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Archive: 24 December 2018

Posts in 24 December 2018

Manual filing of Form No. 13 for Lower TDS/TCS Deduction

December 24, 2018 2388 Views 0 comment Print

CBDT (i) allowed non-resident Indians (NRIs), who are not able to register themselves on TRACES, to file manual application in Form No. 13 before the TDS officer or in ASK Centers till 31.03.2019. (ii) allowed resident applicants to file manual application in Form No. 13 before the TDS officer or in ASK Centers till 31.12.2018.

Govt issues draft IT rules to curb fake news on Social Media

December 24, 2018 612 Views 0 comment Print

The instances of misuse of social media by criminals and anti-national elements have brought new challenges to the Law Enforcement Agencies (LEA). These include inducement for recruitment of terrorists, circulation of obscene content, spread of disharmony, incitement of violence, public order, fake news etc.

Income from Terrace space let out to mobile companies is house property Income

December 24, 2018 1047 Views 0 comment Print

The terrace of the building cannot be considered as distinct and separate but certainly is a part of the house property. Therefore, letting-out space on the terrace of the house property for installation and operation of mobile tower / antenna certainly amounts to letting-out a part of the house property itself.

ITSC chairman cannot direct to pass a particular order in pending judicial proceedings

December 24, 2018 975 Views 0 comment Print

Raghuleela Builders Pvt Ltd Vs. Income Tax Settlement Commission (ITSC) (Bombay High Court) While disposing of these Petitions with the above clarifications, we may note that these Petitions have been filed challenging a somewhat curious and unforeseen development. We do not know in what circumstances the Chairman flew down to Mumbai and invited the members […]

Reopening with approval of CIT instead of Addl. CIT is not valid

December 24, 2018 1176 Views 0 comment Print

Validity of  Reassessment Notice under section 148-Where approval of Addl. CIT was not obtained to reopen the assessment, rather it was obtained from CIT, the same was in breach of section 151.

Option to apply for Goods Registration online on ICEGATE -reg

December 24, 2018 1278 Views 0 comment Print

OFFICE OF THE COMMISSIONER OF CUSTOMS (NHAVA SHEVA-I) JAWAHARLAL NEHRU CUSTOM HOUSE, NHAVA SHEVA, URAN, RAIGAD, MAHARASHTRA — 400 707 FAX: 022-27243245 e-mail: edi(&jawaharcustoms.govin F. No. EDI/Misc-82/2015 JNCH Date: 24.12.2018 PUBLIC NOTICE NO. 169/2018  Subject: – Option to apply for Goods Registration online on ICEGATE -reg. Attention of the importers, exporters, port terminal operators, shipping […]

7.75% Savings (Taxable) Bonds, 2018 – Operational Guidelines

December 24, 2018 4158 Views 1 comment Print

Procedure to be followed by Receiving Offices (RO) for handling 7.75% Savings (Taxable) Bonds, 2018: A. Procedure to be followed at Receiving Offices in respect of Bond Ledger Accounts Receipt of Applications for Bond Ledger Account 1. The role of the Receiving Offices extends to:

Section 2(22)(e): ITAT restricts overall addition to amount of loan

December 24, 2018 747 Views 0 comment Print

Hence it would be an appropriate analogy that the entire amount which is liable to be treated as deemed dividend has to be apportioned between both the shareholders in whose cases the conditions stipulated for attracting the provisions of Section 2(22)(e) of the Act are satisfied. Therefore as pleaded by the Ld.AR, it would be judicious to make addition in the hands of Shri V. Ramesh an amount of Rs.26,84,902/- and Shri S. Ramu – Rs.26,84,901/-. It is ordered accordingly.

Gain from Agricultural Land sale after Plotting Taxable as Business Income

December 24, 2018 2133 Views 0 comment Print

Shri Deepak Awatram Valecha Vs ITO (ITAT Mumbai) From the record we found that six plots of agriculture land was bought by the assessee with eight other persons. These plots of land were held for lease by owner and thereafter sold and profit accruing there on was claimed as exempt being income from sale of […]

Assessment by serving notice at wrong address: ITAT orders fresh adjudication

December 24, 2018 1482 Views 0 comment Print

Pradeep Jain Vs ITO (ITAT Delhi) In the present case, it is noticed that the AO issued notices u/s 148 and 142(1) of the Act at the address D-60, Noida Authority, Sector-108, Noida. However, the assessment was framed by mentioning the address of the assessee as P-3, Shop No. LGF 20, Krishna Apra Plaza, Sector-18, […]

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December 2018