"14 April 2018" Archive

Income from sale of Agricultural Land after plotting is business Income

Ramswaroop Saudagar Vs Income Tax Officer (ITAT Jaipur)

Ramswaroop Saudagar Vs ITO (ITAT Jaipur) Although the land was agricultural land and situated in the limits of city of Dausa. It was developed into 23 plots of various sizes and sold during the year. The nature of land had gone irreversible change from agricultural to residential plots, therefore, we are agree with the finding […]...

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ITAT on allowability of Diesel Expenses from House Property Income

The Asst.Commissioner of Income-tax Vs M/s Janapriya Builders (ITAT Cochin)

These appeals at the instance of the Revenue are directed against two orders of the Commissioner of Income-tax (Appeals), both dated 30.06.2016. The relevant assessment year is 2009-2010....

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Deeming fiction U/s. 292BB not applicable on failure to issue notice U/s. 143(2) within specified period

Tiny Girl Clothing Company (P) Ltd. Vs. DCIT (ITAT Mumbai)

This appeal is filed by the assessee against the order of the Learned Commissioner (Appeals)–21, Mumbai dated 28-3-2016 for the assessment year 2011-12. The assessee in its appeal raised several grounds of appeal both on validity of issue of service of notice under section 143(2)/148 of the Act as well on merits of the disallowances....

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DIPP’s move- giving ‘wings’ to angel investors?

Startups are of great significance for any economy as they are collectively one of the major emerging source of revenue and employment. Many governments from across the world have been going out of their way to facilitate the entrepreneurial dream. Even India took initiative to support startup dreams by means of its flagship Make in India...

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Posted Under: Income Tax |

GST Exemption: List of Items and Services exempted under GST

In this Article we are going to explain the exemptions from GST. In order to determine the liability of tax on any supply of Goods or Services falling under the scope of charging section of GST, it is important to identify whether such supply of Goods or Services are exempt from tax....

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Posted Under: Income Tax |

Requirement for obtaining PAN card eased for corporate assessees

Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporat...

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Posted Under: Income Tax |

Suo Motu Rectification of order passed u/s 245D(4) on debatable issue by Settlement Commission not valid

The Commissioner of Income Tax Vs. Income Tax Settlement Commission & Another (Bombay High Court)

This Petition under Article 226 of the Constitution of India, challenges an order dated 2nd December, 2016 passed by the Settlement Commission (Commission) under Section 245 D(6B) of the Income Tax Act, 1961 (the Act)....

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After rejection of books of accounts AO cannot make Addition U/s. 40A (3) & 68

Deepak Mittal Vs. ACIT (ITAT Delhi)

The facts of the case are that the assessee filed return of income declaring income at Rs.22,52,471/-. The assessee is an individual and engaged in the business of trading/ Distribution of ITC Products under the name and style of M/s. DK Enterprises. On verification of the P & L A/c, audited report and books of account of the assessee, it...

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Recording of satisfaction by AO of “person searched” is a condition precedent for AO of “other person” to acquire jurisdiction

Adarsh Kumar Vs. DCIT (ITAT Delhi)

Recording of satisfaction by AO of person searched is a condition precedent for AO of other person to acquire jurisdiction and unless jurisdictional condition is satisfied, there can be no question of making assessment or reassessment in the case of such other person....

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Reference to DVO can be made only if AO think that value claimed in registered valuer’s report was less than FMV

Royal Calcutta Turf Club Vs. DCIT (ITAT Kolkata)

Reference made to DVO under section 55A on the ground that value declared by assessee, as per Government registered valuer’s report was more than FMV, was not justified as AO could make reference to DVO only when he was of the opinion that value claimed in the registered valuer’s report was less than the fair market value....

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