Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012, section 143(1D) was introduced in income tax act which prohibited processing of income tax returns in case notice u/s 143(2) has been issued (i.e. scrutiny cases). Ambiguity arose as to whether the said sub-section applies to those cases as well wherein refunds have been applied in the returns, however the same has been issued notice for scrutiny assessment.
Whether under the facts and circumstances of the case, the Tribunal was right in holding that the date of presentation of cheque in the bank is to be reckoned as the date of payment of advance tax and not the date on which the cheque is cleared and entered in the receipt roll as required under Rule 20 of the Central Government Account (Receipts and Payments) Rules 1983
It has been held time and again by this Tribunal that the additions made solely on the basis of AIR information are not sustainable in the eyes of the If the assessee denies that he is in receipt of income from a particular source, it is for the AO to prove that the assessee has received income as the assessee cannot prove the negative.
Krishna, this Year Makar Sankranti is on 15th January and also the last date of submission of Maharashtra VAT Audit Report. There is Happiness everywhere because of Makar Sankrati. Many are busy in flying kites and buying gift (Vaan). Accordingly, how interesting Kite fight between department and VAT dealer?
Smt. Rajneet Sandhu vs. DCIT (2010) 133 TTJ 0064 (Chandigarh): In this case the construction of the house was not completed within the prescribed period. It was held that section 54F does not prescribe that the residential house should be completed within the prescribed period and benefit under s. 54F was allowed.
Section 194C of the I.T. Act provide that any person responsible for paying any sum to any resident for carrying out any work (including supply of labour) for carrying out any work, in pursuance of a contract between the contractor and a specified person, shall, at the time of credit of such sum to the account of the contractor
Nowadays Centralized Processing Cell (TDS) is intimating discrepancies observed with respect to TAN of the deductors in the ‘TDS claimed by the taxpayers in their Income Tax Returns’ vis-á-vis ‘Tax Credits available as per 26AS Statements’, for the Financial Years 2011, 2012 and 2013.
It is not disputed that tax was deducted at source by the tenant Union Motors Services Limited and they have issued some Certificates which has been given credit to by the Department. The present dispute relates to the failure of non issuance of TDS certificates by the tenant.
Buy Back of Shares means the purchase by the Company of its own shares. Buy Back of equity shares is an imperative mode of capital restructuring. It is a corporate financial strategy which involves capital restructuring and is prevalent globally with the underlying objectives of increasing Earnings per Share, averting hostile takeovers, improving returns to the stakeholders and realigning the capital structure. Buy Back is an alternative way of Reduction of Capital.
b) Every other company having a paid-up share capital of Rs. 5 Crore (Five crore rupees) or more:
