A bench comprising Vijay Pal Rao (JM) and Vikram Singh Yadav (AM) of Income Tax Appellate Tribunal (ITAT) recently declared that Interest u/s 234B of the Income Tax Act can be levied on ground of non-payment of advance tax in respect of Alternative Minimum Tax.
Section 194J would have application only when the technology or technical knowledge, experiences/ skills of a person is made available to others which can be further used by him for its own purpose and not where by using technical systems, services are rendered to others.
Amount received by assessee form a closely held company in the guise of an agreement having no existence in the eyes of law, was to be assessed as deemed dividend under section 2(22)(e) in assessee’s hands on account of his substantial shareholding.
Merely for the reason that new residential house property has been purchased by assessee in wife name, same cannot be basis for denial of deduction claimed u/s 54F.
Assessment order shows that it is only basing on the revised assessment, the assessment was completed. Only reason stated by the AO for initiation of penalty was that no revision could be made in case of belated filing of the original return of wealth.
Nandadevi Outdoor Leadership School Vs. DIT (Exemptions) (ITAT Delhi) The assessee is engaged in the activities of rock climbing and mountaineering, bag-packing, kayaking, sailing and rafting. It says that it is one of the world‟s biggest outdoor skill trainer and its parent is headquartered in the USA. It offered courses in the Himalayan by instructing. […]
Brief: In general practice, number of reimbursement of expenses are taken place along with the consideration for the supply of Goods, Services or both. Now the question may arise whether such reimbursement of expenditure would be chargeable to tax or not? Answer to such question is conditional i.e. where such expenditure is incurred as a […]
The present four stay petitions are filed by the assessee for the assessment years 2009-10 to 2012-13, seeking extension of the stay earlier granted by the Tribunal on various occasions. In this regard, it was pointed out by the Ld. AR that the assessee had made the following payments out of the total demand, for the assessment years 2009-10 to 2012-13
Taxpayer is not able to reset and file GSTR-3B. Error report shows YOU HAVE ALREADY OFF SETTED GSTR-3B, but CESS liability is yet to be set off.
Taxpayers other than composition taxpayers, non-resident taxpayers, input service distributors and taxpayers liable to pay tax under section 51 & 52 of GST Law. The time period for filing GSTR-2 & GSTR-3 for month of July, 2017 to March, 2018 is being looked into by a Committee set up by the GST council.
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