Where no question was asked during statement recorded under section 132(4), in respect of manner of earning income surrendered, assessee could not be expected to substantiate same later on; penalty could not be levied under section 271AAA
We understand that in case of search, assessee is to comply with law and various declaration and formalities which certainly take lot of time. From the aforesaid situation and circumstances, it is clear that there was sufficient cause which prevented the assessee to pay wealth tax in the wealth tax return
lndo Stosec (P.) Ltd. vs. ITO (ITAT Mumbai) Assessee has converted the stock in trade into investments only in the current year and immediately sold the shares after such conversion. Accordingly, the Ld D.R submitted that the assessee has entertained the idea of conversion, only to avail the exemption u/s 10(38) of the Act and also to avail concessional rate of tax in respect of short term capital gains.
ACIT vs. M/s. Superior Financial Consultancy Services (ITAT Mumbai)- Ld.CIT(A), for the purpose of deciding the case has elaborately discussed three main issues, namely (i) whether the assessee can legally convert its stock-in trade into investments
Central Government has vide No. Notification No. 21/2015-ST dated November 6, 2015 has notified that Swachh Bharat Cess (SBC) is applicable on all taxable services from 15.11.2015 this has increased the service tax rate to 14.50% and has also resulted in Changes in Service Tax Rates from 15.11.2015 on Various Services which are under abatement or on which reverse Charge Mechanism is applicable.
In the case of Vishal Garg & Ors. Vs. Union of India & Anr., Punjab & Haryana HC instructed CBDT extend due date of Tax Audit cases to 31st October 2015 from existing 30th September 2015. Its not clear if the due date for non audit cases also been extended
D.C.I.T. Vs. Sunita Khemka (ITAT Kolkata)- AO has treated the transactions as bogus only on the basis of the suspicion that the difference in purchase and sale price of these shares are unusually high. It is a settled law that assessment cannot be made on the basis of suspicion or surmise.
Dhimant Hiralal Thakar vs CIT (Bombay High Court)- Eyes are thus essential not only for the purpose of business or profession but for purposes other than these which are so many. It is therefore clear that the said expenditure as claimed by the applicant is not in the nature of the expenditure wholly
In a series of attacks on Chartered Accountants latest is been alleged by A CA from Pune that he has been slapped by a Service Tax Official when he visited his office with his Assistant and client in respect of reset of password of his clients Service Tax Account on online portal of Service Tax Registration.
Articles explains Rates of income-tax in respect of income liable to tax , Minimum Alternative Tax Rate, Securities Transaction Tax (STT), Commodities Transaction Tax (CTT) and Dividend Distribution Tax (DDT) Rates for Financial Year 2015-16 i.e. Assessment Year 2016-17.
