"20 July 2018" Archive

CBDT Amends Format of Form No. 3CD wef 20th August, 2018

Notification No. 33/2018-Income Tax [G.S.R. 666(E)] 20/07/2018

CBDT has vide Notification No. 33/2018, Dated: July 20, 2018 Amended Income Tax Audit Form No. 3CD with effect from 20th August, 2018 to incorporate further reporting requirement related to Goods and Service Tax (GST) , Transfer pricing, Statement of Financial Transactions, Section 32AD, Income from other sources as referred to in clause ...

Deemed registration of Charitable trust under section 12A

CIT Vs TBI Education Trust (Kerala High Court)

Where application for registration under section 12A of Income Tax Act, 1961 is not disposed of by either accepting or refusing it within six months as per provisions of section 12AA(2), the registration would be deemed to applicable from date of expiry of six months from date of application....

Interest on borrowing to pay earliest money deposits allowable as deduction u/s 36(1)(iii)

DCIT Vs M/s. Prestige Garden Estates Pvt. Ltd. (ITAT Bangalore)

DCIT Vs M/s. Prestige Garden Estates Pvt. Ltd. (ITAT Bangalore) Conclusion: Deduction was allowable under section 36(1)(iii) on interest on borrowing to pay earnest money deposits (EMD) to purchase properties being lands, flats, etc. as the same was for purpose of assessee’s business of acquiring properties. Held: In the present case, a...

Jurisdiction U/s. 263 cannot be assumed for non-communication of Form 3CL by DSIR to DIT (E)

Century Seeds Private Limited Vs Deputy Commissioner of Income Tax (ITAT Hyderabad)

Century Seeds Private Limited Vs DCIT (ITAT Hyderabad) With reference to the finding of the Ld. CIT that the Form 3CM and 3CL are not filed which are mandatory, it was the submission that assessee has filed Form 3CM in letter format issued by DSIR granting renewal of recognition up to 3 1.03.2015 by the […]...

Deduction under section 54F on Multiple flats received under JDA

Mrs. S. Suma Vs The Income Tax Officer (ITAT Bangalore)

As far as the deduction u/s. 54F of the Act on the question whether if under a JDA multiple flats are given to the owner whether deduction u/s.54F of the Act can be given, the decision of the Hon’ble High Court of Karnataka and the other decision cited before us supports the plea of the […]...

Clubbing Provisions of Income of Minor

Nowadays, it is observed that a lot of young talented kids are being hired in different fields like acting, singing, choreographing, etc., and they are paid handsome amount for their skill and talent. The question arises is whether the income earned by these children are taxable and if yes, in whose hands, will it be taxable....

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Weighted deduction u/s 35(2AB) on expenditure outside the R & D unit

DCIT  Vs  Aurobindo Pharma Limited (ITAT Hyderabad)

DCIT  Vs  Aurobindo Pharma Limited (ITAT Hyderabad) We have considered the rival contentions and perused the case law placed on record. In the decision of Concept Pharmaceuticals Ltd (supra) the Coordinate Bench did not allow the expenditure spent outside the R & D unit but the Bench has not considered the explanation introduced ...

Extend due date of ITR to 30.09.2018 & 30.11.2018 respectively

Central Gujarat Chamber of Tax Consultants has submitted a letter to Hon’ Finance Minister of India on 19th July 2018 requesting Extension of Due Date in respect of filing ITR by to 2 Months i.e. 30.09.2018 and 30.11.2018 respectively. Earlier a letter was also written by  Karnataka State Chartered Accountants Association to Extend Inc...

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Contribution towards construction of Cricket Academy incurred by RCB allowable as deduction

M/s. Royal Challenger Sports Pvt. Ltd. Vs Deputy Commissioner of Income-tax (ITAT Bangalore)

M/s. Royal Challenger Sports Pvt. Ltd. Vs DCIT Assessee challenges the addition on account of contribution made to Cricket Academy of Rs.45 lakhs holding it to be capital expenditure. The assessee made a contribution of Rs.45 lakhs to Karnataka State Cricket Association (KSCA) for the purpose of creating a cricket academy. The assesse...

Why & for whom Income Tax return Filing before 31st July is mandatory?

Arjuna (Fictional Character): Krishna, 31st July 2014 is near and many taxpayers are hurrying up for filing income tax returns. What are the points to be considered before filing income tax returns?...

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