"December, 2017" Archive

Depreciation on assets allowable to trust despite treatment of same as Income Application : SC

Commissioner of Income tax Vs Rajasthan and Gujarat Charitable Foundation Poona (Supreme Court of India)

Assessing Officer view in disallowing the depreciation which was claimed under Section 32 of the Act was that once the capital expenditure is treated as application of income for charitable purposes, the assessees had virtually enjoyed a 100 per cent write off of the cost of assets and, therefore, the grant of depreciation would amount to...

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TDS can be granted only in year in which income on which such TDS is assessable to tax

ACIT Vs. M/s Rahee Jhajharia E to E JV (ITAT Kolkata)

As per Section 199(3) of Income Tax Act, 1961 read with Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 TDS can be granted only in the year in which the income/receipt on which such tax deducted at source is asses sable to tax....

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Depreciation cannot be denied for Breakdown & Technical Snags during Trial runs of Machineries

The Pr. Commissioner of Income­- Tax­ Vs. M/s. Larsen and Toubro Ltd. (Bombay High Court)

Once plant commences operation and even if product is substantial and not marketable, the business can said to have been set up. Mere breakdown of machinery or technical snags that may have developed after the trial run which had interrupted the continuation of further production for a period of time cannot be held ground to deprive the a...

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Proceedings under Bihar VAT & IPC are Independent to each other: HC

Vijay Shankar Prasad Vs. The State of Bihar (Patna High Court)

The Patna High Court, in a recent ruling, held that the prosecution in criminal law and proceedings arising under the Bihar Value Added Tax Act, 2005 are undoubtedly independent proceedings and, there is no impediment in law for the criminal proceedings to proceed even during the pendency of the proceedings under the Bihar Value Added Tax...

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Income Tax e-Filing Helpline Numbers

Revised e-Filing Helpdesk number for General Queries related to Income Tax, Rectification, Refund, Intimation and other Income Tax Processing Related Queries, e-Filing of Income Tax Return or Forms and other value added services provided through e-Filing Portal, Form 16, Tax Credit (Form 26AS) and other queries related to TDS statement, F...

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Posted Under: Income Tax | ,

E-Way Bill under GST In Rajasthan With Practical Examples

E-WAY bill is required to generate when value of goods in a vehicle exceeds Rs. 50,000/- for transportation outside the state. E-WAY bill should be generated if goods move for following reasons:...

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Posted Under: Income Tax |

ICAI suggests on Income-tax exemption for securitization trusts, levy of distribution tax on income distributed by such trusts U/s. 10(23DA)

The securitization trust has so far been treated as a pass through vehicle for tax purposes i.e. all the income of the securitization trust has been offered to tax by its investors (unless the investor is tax exempt viz., a mutual fund). ...

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Posted Under: Income Tax |

The Indian Institution of Management Act, 2017

No. 33 of 2017 (31/12/2017)

An Act to declare certain Institutes of management to be institutions of national importance with a view to empower these institutions to attain standards of global excellence in management, management research and allied areas of knowledge and to provide for certain other matters connected therewith or incidental thereto....

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Chewing Tobacco or Pan Masala containing tobacco is not food Item: HC

Food Inspectors Vs Rupesh Jain & Ors. (Delhi High Court)

There is no mention of Flavoured Chewing Tobacco in the definition of Pan Masala as per Appendix B. The ingredients mentioned in the definition of Pan Masala are used for human consumption in one form or the other and therefore come within the definition of food as per Section 2(v) (a) of the Prevention of Food Adulteration Act, 1954....

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IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2017

Notification No. IBBI/2017-18/GN/REG22 (31/12/2017)

(1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2017. (2) They shall come into force on the date of their publication in the Official Gazette....

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