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Section 271AAB penalty cannot be levied based on defective notice

March 19, 2020 3246 Views 0 comment Print

Penalty under section 271AAB levied on the basis of defective notice could not be sustained as  there was no mention about various conditions provided u/s 271 AAB as it was incumbent upon AO to mention in notice issued under section 274 read with section 271AAB as to under which clause of section 271AAB penalty was leviable and that too, at which rate.

Induslnd Bank statement on irresponsible rumours and speculation

March 19, 2020 699 Views 0 comment Print

In wake of the significantly higher level of market rumours and speculation around Induslnd Bank stock, we would like to reiterate that the Bank is financially strong, well-capitalized, profitable, and a growing entity with strong governance.

Reopening based on mere AIR Information without Application of Mind is Invalid

March 18, 2020 1230 Views 0 comment Print

The issue under consideration is whether the re-opening of assessment u/s 147 by AO is justified in law? The reopening of the assessment by the AO is without application of mind and simply going by the information received as per AIR Data. Hence the reopening of the assessment is quashed being invalid.

Tax Treatment of Composite Rent, Unrealised Rent and Rent Arrears

March 18, 2020 117950 Views 4 comments Print

The Article covers following topics : Discussion on charging section i.e. section 22 with focus on meaning of various terms viz: Building Land appurtenant to a building Owner Deemed owner Property used for the purpose of business or profession Tax treatment of composite rent : Composite rent i.e. rent of building and charges for various […]

Deductibility of TDS on reimbursement of expenses

March 18, 2020 395801 Views 6 comments Print

In this context, it may be stated that the income-tax authorities have been insisting that in view of Answer to Question No.30, as provided in Circular No.715, dated 8.8.1995, issued by the CBDT [215 ITR (St) 12], tax is to be deducted at source out of the gross amount of the bill, including the reimbursements. For the sake of ready reference, the aforesaid Question No.30 and Answer thereto, are reproduced as follows :

Procedure for Cancellation of TAN

March 18, 2020 286936 Views 17 comments Print

Cancellation/Surrendering of TAN can be done in two situations; CASE 1- Where duplicate TAN has been allotted; CASE 2 – Where TAN allotted, is not required anymore by the assessee/deductor. CASE 2 – Where TAN allotted, is not required anymore by the assessee/deductor. In CASE – 1, the deductor has to approach the NSDL for cancellation of the ‘Duplicate –Unused TAN. For this, an application Form, which is applicable for ‘Changes & Correction of TAN’ needs to be used. The same can be downloaded from the NSDL website and is also available with TIN-FCs/other vendors. The application can be made online as well as in physical form. In this way, the ‘Duplicate TAN can be cancelled.

Keyman Insurance Policy- Income Tax Benefit

March 18, 2020 365650 Views 35 comments Print

The amount on claim or maturity under a keyman insurance policy is not exempt under Section 10 (10D) of the Income Tax Act if the company is paying the premiums. However, in case the policy has been assigned to the keyman and the keyman is paying the premiums, then the claim/maturity proceeds are exempt under Section 10 (10D).

View / Download Book Identification Number (BIN) Details

March 18, 2020 678042 Views 18 comments Print

To view BIN details provide TAN, Nature of Payment , Form 24G month/year range. To view BIN details of particular AO, provide the AIN of AO in addition to above mandatory details.BIN is to be quoted in the Transfer voucher details while preparing the quarterly TDS/TCS statements.

Order passed by ignoring Material Contention of Petitioner is Unsustainable

March 18, 2020 1431 Views 0 comment Print

The issue under consideration is whether without considering the reply submitted by the petitioner, the respondent has passed the order is justified in law?

No section 271E penalty if payments were genuine & duly accounted

March 18, 2020 1515 Views 0 comment Print

Penalty under section 271E for violation of provision of section 269T could not be levied as assessee-company repaid loans advances otherwise than by crossed cheque, however, it substantiated with relevant documents that all the payments made by it were genuine and all the creditors accounted the loans as well as the repayments in their books of account and moreover, it was a mere technical violation.

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