ACIT Vs ORG Informatics Limited (ITAT Ahmedabad) Assessee stated that the issue of FCCB is a Foreign Currency Bond issue and it is basically a debt instrument in the nature of loan and all issue expenses related to that are allowable as revenue expenses. This issue is not a public issue but is made to […]
Foreign Tax Credit – ITAT held that Rules cannot override the Act and therefore the filing of Form. No 67 is not mandatory but it is directory.
Retention of revenues by assessee society as grant in aid by Government of Punjab and assessee society thus continue to remain wholly funded by Government & assessee is thus held eligible for exemption under section 10(23C) (iiiab).
Assessee cannot be faulted if the seller is not traceable and also that it is not the burden of assessee to investigate genuineness of seller or their business transaction.
Deduction of gratuity is available in substantive law and it cannot be disallowed merely by reference of inconsistent entries in explanation of s. 143(1)(a) of Income Tax Act being a procedural provisions, it shall not take away right confirmed in s. 37 r/w s. 40A(7) and s. 36(1)(v).
Bindu Premanandh Vs ADVS (Kerala High Court) CIT (Appeals) has not noted all the sequential events in the explanation given by the assessee. But has arrived at a quick finding for extending the relief under Section 54F of the Act. Turning to the findings of the Tribunal, we are of the view that the Tribunal […]
Describing audit as a powerful and inescapable tool of good governance, Shri Dhankhar cautioned that the absence of audit or inefficient audit would lead to system degeneration. He also called for increased focus by CAG on the instances of utility certificates involving massive public funds not being imparted for long by governmental entities.
The accounting profession has to remain in tune with the technological changes and keep in step with the new disruptive business models of the 21st century. This was stated by the Comptroller and Auditor General of India in Mumbai today.
Assessee submitted that corpus donation is in the nature of capital receipt and thus not taxable in the hands of assessee trust irrespective of not being registered under section 12A of Act.
Assessment proceedings commence with filing of Income Tax return and not when notice is issued for the first time under section 143(2)
