"10 July 2018" Archive

Let your Investments Evolve With Your Life

As we progress in life, our goals and milestones are modified. Not only have we changed the way we live but we also change our perception of the future. Our life’s goals include factors such as travelling, medical benefits, financial independence and zero liabilities. ...

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Posted Under: Finance |

Extend Income Tax Return due date & Relax application of Section 234F

Representation On Relaxing The Application Of Section 234F Of Income Tax Act And Extension Of Due Date For Filing Income Tax Returns Of Individuals And Small Businesses...

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Penalty levied by IRDA for non-compliance of Regulation is allowable

Microsec Insurance Brokers Ltd. Vs ITO Ward (ITAT Kolkata)

This appeal filed by the assessee is directed against the order of Ld. CIT (Appeals) – 18, Kolkata dated 15.04.2016 and the solitary issue involved therein relates to the disallowance of Rs. 5,00,000/- made by the A.O. and confirmed by the Ld. CIT(A) on account of penalty charges paid to Insurance Regularly and Development Authority (IR...

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Bogus LTCG addition based on statement of others not sustainable if Assessee not been provided copy of such statement with Opportunity to cross-examination

ITO Vs Shri K. Ramakrishna Reddy (ITAT Hyderabad)

Ld. CIT(A) erred in treating the income offered by the assessee under the head income from capital gains as against under the head income from other sources as assessed by the Assessing Officer treating the same as income from undisclosed sources....

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Posted Under: Finance | |

No penalty on disallowance of Deduction U/s. 54B claimed under a bona fide belief

Nitinkumar Desai Vs ACIT (ITAT Ahmedabad)

Where assessee after, investing capital gain in purchase of new agricultural land within prescribed time, harbored a bona fide belief that there was not any tax liability of capital gain and substantiated his explanation with relevant evidence, imposition of penalty under section 271(1)(c) was unjustified....

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Appearance of Women before ED not contrary to Section 160 of Code of Criminal Procedure

Nalini Chidambaram Vs The Directorate of Enforcement (Madras High Court)

Nalini Chidambaram Vs Directorate of Enforcement (Madras High Court) It is an admitted fact that initially the appellant was permitted to appear through the authorised agent. The impugned notice was issued on finding certain new facts and contradiction in the statements given, which could not be satisfactorily explained ...

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Sec 153C: Mere hand written paper could not be construed as books of accounts

Shree Radhey Technologies (P) Ltd. Vs ACIT (ITAT Delhi)

Mere hand written paper could not be construed as books of account or documents in terms of section 153C and such documents having no signature of assessee-company or its employees could not be stated as belonging to assessee, so as to invoke section 153C....

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Mere failure to submit TRC U/s. 90(4) is not a bar to grant benefits under DTAA

Skaps Industries India Pvt Ltd Vs. ITO (ITAT Ahmedabad)

Skaps Industries India Pvt Ltd Vs. ITO (ITAT Ahmedabad) Section 90(4), in the absence of a non-obstante clause, cannot be read as a limitation to the treaty superiority under Section 90(2), we are of the considered view that an eligible assessee cannot be declined the treaty protection under section 90(2) on the ground that the […]...

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TDS on Electricity Bill reimbursement to landlord

Issue: Whether the TDS provisions are applicable on payment of electricity reimbursement to landlord in case of there is no mark-up? Opinion The opinion is based on the following two questions: Whether the invoice from landlord as same from Electricity Department? Whether the invoice from landlord is composite supply? The first question h...

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Posted Under: Finance |

Summary of Company law rules as amended on 05.07.2018 & 07/05/2018

MCA vide notification dated: 05th July, 2018 has amended many rules of Companies Act, 2013 to support notified 75 sections of Companies Amendment Act, 2017. In this editorial author shall endeavor to briefly discuss such amended rules....

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Posted Under: Finance |

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