Retrospective amendment in law does change tax liability in respect of an income, with retrospective effect, but it cannot change tax withholding liability, with retrospective effect.
Pr. CIT Vs. Macquarie Global Services Pvt. Ltd. (Delhi High Court) The respondent-assessee had set up a new unit in Special Economic Zone (SEZ) income from which was claimed as exempt under Section 10AA of the Act for a period of ten years commencing from the Assessment Year 2010-11. Exemption was allowed in the Assessment […]
By virtue of clause (iic) in Explanation to section 115JB by the Finance Act, 2015 share of profit received from AOP could not be added while computing book profit under section 115JB.
Firm being not a shareholder of the Pvt. Ltd. company which lent the money cannot be taxed by applying sec. 2(22)(e) of the Act. So, the addition is deleted.
Tarun Jalali Vs DDIT (ITAT Delhi) Where construction of house was commenced even before the date of transfer of original asset, but it was completed within three years after the date of transfer, deduction under section 54F was admissible. Sub-section 4 of section 54F prescribes appropriation of sale consideration of original asset towards provision of […]
Pr. CIT Vs Jubilant Energy Nelp-V- Pvt. Ltd. (Delhi High Court) Money received by the respondent-assessee under the ICDs of Rs. 55.30 Crores was in the preceding year. Rs. 50 Crores was thereafter transferred and given as ICDs to M/s Jubilant Enpro Private Limited also in the preceding year. There was a nexus between the […]
In re M/s NMDC Limited (GST AAR Karnataka) Whether credit of service tax paid on Operation & Maintainenance service received by the applicant in Pre-GST regime can be claimed as Input Tax credit under section 140(5) of the GST Act 2017 in case invoices for such services were received after the appointed date. But the […]
SFIO Vs Rahul Modi (Supreme Court of India) 1. Leave granted. 2. These Appeals challenge the correctness of the common interim order dated 20.12.2018 passed by the High Court of Delhi at New Delhi in Writ Petition (Crl.) Nos.3842 and 3843 of 2018. 3. In exercise of powers conferred by Section 212(1)(c) of the Companies […]
Amount received by letting out the shop rooms in the mall is business income taxable under the head Profits and gains of business.
Since assessee was an HUF and HUF itself could not become a working partner in the partnership firm, therefore, the due date of filing of the return applicable to assessee was 31st July of the relevant assessment year and belated return filed by assessee could not be revised.
