Sri Joy Barman Vs. ITO (ITAT Kolkata) From the foregoing discussion we note that the addition has been made by the AO on account of unexplained money and cessation of liability on basis of lack of evidence. Though the assessee’s explanation in respect of the credit card transactions and cessation of liability in the absence […]
Bhim Rao Ambedkar Educational Society Vs. CIT (Exemption) (Allahabad High Court) A categorical finding has been recorded that Society is not being run according to the objects, i.e., free health education and establishment of dental college without fee. He also pointed out that a Society if charging nominal fee to maintain its expenses etc., it […]
Auditors who have conducted audit of the Mutual Fund for 9 years or more, in terms of clause B (2) (iii) (b) of the aforesaid circular, may continue till the end of F.Y. 2018-19.
AO has treated the subscription of ICD as a loan which in our understanding is not a correct way to interpret an ICD, because it is a deposit made by the subscriber of the ICD issued by a company on a fixed rate of interest and hence it cannot be treated as a loan.
AO admitted that the entire amount which was added to income of assessee on protective basis was already assessed in the hands of the overseas companies on substantive basis
The Central Board of Direct Taxes (CBDT) has entered into five Unilateral Advance Pricing Agreements (UAPA) and two Bilateral Advance Pricing Agreements (BAPA) during the month of January, 2018.
It is requested that Assessing Officers may be directed to complete all Non-scrutiny cases for processing urgently. Assessing Officers may be directed to refer ITBA ITR- Processing Instruction 1 date 30.03.2017, ITBA ITR- Processing Instructions 2 & 3 date 08.11.2017 to thoroughly understand the process.
It has been decided to extend eSANCHIT to all EDI locations on a voluntary basis. Though this facility would be provided to trade on a voluntary basis, it must be ensured, in preparation for making this facility mandatory, that every Customs broker and self-filer (all ICEGATE users) develops the capability to use eSANCHIT as envisaged in Customs circular 40/2017.
Commentaries on the Union Budget, especially in the English language, can be lop-sided, reflecting interests of a small slice of society. The Union Budget is only one instrument available to Union government and there is no reason why a Budget for 2018-19 should represent a break with what a government has sought to do since 2014.
Sec. 2(22)(e) of the Income Tax Act, 1961 (the Act), is one such deeming provision that has remain point of litigation over various issues since its inception. One such issue is applicability of provisions of section 2(22)(e) when a shareholder is beneficial shareholder or registered shareholder.
