"January, 2018" Archive - Page 12

Section 143 – Need to create pre-assessment filters

The whole process of assessment and appeals needs to be looked at afresh, with a view to revamp and improve the current circuitous procedure. The following may be considered from this perspective...

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Posted Under: Income Tax |

CA IPC November 2017 Exams Pass Percentage & Toppers

Details of percentage of candidates passed in the Intermediate (IPC) Examination Held In November – 2017 and details of top three rank holders on the all India basis for the INTERMEDIATE (IPC) Examination held in November 2017 with the marks secured by them are also given herewith....

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Posted Under: Income Tax |

Section 145(2) – ICDSs should not be implemented- ICAI

Recently, the Hon’ ble Delhi HC in its Judgement dated 8.11.2017 in the case of Chamber of Tax Consultants v. Union of India has struck down certain paras of the ICDSs to the extent as noted in the said Judgement as ultra vires the Income-tax Act, 1961....

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Posted Under: Income Tax |

Sanction for issuing a reopening notice cannot be mechanical

Kalpana Shantilal Haria Vs. ACIT (Bombay High Court)

It is a settled principle of law that sanction granted by the higher Authority for issuing of a reopening notice has to be on due application of mind. It cannot be an mechanical approval without examining the proposal sent by the Assessing Officer....

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Common Area Maintenance and non-occupancy charges paid are deductible from rent in computation of ‘Annual Letting Value’ u/s 22

DCIT Vs. Yogen D. Sanghvi (ITAT Mumbai)

Common Area Maintenance Charges and non-occupancy charges paid by the assessee to the Society are deductible from the rent while computing the Annual Letting Value u/s 22...

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Section 14A r.w. Rule 8D cannot be interpreted to mean disallowance of entire tax exempt income

Pest Control India Pvt Ltd Vs DCIT (ITAT Mumbai)

Pest Control India Pvt Ltd vs. DCIT (ITAT Mumbai) By no stretch of imagination can Section 14A or Rule 8D be interpreted so as to mean that entire tax exempt income is to be disallowed The Hon’ble Delhi High Court in the case of Joint Investment Private Limited in ITA.No. 117/15 dated 25.02.2015 held that […]...

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VAT Tribunal: CA or Commissioner cannot be appointed unless they have expertise

Sales Tax Tribunal Bar Association Vs State of Maharashtra (Bombay High Court)

Sales Tax Tribunal Bar Association vs. State of Maharashtra (Bombay High Court) The Apex Court observed that the participation by persons from other specified fields would be a positive consideration for achievement of the object of the said Act of 2005. However, the Apex Court observed that the requirement of a judicial mind for manning ...

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For depreciation slump sale price needs to be bifurcated between tangible and intangible assets in a systematic manner

Johnson Matthey Chemicals India Pvt. Ltd Vs DCIT (ITAT Pune)

After the slump price has been attributed first to the value of tangible assets, then the balance is to be attributed to intangible assets and once the same is done and whether it is under the umbrella of know-how, trademarks, patents or goodwill, it makes no difference since all these are covered under the umbrella of intangible assets, ...

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Section 155(14A) Claim of FTC pertaining to taxes under dispute in foreign country

Section 155(14A) provide that where the payment of foreign tax is under dispute, credit of such taxes will be available in India in the year in which the dispute is settled, on satisfaction of certain conditions. ...

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Posted Under: Income Tax |

Section 80IA(5) Only losses of years beginning from initial A.Y. alone are to be brought forward

CIT Vs. Hercules Hoists Ltd (Bombay High Court)

Only losses of the years beginning from the initial assessment year are to be brought forward for set-off against profits of the eligible unit. Losses of earlier years which are already set off against income cannot be brought forward notionally for set-off. The fiction in s. 80-IA(5) is created only for a limited purpose and cannot be ex...

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