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Archive: 08 February 2018

Posts in 08 February 2018

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 2613 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

RBI Cautions about Fake Websites in its Name

February 8, 2018 735 Views 0 comment Print

It has come to the notice of the Reserve Bank of India that a fake website of the Reserve Bank of India has been created with the URL www.indiareserveban.org by some unknown person(s).

Deduction U/s. 54 despite non completion of Flat Construction by developer

February 8, 2018 9075 Views 1 comment Print

This appeal of the revenue is directed against the order of the Commissioner (Appeals)-9, Chennai, dated 30-5-2017 and pertains to assessment year 2013-14.

Disallowance justified for non deduction of TDS on Provision for Audit Fees

February 8, 2018 12333 Views 0 comment Print

Since assessee had made provision for audit fees to account of payee, provisions of section 194J were clearly attracted and non-deduction of tax at source would automatically invite disallowance under section 40(a)(ia).

No excise on supply of various bought-out electrical items and accessories as BPL Kits

February 8, 2018 1113 Views 0 comment Print

Quashing the demand of excise duty on the activity of providing BPL Kits, the Delhi bench of the CESTAT observed that to levy central excise duty on any goods, the same should have been produced or manufactured in India.

Sec. 292 cannot cure mistake of sending notice in the Name of Deceased Assessee

February 8, 2018 1542 Views 0 comment Print

ITO Vs. Late Sh. Ram Kumar (ITAT Delhi) It is observed from the assessment order passed by Ld. AO that Ld. AO was well informed regarding the demise of assessee. He was supposed to bring the legal heirs on record as per the details submitted before him during assessment proceedings itself. Once the non-existence of […]

Gains made on sale of shares now taxable

February 8, 2018 4194 Views 4 comments Print

As per the proposed amendment and insertion of new section 112A of the Income-tax Act, 1961, long-term capital gains made on sale of equity shares or equity-oriented unit to be taxable at the rate of 10% with effect from 1 April 2018.

Whether subsidy by Government is capital receipt or revenue receipt

February 8, 2018 23550 Views 0 comment Print

Recently the Supreme Court while disposing off the batch of cases along with Chaphalkar Brothers [TS-589-SC-2017] held that grant of subsidies by the State Governments of India by way of exemption from entertainment tax to newly constructed multiplexes would qualify as capital receipt under the Indian Tax Act.

RERA Non-Compliancy Not a Trifling Matter

February 8, 2018 1596 Views 0 comment Print

Much has been said about the all-encompassing Real Estate Regulatory Act (RERA) which is bringing about a decisive change for the long-term success of sellers and buyers alike. The Act is indeed touted to be the Government’s trump card to oust corruption and malpractices from the real estate sector. However, though it was a move worth applauding, the RERA Act brought along a few unforeseen ebbs and tides in the market forecast.

Amount paid to RMCs for Foreign Currency Purchase cannot be treated as Commission liable to TDS

February 8, 2018 6258 Views 0 comment Print

DCIT Vs. M/s. Cox & Kings (I) Ltd. (ITAT Mumbai) Assessee has a foreign exchange division approved by the RBI and is authorized to buy foreign exchange and travelers cheques from RMCs and others and sell them to persons in need of them. RMCs are also authorized by RBI to buy foreign currency from non […]

TDS deductible on Audit Fees provision credited to Auditors Account

February 8, 2018 60813 Views 0 comment Print

On perusal of section 194J of the Act, we find that tax is deductible at source either at the time of credit of expenditure to the account of the payee or at the time of payment whichever is earlier. In the instant case, the assessee had made provision for audit fees to the account of the payee which fact has been mentioned by the ld CITA.

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