"29 January 2018" Archive

Make provisions for comprehensive audit of all filed TDS returns: ICAI

A major portion of the revenue by way of income-tax is recovered through deduction of tax at source. Thus, in-depth verification of all the TDS returns is necessary....

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Posted Under: Income Tax |

ITAT disallows proportionate interest for Interest free advances given to sister concerns

H.I. Tamboli & Co. Vs Asstt. CIT (ITAT Pune)

Assessee is a partnership firm stated to be engaged in the business of manufacturing and selling of tobacco products. Assessee electronically filed its return of income for assessment year 2007-08 on 31-10-2007 declaring total income of Rs. 15,20,628....

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Conversion of Agricultural land: Section 50C not apply to business income

The Income-tax Officer Vs. Smt. Sejal D Shah (ITAT Ahmedabad)

The ITAT bench comprising Pramod Kumar (AM) and S. S. Godara (JM) recently confirmed that the sale consideration on agricultural land after its conversion to non-agricultural Land constitutes business income and therefore, section 50C of the Income Tax Act, 1961 cannot be applicable to such cases....

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MahaRERA Conciliation & Dispute Resolution Forum

No. MahaRERA/Secy/File No. 27/ 95 /2018 29/01/2018

Whereas the Chairperson, MahaRERA is vested with the powers of general superintendence and directions in the conduct of affairs of the authority under section 25 of the Real Estate (Regulation and Development) Act, 2016 (RERA)....

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Number of Tax Returns and payment schedule should be curtailed: ICAI

Even in the e-filing era, the assessees are overburdened with the compliances to be made with regard to filing of returns and payment schedules. An assessee is required to file quarterly returns relating to TDS on salaries...

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Posted Under: Income Tax |

Service tax does not form part of gross receipts for computation U/s. 44BB

DDIT Vs weatherford Oil Tools (ME) Ltd. (ITAT Delhi)

Dy. DIT (IT) Vs weatherford Oil Tools (ME) Ltd. (ITAT Delhi) On Issue relating to the service tax, learned AR placed reliance on the decision of the Hon’ble Jurisdiction High Court in the case of CIT vs Mitchell Drilling International P. Ltd. 380 ITR 130 in support of his contention that the service-tax being statutory […]...

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Penalty cannot be imposed U/s. 271(1)(c) in absence of recording of satisfaction by AO

Mrs. Indrani Sunil Pillai Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

Aforesaid appeal by the assessee is against order dated 28th December 2015, passed by the learned Commissioner (Appeals)–37, Mumbai, confirming penalty under section 271(1)(c) of the Income-tax Act, 1961 (for short the Act) for the assessment year 2010–11....

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NSDL should inform reason if PAN application is withheld: ICAI Suggests

For filing of return, it is mandatory to have PAN. A person applying for PAN has to give his details in a prescribed form & the same will be allotted to him by the Income Tax Department....

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Posted Under: Income Tax |

Existence of agreement between two jurisdictional Commissioners is a condition precedent for passing case transfer order U/s. 127(2)

Rent works India Private Limited Vs. Pr CIT (Bombay High Court)

On 19th September 2017, notice for final disposal at admission stage was issued. Accordingly, today, we have taken up the writ petition for final hearing. The Commissioner of Income Tax, Mumbai issued notice dated 18th April 2017 to the petitioner taking recourse to subsection 2 of Section 127 of the Income Tax Act, 1961 ...

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Section 143(1)- Increase in scope of Incorrect claim apparent from any information in return

The Finance Act, 2016 has amended the said section by inserting sub-clause (iv) to sub-section (1) of section 143 for disallowing expenditure indicated in the audit report but not taken into account in computing the total income in the return....

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Posted Under: Income Tax |

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