The definition of middle class or upper middle class is changing rapidly along with the increasing earning power. Effective management of your personal finance is mandatory to cope up with the collective demand the world is putting on your plate.
Where the CIT(A) was already ceased of the matter wherein the matter has been contested before him by the AO, the ld. Pr. CIT does not have the jurisdiction to exercise his powers u/s 263 of the Act on the same matter as per the explicit provisions contained in clause (c) to explanation 1 to section 263 of the Act.
Place of supply is creating lot of problems now a days. it is very important to determine it correctly because it will help state and central Govt. for revenue sharing.
Court would like to observe that CAs ought to maintain the highest level of ethics and integrity, not only in the interest of their clients but also to ensure that probity and sanctity are not compromised in any manner as CAs are not merely professionals engaged by their clients, but are protectors and guardians of financial markets on which a nation depends.
Tata Industries Ltd. Vs. ACIT (ITAT Mumbai) -Expenditure in raising loans or issuing debentures would be revenue in nature, irrespective of whether the borrowal is a long term or short term one.
ITO Vs. Sudhir Satnaniwala (ITAT Kolkata) It is observed that the deduction claimed by the assessee on payment of municipal tax arrears was disallowed by the A.O. on the ground that the said expenditure pertained to the earlier years and the assessee was not liable to pay the same. Since the corresponding rental income received […]
Issue: Payment up to Rs. 50,000 to be allowed through cheque instead of current provision of Rs. 10,000. Response: The Council deliberately decided to keep Rs. 10,000/- as limit for payment through ‘over the counter mode’ of payment. The same has been decided in the line with the view of Government to minimize cash transactions and encourage digital Transactions.
Mrs. Ramesh K. Patel C/o. Vs ITO (ITAT Ahmedabad) It is come on record that the assessee has not filed even a single satisfactory documentary or oral evidence or confirmation to the satisfaction of the lower authorities so as to prove genuineness of the above two cash deposits. We therefore quoting Hon’ble Apex Court’s judgment […]
After registration of the eligible unit, based on the details mentioned by the applicant on the Registration Form, the bank account of the applicant shall be validated by the Asstt./Dy. Commissioner (in the capacity of Program Division of CBEC) and a Unique Vendor Id will be created. This exercise should be completed within 3 days of registration of the eligible unit and the unique vendor Id shall be on endorsed on all the copies of the application. The second copy of the application shall be kept in record by the DDO.”
AO relied on copies of certain bank statement not bearing any signature of bank official–Authenticity of documents in question Where AO relying on certain loose papers, which were the copies of the bank statement not bearing any signature of the bank official, or the name of the bank or the place or the country where the branch was situated, made addition under section 68 as undisclosed income of assessee in Swiss bank, AO was not justified since the information was not obtained from Swiss bank and documents relied on were not authentic.
