"28 August 2018" Archive

Addition for Cash Deposited in Joint Account cannot be made to an A/c holder if he/she Proves that same belongs to other Joint A/c Holder

Income Tax Officer Vs Harmanpreet Kaur D/o Sadhu Singh (ITAT Amritsar)

The question, however, as we see it, is not the amount at which the land was actually sold, which is in the following year, but whether the cash deposit of Rs.49 lacs could be said to form part of the transaction of sale of land by the assessee’ s father. S...

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Insight on GST- Entertainment Industry

Entertainment Industry SectorsEntertainment Industry is very wide and inclusive term it encompasses as well as covers several business sectors suchas: -...

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Posted Under: Income Tax |

Quick Insight on GST – Hospitality Industry

The Indian hospitality industry has emerged as one of the key drivers of growth among the services sector in India. Due to the variety of businesses, the hospitality industry is usually one of the largest revenue producers for countries. The growth in the hospitality sector and its contributions to the GDP will continue to be substantiall...

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Posted Under: Income Tax |

Quick Insight on GST- Infrastructure & Construction Industry

Draft Quick Insight on GST- Infrastructure and construction Industry Introduction The Government of India has identified infrastructure and construction as the key drivers for economic growth of the country and major investment is planned in this sector under the current plan. Airports, roads, ports and railways including metro/mono play ...

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Posted Under: Income Tax |

Quick Insight on GST – Textile Industry

Draft Quick Insight on GST – Textile Industry 1. Introduction: India’s textiles sector is one of the oldest industries in Indian economy dating back several centuries. Even today, it is one of the largest contributors to India’s exports with approximately 13 per cent of total exports. The textiles industry is also labour inte...

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Posted Under: Income Tax |

Term Insurance – A well-wisher at every hour of life

Financial planning is a process of meeting the goals of life with the help of proper finance management techniques. This includes elements of wealth creation, planning for certain milestones in your life and the most important of them all – planning for emergencies and contingencies. Term insurance not only offers peace of mind but ...

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Posted Under: Income Tax |

Expenditure for expansion of existing business is revenue expenditure

M/s. Manipal Health Systems Pvt. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Bangalore)

Expenditure for expansion of existing business in terms of new beds and services and aid in raising equity funds approximately 100 crores from interested investors to finance its expansion plan is certainly a revenue expenditure and be allowed as deduction under section 37 of the Act....

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Settlement commission order holding that assessee had misrepresented facts without an enquiry into the matter is invalid

Dr. Prathap Chandra Reddy Vs Income Tax Settlement Commission Additional Bench (Madras High Court)

Dr. Prathap Chandra Reddy  Vs Income Tax Settlement Commission (Madras High Court) Settlement Commission did not conduct an enquiry to satisfy itself that the stand taken by the PCIT by way of a supplementary report could be a valid ground to come to a conclusion that the assessee had made a false claim on the refund due. The [&hellip...

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Rider Cover: The Added Element that Enhances Your Basic Health Cover

These days, having a Mediclaim policy in India is not a choice but a necessity. Your daily requirements and needs change with time, so do your health insurance needs. The basic health insurance cover that you had at the age of 25 years may not fulfill your insurance requirements of at the age of 40 […]...

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Posted Under: Income Tax |

Firm not Assessable for Unexplained Cash Credits for Capital Introduced by Partner

I.T.O. Vs Bajaj Roadways (ITAT Kolkata)

ITO Vs Bajaj Roadways (ITAT Kolkata) Revenue’s substantive ground seeking to revive unexplained cash credit addition of Rs.64, 10,000/- in assessee’ s partners’ capital Suffice to say, various judicial precedents have settled the law that such addition has to be made in the concerned partners’ hands than in case of a firm assesse...

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