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Rental Income from business of leasing out house properties taxable as business income

November 20, 2016 9520 Views 0 comment Print

SC held that Rental Income from business of leasing out house properties taxable as business income and not income from House property

Section 80IA Incidental income of telecom business, eligible for deduction

November 7, 2016 2560 Views 0 comment Print

Assessees engaged in providing telecom services deduction u/s 80IA shall be allowed in respect of even those incidental incomes earned during the course of telecom business

Failure of CA to investigate transactions in depth is gross negligence in performing professional duties

October 10, 2016 10570 Views 0 comment Print

Delhi HC held that a Chartered Accountant while doing concurrent audit is expected to check the transactions falling within the scope of audit in depth. Thus, non-checking of the same would be gross negligence on his part while performing professional duties.Accordingly, he is liable to face the charge of professional misconduct under clause 7 of the First Schedule of the CA Act, 1949.

Every act of a CA cannot be termed as act in professional capacity

October 4, 2016 9823 Views 0 comment Print

A CA may drive rashly and negligently and in the process may kill a human being. This conduct would be an offence, but not a misconduct for the purposes of the Act Similarly , in the instant case , the respondent was acting as an individual in his dealings with the complainant which were purely commercial. While selling the shares held by him the respondent was not acting as a Chartered Accountant. He was not discharging any function in relation to his practice as a Chartered Accountant.

Guarantee commission allowable as Revenue expense

September 29, 2016 3709 Views 0 comment Print

P&H HC held that guarantee commission by itself does not bring into existence any asset of an enduring nature. Therefore, guarantee commission is allowable as revenue expenditure.

Income from licensing of factory premises taxable as business income if assessee intend to treat so

September 28, 2016 1840 Views 0 comment Print

Delhi High Court in the case of Agya Ram vs. CIT held that there is difference between lease income and license income and when the deed of agreement specifically worded that income will be license income for assessee’s factory premises given on rent then the treatment made by the assessee of considering the same as business income to be prevailed over the general view of the AO that assessee is earning rental income assessable as Income from House Property.

Place of Supply Rules – Draft GST law- Case Studies

September 25, 2016 10549 Views 1 comment Print

Case Studies : 1. Determination of Place of Supply in E-Commerce transactions 2.Determination of Place of Supply in Telecom transactions –Prepaid 3. Determination of Place of Supply of goods in normal business transactions

Sales accepted in supplier books cannot be bogus purchase of buyer

September 23, 2016 12685 Views 0 comment Print

ITAT Mumbai held that when the department has not disputed the sales transactions disclosed by the supplier in its books who is an income tax assessee then it cannot assume the same as bogus purchases made by the buyer more so when the transaction has been supported by proper documentary evidences and payments are made to suppliers through proper banking channels.

No infringement of copyright on Photocopy of copyrighted study material for educational activities

September 16, 2016 2548 Views 0 comment Print

HC held that photocopying the selected or even substantial parts of purchased books by the University to be used by the students and teachers in educational activity shall not be infringement of copyright as per Sec 52(1)(i).

Retrospective amendment in expl. 5A to Sec 271(1)(c) not applicable if original return filed before Finance Act comes into force

September 16, 2016 3781 Views 0 comment Print

Amendment in Explanation 5A to Sec 271(1)(c) even when made effective by Finance Act ,2009 with retrospective effect from 01.06.2007 cannot be made applicable to assessee’s case because both original return and the revised return u/s 153A of the Act have been filed before the amended provisions were brought into the statute (which received assent of President on 13.8.2009).

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