"02 December 2017" Archive

Section 44AD Profits and Gains of Business on Presumptive Basis

First we will discuss the business which has been eligible for scheme provided by section 44AD of income tax act, 1961. This scheme covers up almost all small businesses which has total turnover up to 200 lakh. Total turnover is the crux of this section. Here important is total gross turnover; gross turnover is before deducting any expens...

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Posted Under: Income Tax |

VAT in UAE: A comparison of Draft and Final Executive Regulations of the UAE VAT Law

A Comparison of Draft and Final Executive Regulations issued by the Federal Tax Authority of the UAE. Changes and Additions are marked in red and blue colour in a easy to understand way....

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Posted Under: Income Tax |

Two different floors of one house property cannot be treated as two different residential houses

ITO Vs. Nathamuni Krishnaswamy Balaji (ITAT Chennai)

Where assessee purchased Ground Floor of the house property and had also purchased first floor of the said house property and deduction for both the ground floor and the first floor under section 54F by treating both the floors as one single residential unit thus he was entitled to became two different floors of one house property could n...

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FAQs on Statement of Financial Transactions & Reportable Accounts

To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the concept of statement of financial transaction or reportable account (previously called as Annual Information Return (AIR)....

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Posted Under: Income Tax |

Penalty U/s. 271(1)(c) cannot be imposed for receipt of payment against transaction made by husband, of which she had no knowledge

CIT Vs Madhuri Satish Misal (Bombay High Court)

Once the assessee is a beneficiary of the amount received as a consequence of the transfer executed by her husband, of which she had no knowledge, she offered that during the course of the assessment proceedings, that does not mean that her act can be brought within the penalty provision....

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Penalty not justified for loan received in cash and immediately refunded

The Income Tax Officer Vs Mrs. Lakshmi Vishwanath (ITAT Delhi)

The Income Tax Officer Vs Mrs. Lakshmi Vishwanath (ITAT Delhi) Briefly the facts of the case are that the A.O. in the assessment order noted that assessee was asked to explain source of the cash deposit in her bank account maintained with State Bank of India. The assessee attended the proceedings before A.O. and filed […]...

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Non-Speculative Business Loss can be set off against speculative Business Income

CIT Vs. M/S Ramshree Steels Pvt. Ltd (Allahabad High Court)

Non-Speculative Business Loss can be set off against speculative Business Income ...

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Claim of depreciation on land cannot be termed as clerical mistake

M/s Ambience Hospitality Pvt Ltd. Vs Dy Commissioner of Income Tax (Delhi High Court)

It is a manifest procedure that before filing of the Income Tax return for the assessment year 2007-2008 by the petitioner, the same is scrutinized, firstly, by the auditors of the company. Secondly, by the directors of the company before endorsing their signatures on the final Balance Sheet. Therefore, it cannot be considered as a mere a...

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