"12 January 2020" Archive - Page 3

The Power of Setting Goals

New Year already begun and that is one of the reasons for this article. In this article we are going to discuss “The Power of Setting Goals”. As the New Year already begun, I thought this the right time to write on the subject of setting the goals. So Let’s Begin… Why setting goals are necessary, what […]...

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Posted Under: CA, CS, CMA |

No TDS if no separate payment made for purchase of software embedded in mobile phones

Nokia India Sales Pvt. Ltd. Vs Addl. CIT (ITAT Delhi)

Since there was no separate payment made for the purchase of software embedded in mobile phones, therefore, no TDS to be deducted under Section 195 for software embedded in mobile phones imported by assessee during the previous year....

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Section 54/54F Deduction cannot be denied for delay in construction by developer

Abodh Borar Vs ITO (ITAT Delhi)

The only issue in the appeal is the denial of deduction claimed by the assessee under section 54 and 54F of the Act. It is an undisputed fact that, firstly, the assessee has earned capital gain and has invested the same in purchase of a residential plot; secondly, the assessee has made a total investment of Rs.63,03,005/- which is more th...

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Section 68 addition-Separate maintenance of books by assessee and his proprietorship concern

PCIT Vs Ajay Jaysukhlal Mehta (Gujarat High Court)

PCIT Vs Ajay Jaysukhlal Mehta (Gujarat High Court) In a situation in which assessee and it’s proprietorship concern are maintaining separate books of accounts – as in the present case, an assessee may have his own capital of ‘x’ amount, and yet his capital contribution in capital account of a proprietorship concern can be more [&h...

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No CBDT circular or instruction can be contrary to decision of SC

Emmsons International Ltd. Vs ACIT (ITAT Delhi)

Line of judicial view is that the Revenue cannot be permitted to contend that there is a CBDT instruction No. 03/2010 dated 23/3/2010 to the contrary. No CBDT circular or instruction can be contrary to the decision of the Hon’ble Apex Court, even subsequent to the decision of the Hon’ble Apex Court....

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Section 54F exemption cannot be denied for late execution of registered deed

Kondamma Vs ITO (ITAT Bangalore)

Once it is demonstrated that the consideration received on transfer has been invested either in purchasing a residential house or in construction of a residential house even though the transactions are not complete in all respects and as required under the law, that would not disentitle the assessee from the benefit under Section 54F....

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Salary of NRI seafarer not taxable in India for Service rendered outside India

Arnab Bose Vs DCIT (ITAT Kolkata)

Arnab Bose Vs DCIT (ITAT Kolkata) In the instant case, the employer has directly credited the salary, for services rendered outside India, into the NRE bank account of the seafarer in India. In our considered opinion, the aforesaid Circular is vague in as much as it does not specify as to whether the Circular covers […]...

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ICAI Cut off date for conversion from old to new course for May 2020 Exam

Cut-off date for conversion from Final (Old) Course under the Earlier Scheme of Education and Training to the Revised Scheme of Education and Training to appear for May, 2020 Final (New) Examination, Foundation Examination and Intermediate (New) Examination. Announcement Cut-off date for conversion from Final (Old) Course under the Earlie...

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Posted Under: CA, CS, CMA |

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