitled to the benefit of exemption u/s 54 of the Act. We have heard the rival contentions and perused and carefully considered the material on record. It […]
Though the amount was credited to her account in the books of accounts of the assessee, the payment was not made to her and before making the payment and filing the return of income, the assessee had obtained the form 15G and forwarded to the Ld. CIT. Since the recipient was not having taxable income, obtaining form 15G before making the payment would be sufficient compliance and hence, we hold that the addition u/s 40(a)(ia) of the Act does not attract.
ITA No. 202/Hyd/2015 is the appeal filed by M/s. Sree Nagendra Constructions for the assessment year 2011-12, while ITA No. 167/Hyd/2015 is the appeal filed by the Revenue against the relief granted to M/s. Sree Nagendra Constructions for the assessment year 2009-10.
It was urged that the letting out of space to Infosys BPO Ltd. and BSNL at Chennai were therefore incidental to the business carried on by the assessee and therefore eligible for deduction under Section 10A of the Act.
In Circular No. 19/2017, paragraph 3, the CBDT has also held that trade advances, which are in the nature of commercial transactions would not fall within the ambit of the word advance in Section 2(22)(e) of the Act.
With 23rd meeting of GST Council scheduled for 9-10 November, 2017 to consider various implementation issues and rationalize rates etc, here are few suggestions which ought to be decided by the Council.
George Alexander Vs ACIT (ITAT Cochin) The Assessing Officer in para 6 of the assessment order had catalogued the unexplained deposits in various bank accounts. While working out the unexplained deposits in the bank accounts of the assessee, the Assessing Officer had given due credit to the income declared by the assessee in the return of […]
