F. No. A-32012/2/2015-AD.VI
Government of India
Ministry of Finance
Department of Revenue
(Central Board of Direct Taxes)
North Block, New Delhi
The 15th December, 2017.
ORDER NO. 214 OF 2017
The President is pleased to extend the ad-hoc appointment ofthe following IRSofficers to
the grade of Joint Commissioner ...
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The Blogs
Taxability of subsidy !!
Taxability of subsidy
CIT vs. Chaphalkar Brothers Pune (Supreme Court).
Taxability of subsidies: A subsidy granted by the Govt to achieve the objects. Of acceleration of industrial development. And generation of employment is capital. in nature and not revenue. The fact ...
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Hold the breath: Delhi HC admits plea against section 43CA
Admits Builder's challenge on vires of stamp duty value based taxation u/s. 43CA*
Delhi HC admits Ansal Housing & Construction Ltd.’s (‘assessee’) writ challenging vires of Sec. 43CA (which deems stamp duty valuation as sales consideration for land and building ...
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Revisionary power of commissioner
Hitech Analytical Services v. Pr. CIT
Decision: Case remanded.
Revision under section 264--Firm's expenses claimed in individual return-- Filed revised computation for both
Facts:
Assessee claimed expenses incurred on audit fees, car loan interest, depreciation, petrol expenses and travelling expenses in her individual return. AO ...
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Clarification on GSTR-1
GSTR
Clarification from
The taxpayers whose aggregate turnover during preceding financial year exceeded Rs. 1.5 Cr or the new registrants who estimate their turnover to exceed Rs. 1.5 Cr during current financial year, have to file return on monthly basis. Filing ...
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Income tax survey to identify Bitcoin investor!!
Bitcoin
I-T Dept conducts surveys at Bitcoin exchanges country-wide
The Income Tax Department conducted survey operations at major Bitcoin exchanges. Across the country, on suspicion of alleged tax evasion, official sources told PTI.
They said various teams of the sleuths of the ...
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Tax benefit: Amendment to 40(a)(ia) have retrospective application
DEPUTY COMMISSIONER OF INCOME TAX VS. SARAF SERVICES (P) LTD.
ITAT, KOLKATA ‘D’ BENCH
Business expenditure—Disallowance under s. 40(a)(ia)—Retrospective applicability of the amendment made by the finance Act,2010—Amendment to s. 40(a)(ia) made by the Finance Act, 2010 with effect from 1st ...
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Power to transfer the case
power to transfer case:
Where assessee's case was transferred from one place to another in same city after an agreement was arrived at between concerned Heads of department,
in view of provisions of sub-section (3) of section 127, assessee could not ...
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Taxation of alimony received after Divorce
Prema G. Sanghvi v. ITO
Decision: In assessee's favour.
Income from other sources-- Receipt of alimony from ex-husband
Facts:
Assessee received an amount of Rs. 73 lakhs from her ex-husband. The said amount was claimed to have been received as alimony on divorce with her ...
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Applicability of time limit u/s 153(2A)
section 153(2A)
Nokia India (P) Ltd. v. Dy. CIT
Decision: In assessee's favour.
Assessment--Applicability of time-limit under section 153(2A) -- Proceedings remanded to AO--Non-cancellation of entire assessment order
Facts:
Question arose for consideration is whether limitation period prescribe under section 153(2A) would be applicable only where ...
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Clarification on reservation rumor by ICAI
ICAI CLARIFICATION ON RESERVATION IN CA
ANNOUNCEMENT
The Institute has come across certain messages that are being aired in social media that some persons have approached to the Court of Law seeking direction to the Institute for making provisions for reservation ...
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S. 68 Bogus share capital:
In Pragati Financial Management Pvt. Ltd vs. CIT and Rajmandir Estates Private Limited vs. Pr. CIT 386 ITR 162 (Cal) the Calcutta High Court held as follows:
(i) Bogus share capital: Mere fact that payment was receive by cheque or that the applicants were ...
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Recent Judgement
In favour of: Assessee
Addition could not be made merely on basis of difference in closing stock based on stock statement furnished to bankers which did not give any discrepancy of quantity of item-wise stock which was given to bankers ...
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Article, Company Law, Controversial issues, Head Of Income, IGST, Income Tax, Interesting Income Tax, IT Judgement, Miscellaneous, NRI Corner, TDS
Taxation of F & O transactions
Taxation of F & O transactions
Query 1]
I am trading in equities; both delivery as well as non delivery based & make short term capital gain (STCG). Whether it will be treated as "Income from Business" or any other ...
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Interest on Saving Bank account up to Rs. 10,000/- is eligible for deduction u/s 80TTA
section 80TTA
Query 1]
During payment of income tax by challan on 29th March 2017, state bank asked me to change year A.Y. 2016-17 (instead of A.Y. 2017-18 written correctly). Now, I am not getting details of challan in AY 2017-18 while filling IT return. ...
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KUDOS TO CBDT FOR EXPEDITING INCOME TAX REFUND
kudos cbdt
Query 1]
I have a query about advance tax. During the financial year 2013-14, second installment of tax for individual was due on 15th December 2013. I paid the tax on 17th December 2013. While filing return my consultant ...
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