Pursuant to the amendment made by Finance Act 2017, omission of clause (i) of Section 92BA of the IT Act, 1961 be deemed to be removed from statute since the beginning until and unless there is some saving clause or provision that pending proceedings shall be continued and be disposed off under old rules.
As per Section 199(3) of Income Tax Act, 1961 read with Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 TDS can be granted only in the year in which the income/receipt on which such tax deducted at source is asses sable to tax.
The Income Tax Appellate Tribunal in its recent order ruled that firm cannot claim refund under the income Tax Act when TDS certificate is issued in the name of the partner of the Firm.
Since assessee had not been served with any intimation or any other communication regarding the grant of interest under section 244A for assessment year 2009-10 and refund in question had been directly credited by department to bank account, the amount of interest had been provided in financial year 2015-16 on receiving of information from AO, therefore, addition being interest under section 244A could not be made by the AO.
The Suvikas Peoples’ Co-op. Bank Ltd. Vs. ACIT (ITAT Ahemdabad) Essence the RBI Directions, 1998 are prudential/ provisioning norms issued by RBI under Chapter IlI-B of the RBI Act, 1934. These norms deal essentially with income recognition. They force the NBFCs to disclose the amount of NPA in their financial accounts. They force the NBFCs […]
The only issue to be decided in both the appeals of the revenue is that whether the assessee Port Trust can be assessed in the status of Local Authority or in the status of Company in the facts and circumstances of the case.
Meera Enterprises Vs. ITO (ITAT Mumbai) The Chartered Accountant had prepared the return along with the necessary annexures on 15-10-2010 but due to heavy pressure on computer server of the Centralized Processing Center (CPC) Income Tax Department, Bangalore, the return filing was slow till 8 p.m. Thereafter the Chartered Accountant tried to upload the income […]
While hearing the case of Sri Chilukurthi Veeraiah vs. Income Tax Officer, Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that Assessing Officer (AO) should give reasonable opportunity to produce evidence to assessee to examine source of gift.
If AO was not satisfied regarding transaction relating to the cash deposited by partner whose identity was not in doubt and assessee had furnished all the relevant documents, then addition could have been made in the hands of said partner and not in the hands of the assessee.
Atluri Usha Rani Vs Asst. CIT (ITAT Hyderabad) I have carefully considered the rival submissions and perused the record. I have also carefully perused the development agreement-cum-GPA. The said agreement shows that the builders and developers have to bear all the expenditure for preparation of the said plan, obtaining licenses, permissions as well as execution […]
