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No addition for suppressed receipts in case AO failed to consider revised return of income

May 17, 2020 1719 Views 0 comment Print

Since AO had not considered revised return of income which was filed within prescribed period of limitation for the difference between income disclosed in return and total receipts as per Form 26AS, therefore, the matter was remanded back to AO with direction to verify the fact and grant relief to assessee in accordance with law.

Section 80IA(4) deduction eligible on developing / providing Lift Irrigation Scheme/ Lift Water Supply Scheme

October 13, 2020 1719 Views 0 comment Print

Unipro Techno Infrastructure Private Ltd Vs DCIT (ITAT Chandigarh) The brief facts relating to the issue are that the assessee is primarily engaged in developing / providing Lift Irrigation Scheme/ Lift Water Supply Scheme for different state governments. The assessee claims that the said development work carried out by the assessee falls within the definition […]

Section 272A(2)(k) Penalty based on non–existing grounds is unsustainable

December 2, 2020 1719 Views 0 comment Print

District Mining Officer Vs JCIT (TDS) (ITAT Allahabad) It is noted that the Assessing Officer has initiated the penalty proceedings u/s 272A(2)(k) of the Income Tax Act for the alleged default of delivering the statement of TDS in Form 26Q within the time specified in section 200(3) read with proviso to section 206(3). In the […]

Amendments to FCRA 2010 & its Impact: The Ever-Tightening Noose Over NGOs

December 21, 2020 1719 Views 0 comment Print

The Foreign Contribution (Regulation) Act (FCRA), 2010 (Act) regulates the acceptance and utilisation of foreign contribution by individuals, associations and companies. The Parliament has recently passed the Foreign Contribution Regulation Amendment Act, 2020, which is now in force since 29.08.2020. The amendments have been brought about to strengthen the compliance mechanism, enhance the transparency and […]

Union Budget 2021 through M&A lens

February 3, 2021 1719 Views 0 comment Print

In the backdrop of the global impact caused by the COVID pandemic, the much-anticipated Union Budget 2021 was presented in paperless form. The Finance Minister kept her promise of a ‘Budget like never before’ that was widely cheered for its focus on economic growth with key focus on infrastructure and healthcare.

MAVIM invites bid from CA firms for Audit

April 16, 2012 1718 Views 0 comment Print

Mahila Arthik Vikas Mahamandal (MAVIM) (A Govt. of Maharashtra undertaking) implementing IFAD funded (Loan No 682IN ) Tejaswini Maharashtra Rural Women’s Empowerment Programme in 33 Districts of Maharashtra is inviting EOI from reputed firms of Chartered Accountants, empanelled with CAG of India for independent audit of MAVIM for the F.Y. 2011-2012

Assessee claim higher rate of depreciation without revising return

September 19, 2012 1718 Views 0 comment Print

In ‘Hero Honda Finlease Ltd.’ (supra), the assessee had claimed higher depreciation @ 40% during the assessment proceedings, as against @ 20% in the tax audit report. The Tribunal held that the claim of higher depreciation in the assessment proceedings could not be termed as a new claim and that Goetze (India) Ltd. (supra) was only in respect of a new claim made in the assessment proceedings and not modification of claim.

Systematic corruption, is a human rights’ violation – SC

November 25, 2012 1718 Views 0 comment Print

Corruption is not only a punishable offence but also undermines human rights, indirectly violating them, and systematic corruption, is a human rights’ violation in itself, as it leads to systematic economic crimes. Thus, in the aforesaid backdrop, the High Court should not have passed the said order of suspension of sentence in a case involving corruption.

In the absence of finding by AO Regarding Mis-statement / Non Disclosure, penalty order not justified

January 5, 2013 1718 Views 0 comment Print

As per Explanation 7; no penalty is leviable if the assessee proves that the price charged or paid in such transaction was computed in accordance with the provisions contained in Sec. 92C and in the manner prescribed under section in good faith and with due diligence.

Clarification Regarding issues Relating to Export of Computer Software- Direct TAX Incentives

January 17, 2013 1718 Views 0 comment Print

The Indian Software Industry has been the beneficiary of direct tax incentives under the provisions like sections 10A, 10AA & 10B of the Income-tax Act, 1961 in respect of their profits derived from the export of computer software.

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