"03 April 2019" Archive

Scope of limited scrutiny cannot be extended without approval of administrative CIT

Suresh Jugraj Mutha Vs Addl. CIT (ITAT Pune)

Suresh Jugraj Mutha Vs Addl.CIT (ITAT Pune) Conclusion: It is outside the jurisdiction of AO converting the limited scrutiny case like the present one to the unlimited one without the approval of Administrative Commissioner of Income Tax. Facts – Assessee filed the return and the case was taken up for limited scrutiny for the purpose [&...

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No penalty u/s 271(1)(c) for disallowance of administrative expenses claimed against LTCG

Amit Capital & Securities (P) Ltd. Vs ITO (ITAT Mumbai)

Merely because assessee's had claimed administrative expenditure which was not acceptable to Revenue, that by itself would not attract penalty under Section 271(1)(c) if there was absence of concealment and / or furnishing of inaccurate particulars of income....

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Amount received on retirement by a partner of firm was not subject to income tax

Shri James P. D'Silva Vs DCIT (ITAT Mumbai)

Amount paid to a partner upon retirement after taking accounts and upon deduction of liabilities did not involve an element of transfer within meaning of section 2(47) and not chargeable to income tax. ...

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TDS deductible on Salary paid to nuns, sisters for Teaching in School

Union of India Vs The Society of Mary Immaculate (Madras High Court)

Payment of salaries made to nuns, sisters, priests or fathers for rendering their services as Teachers in schools which receive Grant-in-aid from the State Government under the Grant-in-Aid Schemes and bound by the Canon Law were liable for tax deduction under section 192 as neither Income Tax Department nor State Government had anything...

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Deduction u/s 80IA cannot be allowed in case of belated return

Shiv Kumar Sushil Kumar Tea Enterprises (P) Ltd. Vs ACIT (ITAT Jaipur)

Where assessee had not filed return within the time prescribed U/s 139(1), deduction u/s 80IA was not allowable to assessee as there was clear violation of section 80AC which clearly provided that deduction would not be allowed unless return was furnished on or before due date specified under section 139(1)....

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Customary bonus not attract provision of section 36(1)(ii)

DCIT Vs. M/s. Enam Securities Pvt. Ltd (ITAT Mumbai)

DCIT Vs. M/s. Enam Securities Pvt. Ltd (ITAT Mumbai) it is duly noted that the assessee has submitted that the outstanding bonus was customary bonus and not filing u/s. 36(1)(ii) to come under the ambit of disallowance u/s. 43B(C). The assessee has quoted several case laws for the proposition that the customary bonus do not […]...

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Summary of GST Circulars, Notifications issued in March 2019

The objective of this document is to summarize all the updates of GST (Notifications, Circulars, other amendments and updates) in one place. 7 Central tax notifications, 8 Central tax Rate notifications, 5 Central tax circulars, 1 Order, 2 Removal of difficulty orders were issued during the month of Mach 2019. The same are being summarize...

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Posted Under: Income Tax | ,

Section 14A: Shilpa Shetty Kundra gets Tax Relief

Shilpa Shetty Kundra Vs DCIT (ITAT Mumbai)

Shilpa Shetty Kundra Vs DCIT (ITAT Mumbai) It is observed that the assessee has already offered suo-moto disallowance of Rs.2.34 Lacs u/s 14A in her computation of income, which has been overlooked by the lower authorities. Another undisputed fact that emerges is that disallowance against average investments which have actually yielded ex...

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CBDT signs 18 Advance Pricing Agreement in March, 2019

CBDT has entered into 18 APAs in the month of March 2019, which includes 03 Bilateral APAs (BAPAs). With the signing of these APAs, the total number of APAs entered into by the CBDT in the year 2018-19 stands at 52...

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Posted Under: Income Tax |

Exposure Draft Accounting Standard (AS) 17, Leases

Exposure Draft Accounting Standard (AS) 17 Leases Last date for the comments: May 4, 2019 Issued by Accounting Standards Board The Institute of Chartered Accountants of India The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February 2015, are applicable to the specified class of companies. Acco...

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Posted Under: Income Tax |