"02 September 2019" Archive - Page 2

Anonymous donation towards construction of building eligible for Section 11 exemption

CIT Vs. MBA Nahata Charitable Trust (Karnataka High Court)

CIT Vs. MBA Nahata Charitable Trust (Karnataka High Court)  The records clearly disclose that the assessee is a Charitable Trust duly registered under Section 12A of the Act. For the assessment yetirs referred to above, the assessee had filed return of income shoving receipt of donations towards the building fund. Originally, the return ...

Read More

Discount under product distribution scheme to buy assessee’s product is not a commission for TDS U/s. 194H

CIT Vs Intervet India Pvt.Ltd. (Bombay High Court)

CIT Vs Intervet India Pvt.Ltd. (Bombay High Court)  The Assessee had undertaken sales promotional scheme viz. Product discount scheme and Product campaign as discussed herein above under which the Assessee had offered an incentive on case to case basis to its stockists/dealers/agents. An amount of Rs.70,67,089/- was claimed as a deductio...

Read More

Section 271AAA Penalty cannot be levied on Amount surrendered but not treated as undisclosed income

Rajendra Aggarwal Vs DCIT (ITAT Delhi)

Rajendra Aggarwal Vs DCIT (ITAT Delhi) It is pertinent to note that the Assessing Officer completed the assessment by accepting the return of income filed by the assessee which included surrendered amount of Rs. 51,64,100/-. In fact in the Assessment Order, the Assessing Officer added another sum of Rs. 14,00,000/- as unexplained cash fou...

Read More

E-Tender for Appointment of Concurrent Auditor with RBI, Bhopal & Mumbai

E-Tender for Appointment of Concurrent Auditor for the year 2019-20 w.e.f. October 01, 2019 to September 30, 2020 by Reserve Bank of India, Bhopal...

Read More
Posted Under: Income Tax |

Duty on replenishment under Scheme for export of Branded Jewellery’

Notification No. 28/2019 - Customs [G.S.R. 624(E).] (02/09/2019)

Notification No. 28/2019 - Customs As replenishment under the Scheme for ‘Export through Exhibitions/Export Promotion Tours/Export of Branded Jewellery’ as referred to in Paragraph 4.46 of the Foreign Trade Policy, read with relevant provisions of Chapter 4 of the Handbook of Procedures....

Read More

DGFT amends replenishment Policy of gold/silver/platinum jewellery etc

Notification No. 16/2015-2020-DGFT (02/09/2019)

Exporter of gold/silver/platinum jewellery and articles thereof including mountings and findings may obtain gold/silver/platinum as an input for export product from Nominated Agency, in advance or as replenishment after export in accordance with the procedure specified in this behalf....

Read More

Delhi HC upholds Vires of FCRA 2010; CBI can Investigate

M/s Advantages India & Anr Vs Union of India & Ors (Delhi High Court)

M/s Advantages India & Anr Vs Union of India & Ors (Delhi High Court) This Court is of the opinion that there is a principle and/or policy for guidance of exercise of discretion by the Government in the matter of selection of an investigative agency and there is no arbitrary, vague and uncontrolled power with […]...

Read More

No addition made in the hands of partnership firm on account of capital contributed by partner

M/s Jaylaxmi Land Developers Vs ITO (ITAT Ahmadabad)

M/s Jaylaxmi Land Developers Vs ITO (ITAT Ahmadabad) There cannot be any addition made in the hands of the partnership firm on account of the capital contributed by the partner of the firm to the firm. In case any justification is required for the source of fund in the hands of the partner, then partner […]...

Read More

Approval of CIT (Intl. Taxation) not required for certificates U/s. 197/195 if revenue effect is less than Rs. 10 crore

Notification No. F.No.275/16/2019-IT(B) (02/09/2019)

it has been decided to raise threshold of revenue effect for issue of certificates under section 197/195 needing approval of the Commissioner of Income Tax (Intl. Taxation) to Rs. 10 Crore. This threshold will be applicable for all stations in respect of all applications of non-resident taxpayers either pending as on date or filed hereaft...

Read More

Root cause analysis of workplace stress

Workplace stress is very common and happens with everyone at one time or other, no matter how much fine the things are going for the person. It is pertinent to talk on it from time to time as it hampers the productivity and effects a lot on professional and personal life. In this article, I […]...

Read More
Posted Under: Income Tax |