"27 May 2022" Archive - Page 4

Interest expenditure, incurred for acquiring machinery in the course of business, is allowable u/s 37

B.B. Verma Vs JCIT (ITAT Raipur)

B.B. Verma Vs JCIT (ITAT Raipur) Facts- The assessee firm which is engaged in the business of a contractor had filed its original ROI for the AY 2011-12 on 30.09.2011, declaring an income of Rs.85,46,970/-. The ROI filed by the assessee was processed as such u/s.143(1) of the Act. Subsequently, the case of the assessee […]...

Once AO conducted adequate inquiry, invocation of section 263 is unsustainable

Deepak Kr. Singh Vs PCIT (ITAT Kolkata, Patna Bench)

We are of the view that since the issue raised in the show-cause notice has already been examined by the ld. Assessing Officer in detail by conducting adequate enquiry calling for material evidence and other documents supporting the claim of deduction under section 54F of the Act, proper application of mind and taken a plausible view in l...

PF/ ESI deposited late but before filing of return is allowable as deduction

Dayal Industries Pvt. Ltd Vs DCIT (ITAT Delhi)

AO was not justified in denying the deduction claimed by the assessee on account of late deposit of PF/ESI/EPF, albeit before filing the return of income....

Service tax not leviable on services rendered by club to its members

Rajasthan Co-operative Dairy Federation Limited Vs The Commissioner (CESTAT Delhi)

The law laid down in Calcutta Club is that a club and its members are one and the same and the club is formed for the purpose for mutual benefit of its members. Therefore, any amount paid by the members to the club and the services rendered by the club to its members are self service and cannot be taxed....

Service of transportation of goods provided to recipient outside India is not taxable

ATA Freightline (India) Pvt. Ltd. Vs Commissioner of CGST (CESTAT Mumbai)

Place of Provision of Service Rules, 2012 is not a provision for charging of tax; it is limited to determination of location of taxable entity as an adjunct to the charging provision in section 66 B of Finance Act, 1994. The impugned order has not evaluated the impugned activity from that perspective....

Procedure & formats of documents for issuance of duplicate securities certificates by Listed Entity

Pursuant to SEBI Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB /P/CIR/2022/70 dated May 25, 2022 procedure and documentation requirements for issuance of duplicate securities has been simplified for listed entities so as to make it more efficient and investor friendly as under: 1. Submission by the security holder of copy of FIR including e-FIR/...

Posted Under: Income Tax |

Information Systems Audit (ISA) Course Assessment Test on 9th July 2022

Notification No. 13-CA(EXAM)/ISA/July/2022 27/05/2022

ICAI notify that the next Information Systems Audit (ISA) Course Assessment Test (Old & New Syllabus) will be held on 9th July 2022 (Saturday) from 9 AM to 1 PM (IST)...