CBDT and Finance Ministry seems to have their own merrily way as despite request from Taxpayer all around the country they have not bothered to accept their request for extension of due date of Income Tax Returns which are falling due on 31st October 2017 to 30th November 2017.
For Quarter ending on 30th September 2017 due date to file ITC-04 was 25th October 2017 and CBEC has made an announcement to extended such date just 3 Hour before the expiry of due date.
Non-contest in the proceedings under Section 73 cannot be used as a ground or reason to establish and show that requirements of Section 78 are satisfied. The Tribunal after appreciating different aspects, including conduct of the respondent-Corporation has held that penalty should not be levied. The finding is a finding of fact.
As purchase of inventory is continuation of same business activity, the, proviso to section 36(1)(iii)(d) did not get attracted in case assessee having borrowed funds to purchase inventory, therefore, assessee was duly entitled to claim deduction under section 36(1)(iii).
This Demand Draft was sent along with a notice, dated 22.1.2015. The third respondent has received the demand draft, but, unfortunately, misplaced the same. It is not known, as to how, the Revenue Department of the Corporation can be so careless in misplacing the demand draft, especially, when such amount was directed to be paid, pursuant to the Court order.
The conditions for invoking the principle of mutuality have been recently enumerated by the Apex Court in Bangalore Club’s case (supra) wherein after considering various other pronouncements of the Supreme Court and the High Court on the subject, it has been laid down that principle of mutuality relates to the notion that a person cannot make a profit from himself.
On 22nd September 2017 to further terrorise the taxpayers and Professionals Income Tax Department has come up with a new requirement by which it has specified that from now onwards a Mobile number and Email address could be used only for three Income Tax Accounts instead of current limit of 10 accounts. Due to such […]
There is also no finding that the assessee has misused or not used the donations for any other purpose than the purpose for which they have been given i.e., for educational purpose. In such circumstances, we are of the opinion that the exemption under section 11 of the Act cannot be denied in toto to the assessee with regard to the voluntary donations received by the assessee.
Even though the net profit / loss arising from the purchase and sale of securities was disclosed by the assessee in the profit and loss account, the value of such securities held by the assessee was fully and truly disclosed by the assessee under the head investment in the relevant balance sheet.
These are appeals by the assessee against two orders both dated 25-2-2016 of C.I.T. (Exemptions), Kolkata (i) passed under section 12AA(3) of the Income Tax Act, 1961 withdrawing/cancelling the registration with effect from 1-4-2012
