"07 February 2018" Archive - Page 2

Sec 292B can’t be cure Non-application of mind in issue of Re-Assessment Notice

Smt. Kalpana Shantilal Haria Vs. Assistant Commissioner of Income- ­Tax (Bombay High Court)

Smt. Kalpana Shantilal Haria Vs. Assistant CIT (Bombay High Court) There can be no dispute with regard to the application of Section 292B of the Act to sustain a notice from being declared invalid merely on the ground of mistake in the notice. However, the issue here is not with regard to the mistake / […]...

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Addition in the hand of company cannot be made for items belonging to directors which was duly proved with Supporting Evidences

Bagaria Properties & Investment Pvt. Ltd. Vs. ITO (ITAT Kolkata)

The Income Tax Appellate Tribunal in its recent order ruled that addition made under the Income Tax Act, 1961 solely on the basis of confessional statement without any supporting evidence is Invalid. ...

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Provisions of S. 68 of Income-tax Act, must be read with Negotiable Instruments Act, 1881, particularly when liability is acknowledged on realization of cheque

When on receipt of money by way of cheque a liability is acknowledged by receiver as loan or deposit or share capital, it need to be viewed considering ground realities faced by receiver of money against which he incur liability....

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Posted Under: Income Tax |

Penalty justified on additional income declared after discovery of same by AO

Jyothirmoy Yamsani Vs. DCIT (ITAT Hyderabad)

Jyothirmoy Yamsani Vs. DCIT (ITAT Hyderabad) In the instant case, the assessment order categorically indicates that penalty is leviable on both counts and even penalty order details the nature of default on the part of the assessee, followed by a specific conclusion that the assessee has concealed income and furnished inaccurate particula...

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How To Get Income Tax Reimbursement on Personal Loans

Income tax reimbursement on a Personal Loan? Under certain circumstances, you can actually get tax benefits on Personal Loans. Read on to find out how....

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Posted Under: Income Tax |

Depreciation eligible on Right to collect toll for specified period as it is intangible Asset

Ashoka Infrastructure Ltd. Vs. Asst. CIT (ITAT Pune)

As assessee was not the owner of toll road, but had been given the right to develop, maintain and operate the toll road and to further collect the toll for the specified period, then this right was an intangible asset falling under section 32(1)(ii) and expenditure on development, construction and maintenance of infrastructure facility as...

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A Nifty Guide to Reducing your Taxes After Retirement

To ensure a smooth retirement, you must plan your finances in advance. Make it a priority to invest in the right avenues to multiply your wealth and also to reduce your tax liability. This will allow you to bolster your income post retirement and help you live a financially secure life after retirement. Take a […]...

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Posted Under: Income Tax |

Sec. 12AA Cancellation of Registration of society which collects huge fees although formed to run the dental college without any fees from students is justified

Bhim Rao Ambedkar Educational Society Vs. CIT (Exemption) (Allahabad High Court)

Bhim Rao Ambedkar Educational Society Vs. CIT (Exemption) (Allahabad High Court) A categorical finding has been recorded that Society is not being run according to the objects, i.e., free health education and establishment of dental college without fee. He also pointed out that a Society if charging nominal fee to maintain its expenses et...

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Country by Country Reporting (CbC Reporting) – India’s Step Forward to OECD’s BEPS Action Plans

The OECD report on Action Plan 13 of BEPS Action plan provides for re-examination of transfer pricing documentation. It also provides for a template for country-by-country reporting of income, earnings, taxes paid and certain measure of economic activity. ...

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Posted Under: Income Tax |

Auditors who conducted audit of Mutual Fund for 9 years or more may continue till the end of F.Y. 2018-19: SEBI

SEBI/HO/IMD/DF2/CIR/P/2018/19 (07/02/2018)

Auditors who have conducted audit of the Mutual Fund for 9 years or more, in terms of clause B (2) (iii) (b) of the aforesaid circular, may continue till the end of F.Y. 2018-19....

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