"04 April 2018" Archive

Strict action against if Movement of goods without generating e-way bill

No- JC/BCP/e way bill /2018-19/B-553 (04/04/2018)

It may be brought to the attention of all concerned that those unauthorisedly causing movement of goods, without generating e-way bill, wherever due, will be liable for strict action from the Department. Hence, I take this opportunity to remind everyone to adhere to the e-way bill rules and generate e-way bill wherever due, while causing ...

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Deductions U/s 80G for Donation

Contributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the Income Tax Act. All donations are not eligible for deduction under section 80G. Only donations made to prescribed funds qualify as a deduction....

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A claim of creditor cannot be said to be barred by limitation if acknowledged by the debtor

Commissioner Of Income Tax Del Vs. M/S Banaras House Ltd. (Delhi High Court)

A division bench of the Delhi HC comprising Justice Sanjiv Khanna and Justice Chander Shekhar denied the dis allowance made in case of old creditors under section 40(1) of the Income Tax Act. ...

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Deemed dividend assessable in the hands of Partners (Beneficial Shareholders )

M/s. Kerala Transport Co. Vs. The Asst. Commissioner of Income-tax (ITAT Cochin)

Tribunal held that the beneficial shareholders of the lender company are partners of the assessee- firm and therefore the deemed dividend u/s 2(22)(e) has to be assessed only in the hands of the partners and not in the hands of the assessee- firm....

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Builder to pay tax based on completion stage if significant risk and reward are transferred to buyer

M/s. A.N. Build well Pvt. Ltd. Vs. DCIT (ITAT Delhi)

In the case of M/s. A.N. Build well Pvt. Ltd Vs. DCIT, the ITAT Delhi bench comprising Amit Shukla (JM) and SH. O.P. Kant (AM) was held that if the significant risk and reward are transferred to the buyer, the amount received from the buyer to the extent of the stage of completion of the project has accrued to the Assessee- Builder and it...

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Addition U/s. 68 justified if Genuineness & creditworthiness of donor not proved

Kailash A. Kothari Vs ITO (ITAT Mumbai)

Kailash A. Kothari Vs ITO (ITAT Mumbai) Learned departmental representative submitted that it is abundantly clear that the said donor has no capacity to give the said gift. He submitted that in absence of the cogency of the capacity, mere declaration of gift cannot be accepted as sufficient. He further submitted that the bank statement [&...

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In Absence of service of notice U/s. 143(2) assessment order passed by AO is not sustainable

Vikas Asopa Vs ITO (ITAT Delhi)

Both appeals by assessee are directed against the different orders of the learned Commissioner (Appeals)-12, New Delhi, dated 28-2-2017 for assessment year 2011-2012, challenging the addition on merit as well as levy of penalty under section 271(1)(c) of the Income Tax Act, 1961....

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SC on Cenvat Credit on GTA service availed for transport of goods from place of removal to buyer’s premises

Commissioner Of Central Excise Vs. Ultra Tech Cement Ltd. (Supreme Court of India)

The core issue involved in the present case is with regard to the admissibility or otherwise of the Cenvat Credit on Goods Transport Agency service availed for transport of goods from the place of removal to buyer’s premises. ...

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No disallowance U/s. 40(a)(ia) for Payment to resident without TDS if he paid tax on such income

Dy. CIT Vs. Aditya Construction Company India (P) Ltd. (ITAT Hyderabad)

What was common to both the provisos to section 40(a)(ia) and section 210(1) was that as long as the payee/resident had filed its return of income disclosing the payment received by and in which the income earned by it was embedded and had also paid tax on such income, the assessee would not be treated as a person in default....

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In case of rejection of books only AO can made addition only by way of Income estimation

Dy. CIT Vs Sree Nagendra Constructions & Ors. (ITAT Hyderabad)

ITA No. 202/Hyd/2015 is the appeal filed by M/s. Sree Nagendra Constructions for the assessment year 2011-12, while ITA No. 167/Hyd/2015 is the appeal filed by the Revenue against the relief granted to M/s. Sree Nagendra Constructions for the assessment year 2009-10....

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