"23 April 2021" Archive - Page 6

Recent Income Tax Amendments for Registered/ Approved Charitable / Educational/ Medical Institutions

SECTION 2(15): defines Charitable Purpose significant includes relief of the poor, education, medical relief  and SECTIONS 11, 12, 12A, 12AA,12AB and 13 deal with scheme of tax exemption in respect of income, its application and accumulation of charitable  trusts/ institution subject to  fulfilment of certain conditions....

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Posted Under: Income Tax |

Detailed Analysis of ITC on CSR Expenditure

In a recent ruling, the Uttar Pradesh Authority for Advance Ruling (‘AAR’) has ruled that Input Tax Credit (ITC) shall be available on expenses incurred to comply with the requirements of Corporate Social Responsibility (CSR) under Companies Act, 2013 (CSR Expenses)....

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Posted Under: Income Tax |

Success Mantra for CS Exam

Every year young students, full of energy, perseverance and enthusiasm, take professional courses as company secretaries (CS) to become professional and successful in their careers and lives. The Institute of Corporate Secretaries of India, a body required by the law of Parliament, holds foundation, executive and professional level examin...

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Posted Under: Income Tax |

Analysis of Startup India Seed Fund Scheme

What is Startup India Seed Fund Scheme? Easy availability of capital is essential for entrepreneurs at the early stages of growth of an enterprise. Funding from angel investors and venture capital firms becomes available to startups only after the proof of concept has been provided. Similarly, banks provide loans only to asset-backe...

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Posted Under: Income Tax |

Addition not allowed if based solely on Third Party Statement & if his Cross Examination not allowed by AO

Ram Niwas Gupta Vs. DCIT (ITAT Delhi)

We do not have any hesitation is holding that when the addition is made solely on the basis of statement the third party and revenue does not have any other evidences, then without granting opportunity of cross examination , such addition cannot be made....

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PCIT or CIT cannot revise any order in respect of which an appeal lies or time to file appeal is not expired

Aafreen Fatima Fazal Abbas Sayed Vs ACIT (Bombay High Court)

Aafreen Fatima Fazal Abbas Sayed Vs ACIT (Bombay High Court) 15. This is a case where, in the Petitioner’s return for the Assessment Year A.Y 2018 – 19, the figure of long term capital gains of Rs. 3,07,60,800/- on surrender of tenancy rights in respect of earlier A.Y 2017-18 had inadvertently been copied by petitioner’s […]...

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Bombay HC quashes unlawful illegal Income Tax refund adjustment

Tata Communications Ltd. Vs Union of India (Bombay High Court)

Tata Communications Ltd. Vs Union of India (Bombay High Court) Bombay high court on unlawful illegal  refund adjustment  u/s 245 by tax authorities held that Interim relief granted by Bombay HC vide order dated 26th March, 2020 also applies to Income Tax Refund and refund cannot be adjusted without following the mandate of Section 245. ...

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Non-Compete Fees Allowable as Admissible Revenue Expenditure: PWC gets Relief

Pricewaterhouse Coopers Private Ltd. Vs ACIT (ITAT Kolkata)

It is undisputed fact that the consideration is paid to individuals who had experience in the business of consultancy for not to engage themselves in similar kind of business and activities for a period of 3 years. It is also not disputed that such consideration is independent and not part of the cost of acquisition of business paid to sh...

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