"19 May 2019" Archive

TDS not deductible on Payment of Wharfage Charges

M/s. Angre Port (P) Ltd. Vs ITO (ITAT Pune)

M/s. Angre Port (P) Ltd. Vs ITO (ITAT Pune) Wharfage charges are charged from the assessee and in such case, we hold that there is no use of land but even if it was held that there is any use of land, then the same was incidental but such payments could not be treated as […]...

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Addition not sustainable for non-production of bill for sale of agricultural produce

Smt. Annakkalanjiam Mathivanan Vs ACIT (ITAT Chennai)

Smt. Annakkalanjiam Mathivanan Vs ACIT (ITAT Chennai) The Assessing Officer as well as the CIT(Appeals) have to appreciate the fact that the agricultural products in this country are traded in unorganized sector. The workforce in the agricultural sector is unorganized. When the agricultural products are traded in unorganized sector in the...

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S. 14A Consider only those investments which yielded exempt income: ITAT

Brics Securities Ltd. Vs DCIT (ITAT Mumbai)

To compute disallowance under section 14A read with rule 8D AO was directed to consider only those investments which had yielded exempt income during the year....

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No Tax on forfeiture of earnest money received during negotiation of a capital assets prior to 01.04.2015

Sh. Ashwani Khurana Vs DCIT (ITAT Delhi)

Sh. Ashwani Khurana Vs DCIT (ITAT Delhi) Undisputedly assessee had entered into an agreement to sell qua his property bearing no. 56 Golf Links, New Delhi with one Sanjay Pashi after accepting the earnest money of Rs. 4,62,50,000/-, which was subsequently forfeited as the prospective buyer Sanjay Pashi has failed to perform his part of [&...

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Levy of penalty is not warranted in case of Vague Charges

Zaheer Abdulhamid Mulani Vs ITO (ITAT Pune)

Zaheer Abdulhamid Mulani Vs ITO (ITAT Pune) The sanctity in terms of natural justice with regard to this proposition is that the assessee under the scheme of welfare legislation which is embedded in the Income Tax Act, 1961 should get an opportunity to prepare himself for the defense as regards to the exact charge on which […]...

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GST on Interest paid on Debentures

Debentures covered under the definition of security and therefore it is not covered under goods. Therefore, GST will not attract on interest paid on debentures....

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Posted Under: Income Tax |

Online Correction Resolution for Overbooked TDS/TCS Challan

Article explains Important Information on Online Correction, Most Common Error While filing Online Correction, Brief Steps for Online Correction – Resolution for Overbooked Challan (Movement of deductee row), Status of Online Correction Requests and Process for Online Correction Resolution for Overbooked TDS/TCS Challan. Online Correcti...

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Posted Under: Income Tax |

How to Download Section 197 Nil or Lower rate deduction Certificate

Article explains Important Information on Download of Section 197 Nil or Lower rate deduction Certificate, Brief Steps for Downloading Section 197 Certificate (Deductor’s Inbox), Procedure to download Section 197 Certificate (Deductor’s Inbox), Brief Steps for Downloading 197 Certificate (Deductor’s Downloads Menu), Proc...

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Posted Under: Income Tax |

India-US agreement for Country by Country reporting

India and United States of America signed an inter- governmental agreement for exchange of country- by –country (CbC) reports on March 27, 2019. This enabled both the countries to exchange CbC reports filed by the ultimate parent organizations of multinationals in respect of jurisdictions, pertaining to the years commencing on or after ...

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Posted Under: Income Tax |

MCA permit re-filing of ADT-1 to facilitate filing of e-form ACTIVE

Based on feedback received from stakeholders who were unable to file e-form ACTIVE as they had filed ADT-1 forms for appointment of auditors for the period from 2014-15 to 2018-19 as an attachment with GNL-2 e-form during the period from 01/04/2014 to 20/10/2014 (due to non-availability of e-form ADT-1 during that period), it has now [&he...

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Posted Under: Income Tax |