"23 October 2018" Archive

Income tax (Dispute Resolution Panel) (First Amendment) Rules, 2018

Notification No. 73/2018-Income Tax [G.S.R. 1055(E)] 23/10/2018

In the Income tax (Dispute Resolution Panel) Rules, 2009, in rule 14, for the words , figures and letter Form No.36B, the words, figures and letter Form No.36 as contained in Appendix-II to the Income-tax Rules, 1962 shall be substituted....

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CBDT amends Form No. 36 & 36A of Appeal & Cross Appeal with ITAT

Notification No. 72/2018-Income Tax [G.S.R 1054(E)] 23/10/2018

CBDT vide Notification No. 72/2018 amends Form No. 36- Form of appeal to the Appellate Tribunal and Form No. 36A- Form of memorandum of cross-objections to the Appellate Tribunal....

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No Default if TDS been deducted & Paid as per Certificate issue U/s. 197

M/s Kribhco Shyam Fertilizers Ltd. Vs ITO (TDS) (ITAT Luknow)

M/s Kribhco Shyam Fertilizers Ltd. Vs ITO (TDS) (ITAT Luknow) On general reading of provisions of section 197 of the Act, it authorizes the Assessing Officer to prescribe deduction of TDS at any lower rate provided the facts and circumstances justify such deduction. Clause (2) of section 197 of the Act further states that when […]...

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No disallowance u/s. 14A if Interest Income is more than Interest expense

DCIT Vs Universal Industrial Fund Ltd. (ITAT Kolkata)

Where after setting off interest earned against the interest expenditure no further interest expense remains, then disallowance could not be made under section 14A....

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Section 54: Date of unregistered agreement to sale can be taken as date of Transfer

Gautam Jhunjhunwala Vs ITO (ITAT Kolkata)

Gautam Jhunjhunwala Vs ITO (ITAT Kolkata) In order to avail the benefit of sec. 54 of the Act, one must purchase a residential house/new asset within one year before or two years after the date on which transfer of the old residential house in respect of which the long term capital gain had arisen. In […]...

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Income from agricultural land supervision is not agricultural income

P.H.I. Seeds (P.) Ltd. Vs DCIT (ITAT Delhi)

P.H.I. Seeds (P.) Ltd. Vs DCIT (ITAT Delhi) The factual matrix of the present case reveals that the farmer had entered into lease agreement with the assessee company and the farmer is the lawful owner of the land. The said farmers had leased the farm land to the assessee company which has handed it back to […]...

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CBIC Field formations to also defend cases on behalf of NAA (GST)

F.No.280/26/2018-CX.8A 23/10/2018

Field formations shall henceforth, also defend the cases on behalf of National Anti‑profiteering Authority (GST), New Delhi pending before the Hon'ble courts....

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Penalty U/s. 271B- Turnover means Actual TO not the TO declared in return

Rajesh Agarwal Vs ITO (ITAT Kolkata)

Rajesh Agarwal Vs ITO (ITAT Kolkata) We have heard the arguments of both the sides and also perused the relevant material available on record. The first contention raised by the learned counsel for the assessee in support of the assessee’s case is that the gross receipts of his business as declared by the assessee in […]...

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CBIC exempt authorities under MoD from TDS compliance

Notification No. 57/2018–Central Tax [G.S.R. 1057(E)] 23/10/2018

CBIC exempts from GST TDS Provisions authorities under the Ministry of Defence, other than the authorities specified in the Annexure-A and their offices, with effect from the 1st day of October, 2018 vide Notification No. 57/2018 – Central Tax Dated 23rd October, 2018. Exemption to post audit authorities under MoD from TDS compliance-...

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Reg. GST Registration exemption if handicraft goods are supplied

Notification No. 56/2018-Central Tax [G.S.R 1056(E)] 23/10/2018

CBIC hereby specifies the categories of casual taxable persons who shall be exempted from obtaining registration under Central Goods and Services Tax Act, 2017 vide Notification No. 56/2018 – Central Tax Dated 23rd October, 2018. Exemption from compulsory registration to inter-state suppliers of handicraft goods Notification specifie...

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