Professional Update for the Day: Direct Tax:- CBDT has issued a press circular regarding the signing of three more Advance Pricing Agreements (APAs). These agreements pertain to the Engineering goods & Shipping sectors of the economy. The international transactions covered in these agreements include Intra-group services & support services. Punjab & Haryana Court in the …
FREQUENTLY ASKED QUESTIONS ON COMPANIES LAW Query : One of our client companies is a private company wants to make political contribution during the current financial year and has been in existence for 5 years, seeks advice regarding the provisions related to political contribution. Kindly advice. Answer: As per Section 182 of Companies Act 2013, a …
Professional Update for the Day: Direct Tax:- SC dismisses Revenue’s SLP challenging Bombay HC order quashing CIT’s order u/s 263 (revision proceedings) for AYs 2007-08 and 2008-09; CIT (A) had set aside assessment orders due to lack of sufficient enquiries by the AO in respect of the genuineness of the gifts received by the assessee …
Professional Update For the Day: Direct Tax:- CBDT warns of penal action if I-T returns are ‘drastically’ changed against misusing the provision of revised tax returns in a bid to legalize their unaccounted income following the demonetization of high-value old currency notes. Form 1 (PMGKY, 2016) is available for e-Filing. A declaration of income in the …
Professional Update for the Day: Direct Tax:- Delhi High Court held that assessment proceedings to be invalid against the assessee in those cases where the assessee ceased to have legal existence on account of amalgamation with another entity on a date even prior to search. Because when the assessee ceased to have existence even …
Professional Update For the Day: DIRECT TAX: No tax on income from offshore supplies as supplier had no agency PE in India. No cancellation of trust’s registration just because its main income was from interest and miscellaneous receipt. CBDT Extends due date for quarterly furnishing of Form 15G/155H Income Tax Authorities must mention official e-mail …
Professional Update For the Day: DIRECT TAX: ITAT Chennai held that exemption U/s. 54F will be allowed despite of delayed investment in Capital Gain Account Scheme. The provisions of section 54F are beneficial provisions and are to be considered liberally in the aspect of limitation period [ ACIT vs. Smt. Umayal Annamalai]. Allahabad HC upholds penalty …
Professional Update For the Day: DIRECT TAX: Income Tax : No penalty on firm when it agreed to treat partner’s contribution as its income to buy peace Choupal Plywood v. Income-tax Officer, Ward-3, Yamunanagar [2016] 71 taxmann.com 135 (Chandigarh – Trib.) Income Tax : Non-issuance of SCN prior to rejection of refund would render adjudication order as …
Professional Update For the Day: DIRECT TAX: Income Tax : Gujrat High Court held that the payment of stamp duty is not for business expediency but it is in the nature of a compulsory levy under the Bombay Stamp Act. It is legally settled that accounting practice cannot over rider the provisions of the Income …
Professional Update For the Day: DIRECT TAX: Income Tax : Mumbai ITAT allows Sec.11 exemption on profits earned by assessee hospital from pharmacy business for AY 2006-07, upholds assessee’s claim that pharmacy business was an integral part of hospital business; [TS-350-ITAT-2016(Mum)] Income Tax : ITAT: Retention bonus for arresting employee attrition deductible as revenue expenditure [TS-349-ITAT-2016(DEL)] Income Tax: Transfer-fees …