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Business Transactions/Salary do Not come within purview of Section 2(22)(e)

October 3, 2015 2374 Views 0 comment Print

In the case of Shri Kaushik B. Patel Vs. D.C.I.T it was held by ITAT Ahmedabad that routine business transactions/salary payments do not fall under the purview of Deemed Dividend u/s 2(22)(e) of the Act. In this case the assessee’s books nowhere treat the sums received as loan and advances to have been received from the said Company.

Penalty U/s 271(1)(b) cannot be imposed without giving reasonable opportunity of being heard to Assessee

October 3, 2015 42595 Views 1 comment Print

ITAT Mumbai held in J. Gala Vs DCIT that for levying the penalty u/s 271(1)(b) revenue has to give a reasonable opportunity of being heard to the assessee, without which penalty could not be levied. Further for giving reasonable opportunity of being heard

Reimbursement of expenses will be included in calculating taxable receipts u/s 44BB

October 3, 2015 933 Views 0 comment Print

ITAT Delhi held in Siem Offshore Inc Vs Dy. DIT (International Taxation) that any payment received (whether in India or outside India) by an assessee who falls within sec 44BB would be taxed as per the provisions contained u/s 44BB. So the reimbursement of expenses would also be taxed u/s 44BB.

Ownership of land is required for claiming deduction u/s 80IB(10)

October 3, 2015 1157 Views 0 comment Print

ITAT Ahmedabad held in M/s Nirmala Developers Vs ITO that it was not necessary to be the owner of the land to claim the deduction u/s 80IB(10). But the necessary condition to claim the deduction u/s 80(IB)10 was that the assessee had borne the all expenses and took all the risk involved in the project.

Disallowance u/s 14A cannot be made on ad-hoc basis

October 3, 2015 1563 Views 0 comment Print

ITAT Kolkatta held in Swew Benefit Company Vs DCIT that for disallowing expenses u/s 14A i.e expense incurred for non-taxable income, there had to be some logical strong basis like rule 8D or something else but it could not be disallowed on ad-hoc basis.

Revision of return u/s 139(5) is not required when undisputed apparent mistake is there in ROI

October 3, 2015 825 Views 0 comment Print

ITAT Ahmedabad held in ACIT Vs Amrapali Capital & Financial services Ltd that if the assessee had by mistake wrongly computed its computation of income because of unawareness of the law and he had not revised it return within the time mentioned u/s 139(5)

VAT on works contracts in Maharashtra

October 3, 2015 310421 Views 26 comments Print

So far as works contracts are concerned, it is always a matter involving a lot of complications and controversies. It’s always been a matter of headache not only for businessmen but also for practitioners. Let’s try to understand and summarize matters relating to works contract so far as they relate to provisions of Maharashtra Value Added Tax Act, 2002.

Avoiding common errors in filing of service tax return

October 3, 2015 5504 Views 0 comment Print

Self assessment under service tax has been started in the year 2001. In any self assessement taxation system, the onus is on the assessee to make true disclosure of all statutory information required to be disclosed. Non/wrong disclosure of any material information could result in allegation of suppression or deliberate wrong disclosure which may result in invocation of larger period of 5 years along with imposition of penalty which now has become mandatory.

No penalty u/s 271D on cash loan taken more than Rs. 20,000 if it is routed through Bank

October 3, 2015 3876 Views 0 comment Print

In a landmark judgement of Hon’ble Allahabad High Court in the case of CIT- V. Smt. Dimpal Yadav, it was held that where even through assesee had taken a loan in cash, since loan was routed through bank account of the assessee for the payment to Government for converting land into free

GSTN- How far is privatization justified?

October 3, 2015 11807 Views 0 comment Print

Already so controversial bill of Goods and Service Tax (GST­­) had another controversy attached to it when The Empowered Committee (EC) of State Finance Ministers decided to incorporate Goods and Services Tax Network (GSTN), a Section 25 (not-for-profit), non-Government, Private Limited Company to provide IT infrastructure for implementation of GST. The main objective associated with formation of GSTN was creation of database.

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