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 […]
The Hyderabad bench of Income Tax Appellate Tribunal (ITAT), while allowing tax exemption under section 11 of the Income Tax Act to Kalinga Cultural Trust, held that the activity of letting out of marriage hall by the assessee- trust would not constitute commercial activity for the purpose of denying tax relief to them.
I would like to request you all to continue vigorously with the GST outreach programmes. Consequent to the GST Council meeting, the stakeholders need to be updated on any decision taken. Therefore, I would like rigorous efforts to be made under your personal supervision to disseminate clear and updated information to both the officers and staff of the department and the stakeholders.
1. The Institute of Chartered Accountants of India considers it a privilege to submit its suggestions on GST Implementation Issues. We have segregated the 217 suggestions in 3 parts: Policy related issues Law Related Issues Procedural Issues We shall be pleased to discuss suggestion in meeting to illustrate the points made by us. 2. We […]
CIT(A) has been given power u/s. 251 of the Act to confirm the order of AO reduce, enhance or annul assessment order under the provision of Act but there is no power available to Ld. CIT(A) to give direction to AO for reopening the case of other years.
