"28 December 2017" Archive - Page 3

Exemption U/s. 11 to 13 cannot be claimed in absence of Registration u/s 12AA

Bulandshahr Development Authority Vs Addl. Commissioner of Income tax (ITAT Delhi)

We are of the view that assesse has not filed any Certificate of Registration granted u/s. 12AA of the I.T. Act, 1961, which is mandatory for availing the exemption u/s. 11 to 13 of the Act...

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F&O Transactions on recognized Stock Exchange cannot be treated as Speculative Transaction

Shri Dron Sureshkumar Rao Vs. ITO (ITAT Ahemdabad)

Shri Dron Sureshkumar Rao Vs. ITO (ITAT Ahemdabad) F&O business carried out through recognized stock exchange cannot be treated as speculative loss in view of the exceptions carried out under s.43(5) of the Act. As per clause(d) of first proviso to section 43(5) of the Act inserted by the Finance Act, 2005 with effect from […]...

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CBDT cannot extend time to claim deduction under section 54F

Shivinder Singh Brar, Karta (HUF) Vs. CBDT (Punjab and Haryana High Court)

Where assessee was precluded from construction of new house due to prohibition of construction in his area then assessee could seek relaxation in terms of section 119(2)(c) at time of claiming deduction under section 54F and such claim could be made only within time period, as prescribed under Act for making such claim....

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Clarify on exemption of interest on deposits by co-operative societies with multi-State cooperative banks

The anomalous position may be rectified by making suitable amendment in section 2(19) defining a Co-operative Society, by including therein a society registered under the Central Act currently applicable....

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Posted Under: Income Tax |

Do you invest for Applause or Returns?

Recently, while waiting at the airport lounge, I had an opportunity to converse with a young man who had an attractive engineering degree from a no. 1 institution in India, and masters done from a top notch business school abroad...

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Posted Under: Income Tax |

GST Offline ITC Set off utility in Excel Format

GST Input Tax Credit Set off against output liablity....

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Posted Under: Income Tax |

Exposure Draft of Preface to Framework & Standards on Internal Audit

EXPOSURE DRAFT PREFACE TO THE FRAMEWORK AND STANDARDS ON INTERNAL AUDIT* (Last date for comments- January 17, 2018) The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites comments on proposed revision to the Preface to the Framework and Standards on Internal Audit. Comments are most helpful if...

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Posted Under: Income Tax |

Wedding planning tips for the financially smart bridezilla

The big fat Indian wedding! The extravagant event is a manifestation of the couple and their family’s dreams, months of painstaking financial planning and deep pockets. Earlier, the parents on both sides would foot the astronomical expenses. But, times have changed. Now, with the modern-day women earning handsome salaries, they prefer t...

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Posted Under: Income Tax |

Additional depreciation allowable to Company in Generation and distribution of electricity even prior to 1-4-2013

Damodar Valley Corporation Vs. Dy. CIT (ITAT Kolkata)

Damodar Valley Corporation Vs. Dy. CIT (ITAT Kolkata) We find that on perusal of section 32(1)(iia) of the Act as it stood upto assessment year 2012-13, it is evident that the additional depreciation is permissible to all assessees who are engaged in the business of manufacture or production of any article or thing. In the […]...

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Notification No. 119/2017-Customs (N.T.), Dated: 28.12.2017

Notification No. 119/2017-Customs (N.T.) [G.S.R. 1589 (E)] 28/12/2017

NOTIFICATION No. 119/2017-Customs (N.T.) In exercise of the powers conferred by sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby directs that each of the notifications of the Government of India, Ministry of Finance (Department of Revenue), specified in column (2) of the T...

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