"21 May 2018" Archive

Exemption U/s. 11 cannot be denied merely because func­tion hall was let out on rent for various activities

ITO Vs. Kalinga Cultural Trust (ITAT Hyderabad)

Where an institution is not driven primarily by a desire or motive to earn profits but to do charity through the advancement of an object of general public utility, it cannot but be regarded as an institution established for charitable purposes and proviso to section 2(15) could not be applied so as to deny exemption under section 11....

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Admin charges payable by employer on EPF amended WEF 01.06.2018

Notification No. S.O. 2011(E) 21/03/2018

Government reduces normal administrative expenses payable by the employer with effect from 1st June, 2018 at 0.50 per cent of the pay subject to a minimum sum of seventy-five rupees per month for every non-functional establishment having no contributory member and five hundred rupees per month per establishment for other establishments. ...

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Section 195 Payment towards Import of Software Amounts to Royalty

Telecomone Teleservices India Private Limited Vs The Deputy Commissioner of Income Tax (ITAT Bangalore)

The CIT (A) has failed to understand that your appellant was not under any legal obligation to effect TDS on purchase of Computer Software in F.Y. 2011-12 as these were considered as purchase of goods under the then existing provisions of law and subjected to customs duty. Purchase of computer software was brought under the definition of ...

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Lease rental income from letting out of warehouse constitutes business income

The Income-tax Officer Vs M/s Anjaneya Infrastructure Projects Pvt. Ltd. (ITAT Bangalore)

The assessee, a company engaged in deriving rental income from letting out of warehouse, filed its return of income for asst. year 2013­14 on 29/8/2013 declaring income of Rs. 26,97,860/- treating the rental income received there form as business receipts and offering the same for taxation of business income. The case was taken up for sc...

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If AO was satisfied as to assessee’s computation of disallowance U/s. 14A, invocation of rule 8D could not be allowed

Samvardhana Motherson International Ltd. Vs Asstt CIT & Anr. (Delhi High Court)

Samvardhana Motherson International Ltd. Vs ACIT (Delhi High Court) The chronology of events leading up to the passing of the orders under section 143(3) of the Act, clearly shows that the assessing officer was ‘satisfied with the claim of the assessee’ while passing the original orders. Rule 8D is triggered only in a case where [&hel...

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No tax leviable on Gifts/Prizes/Awards/Rewards received by sportsman Abhinav Bindra

Abhinav Bindra Vs. DCIT (ITAT Delhi)

G.D. Agrawal, Vice-President – This appeal by the assessee is directed against the order of learned CIT(A)-I, Dehradun dated 21st February, 2013 for the Assessment Year 2009-10....

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Related Party Transactions -For Unlisted Companies

Whereas, under Companies Act, 2013 this requirement has been done away with and substantial focus is towards disclosure regime. The ambit of provisions governing RPT has been increased phenomenally. After concerns of stakeholders several rounds of amendments has been made in the provisions....

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Posted Under: Income Tax |

Delhi HC Judgment on adjustment of Advance Tax under PMGK Scheme, 2016 and other issues

Virag Tiwari Vs. Principal Commissioner Of Income Tax-21 & Others (Delhi High Court)

Virag Tiwari Vs. Principal CIT & Others (Delhi High Court) In the present case we perceive that an equitable resolution is possible on interpretation of the provisions without undermining the object and purpose behind the Amendment Act. Thus while we have rejected the argument that advance tax of Rs. 85,50,000/- can treated as payment...

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List of Courses After 12th Commerce

Confused what to do after 12th commerce?? Today I am providing a list of courses after 12th commerce which will guarantee 100% Job after the course completion....

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Posted Under: Income Tax |

Semi Finals of GST Starts Now – Match Purchases through GSTR 2A !

Krishna, from 18th May, the government has started the GSTR 2A for view. What it is? What taxpayers should do now? In in GSTR 2A, B2B invoices, Debit notes, credit notes, purchases made from Composition dealer, credit taken through TDS and TCS, also, the amendments made in the original invoices by supplier, etc. is reflecting. ...

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September 2021