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Archive: 11 January 2018

Posts in 11 January 2018

Every wrong claim by assessee cannot tantamount to furnishing of wrong particulars

January 11, 2018 2304 Views 0 comment Print

The ITAT bench comprising of Accountant Member T. S. Kapoor and Judicial Member Partha Sarathi Chaudhury, held that penalty under Section 271(1)(c) of the Income Tax Act, 1961 would not attract when assessee makes an Ineligible Claim.

Addition justified if creditworthiness of parties & genuineness of transaction not established

January 11, 2018 2172 Views 0 comment Print

Hon’ble High Court held that  addition on account of undisclosed income is sustainable where creditworthiness of parties and genuineness of transaction was not established by assessee.

A.O cannot reject books without pointing out any incorrectness in the same

January 11, 2018 3771 Views 0 comment Print

ACIT Vs Balajee Structural (India) Pvt.Ltd. (ITAT Raipur) It is  not in dispute that the appellant has maintained books of account regularly and these are duly audited u/s 44AB of the I.T. Act and the quantitative details were prepared and were duly audited. The variation in percentage of GP/NP or payments in cash, in the […]

Building under construction cannot be taxed as deemed let out property

January 11, 2018 3672 Views 0 comment Print

Building being under construction during relevant previous year, the same could not be taxed applying provision of Section 23(1)(c) of Income Tax Act, 1961.

ICAI extends last date to comply with CPE requirement to 31.01.2019

January 11, 2018 1570 Views 0 comment Print

This is for kind information of the members that the last date for complying with the CPE Hours requirement for the Calendar Year 2018 – has now been extended to 31st January, 2019.

Quarterly TDS/TCS due dates and new features of RPU version 2.2

January 11, 2018 8334 Views 1 comment Print

Key Features — Return Preparation Utility (RPU) version 2.2 ♣ In case of non-availability of PAN of deductee for Form 27E% two new fields are introduced under deductee details which are as below: Column no. 32) Deductee is Non-Resident (under this column two dropdown options will be provided i.e. Yes/No) Column no. 33) Deductee is […]

Deduction u/s 80P(2) on interest received on deposits with Sub-Treasuries.

January 11, 2018 2352 Views 0 comment Print

In an assessee- favor ruling, the Cochin bench of ITAT said that the assessee, a primary agricultural credit society is entitled to the benefit of deduction under Section 80P (2) of the Income Tax Act, with regard to interest received on deposits made by the assessee with sub treasury.

Fully exempt Employer contributions to approved superannuation fund: ICAI

January 11, 2018 18018 Views 1 comment Print

Partial double taxation of contribution to superannuati on fund – Section 17(2)(vii) – It is suggested that the employer contributions to an approved superannuation fund may be made fully exempt from tax. This will also encourage one of the key focus areas of the Government of creating a pension based society.

Allow deduction for maintenance charges paid to a housing society: Section 23

January 11, 2018 23910 Views 2 comments Print

In most urban areas, maintenance of building is undertaken by the society, federation, company or common body and the expenses for such maintenance are substantial. The same need to be allowed as deduction against rental income so as to ensure that it is only the real income that is brought to tax.

Circular on Prevention of unauthorized trading by stock brokers effective from 01.04.2018

January 11, 2018 1095 Views 0 comment Print

SEBI vide circular No. CIR/HO/MIRSD/MIRSD2/CIR/P/2017/108 dated September 26, 2017 had prescribed guidelines for prevention of unauthorised trading by stock brokers and issued subsequent clarification vide CIR/HO/MIRSD/MIRSD2/CIR/P/2017/124 dated November 30, 2017.

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