"23 June 2018" Archive

Loss from Hedging Contracts of Foreign Exchange is Normal Business Loss

M/s ITT Shipping Pvt. Ltd. Vs Pr. CIT-3 (ITAT Kolkata)

This appeal filed by the assessee directed against the Ld. Principal of Commissioner of Income Tax-3, Kolkata for the assessment year 2012-13, wherein he has revised the order passed u/s 143(3) by the Assessing officer on 24.02.2015 by exercising his jurisdiction u/s 263 of the Income Tax Act, 1961(the Act) on 8thMarch, 2017....

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Encashment of bank guarantee due to inadequate performance is allowable expense

Green Delhi BQS Limited Vs ACIT (ITAT Delhi)

That on the facts and circumstances of the case and in law, CIT (A) erred in upholding the disallowance of loss/ expenditure of Rs. 20892603/- suffered/ incurred by the appellant as a result of encashment of bank guarantee furnished to Delhi Transport Corporation (DTC) as security for the due and punctual discharge of obligations under th...

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TDS deductible on Rent-Free Accommodation provided to Employees of Society

National Dairy Research Institute Vs Asst. (ITAT Bangalore)

This is an appeal filed by the assessee directed against the order of the learned Commissioner of Income-tax (Appeals)-13, Bengaluru [CIT(A)] dated 21/06/2017 for the assessment years 2011-12 to 2013-14....

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Imposition of penalty not justified in absence of motive to mis-declare goods

M/s. Regal Alloys Pvt. Limited Vs Commissioner of Customs (Cestat Chandigarh)

All the three appeals are arising out of the same impugned order passed by the Commissioner (Appeals) and as such, are being disposed of by a common order....

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Renting of Immovable Property: Service tax not Leviable on One-Time Non-Refundable Deposit

Kagal Nagar Parishad Vs Commissioner of Central Excise (CESTAT Mumbai)

Kagal Nagar Parishad Vs Commissioner of Central Excise (CESTAT Mumbai) Revenue sought to tax the one time premium deposit, which is not refundable under the head of renting of immovable property service considering the same as rent. We find that there is a separate charge for the rent, which alone is taxable, the onetime premium […...

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Service Tax not leviable on Taxes/Toll collected-on behalf of Government

Mateshwari Indrani Contractors Pvt Ltd Vs C.C.E. & S.T. (CESTAT Delhi)

The present appeal challenges the Order-in-Original No. 63/2013- 14 dated 02/09/2013 and covers the period of dispute April, 2007 to March, 2012. The appellant is engaged as a contractor on behalf of the Government Departments to collect sales tax, royalty and toll tax. The appellant participated in the bids floated by National Highways A...

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Countrywise Withholding Tax rates as per IT Act vis a vis Tax Treaties/DTAA

Certain income of non-resident, inter-alia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the Income-tax Act or as per the rates prescribed under the DTAAs, whichever is more beneficial to such non-resident. ...

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Posted Under: Income Tax |

Section 80C – Eligible Investments & Expenses

Deduction Under section 80C for Financial Year 2013-14 / Assessment Year 2014-15 in respect of Life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. ...

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Posted Under: Income Tax |

Section 80C: Life Insurance Premium- Eligible Amount & Deduction

Life Insurance Plans are very popular as a tool to get deduction u/s 80C of the I T Act. The investment in life insurance can be deducted up to Rs 1,50,000. (Rs. 1 Lakh upto A.Y. 2014-15). It a common perception that Premium Paid all Life Insurance Policies qualifies for deduction under section 80C of the Income Tax Act,1961 and full prem...

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Posted Under: Income Tax |

Income tax benefits available to Salaried Persons for A.Y. 2019-20

Articles compiles List of benefits available to Salaried Persons for AY 2019-20 which includes 1. House Rent Allowance, Children Education Allowance, Hostel Expenditure Allowance, Transport Allowance and other allowances 2. Perquisites...

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Posted Under: Income Tax |