Direct Tax:- CBDT has issued a clarification regarding taxability of the compensation received by the land owner for the land acquired under the right to fair compensation and transpereancy in land acquisition , rehabilitation and resettlement act, 2013 vide Circular No. 36/2016 dated 25/10/2016.Compulsory acquisition of non-agricultural land is also tax-free under new Land Acquisition Act. …
Direct Tax: Gujarat High court held that tax cannot be levied on gain from sale of agricultural land based on intention of buyer to use the land for business purpose. Principal CIT Vs Heenaben Bhadresh Mehta (Gujarat High Court) ITAT Jaipur held that interest on income tax refund not eligible for deduction under section 80IE. M/s. OMIL …
corporate and professional updates 18th oct 2018 DIRECT TAX Addition on account of un-explained loan – assessee discharged its initial onus to prove the identity of the investor company, its creditworthiness and genuineness of the transaction in the matter – No additions – ITAT Delhiin case of [Raj Kumar Chawla Vs. ACIT, Central Circle-IX, New Delhi Scope of Exemption u/s 10(20) – …
DIRECT TAX CBDT lays down the functionality for processing of Returns having Refund Claims which were not processed within the time allowed u/s 143(1) due to some technical or other reasons. Bombay High court held that reassessment for non-disclosure of bank A/C which was disclosed during original assessment is invalid. Akshar Developers Vs Assistant Commissioner of …
CORPORATE AND PROFESSIONAL UPDATES 24TH SEP 2018 Direct Tax: CBDT has amended para 10 of circular no 3 of 2018 dated 11.07.2017. ITAT Delhi held that insurance premium for family members of employees is business expenses.Loesche India Pvt. Ltd. Vs ACIT (ITAT Delhi) CBDT mulls tax audit due date extension, notification likely early next week …
corporate and professional updates 4th Sep 2018 Direct Tax : Kerala HC reverses ITAT’s order, allows deduction u/s 36(1)(v) for LIC premium paid in order to indemnify the liability towards gratuity of employees taken over from another company pursuant to business take-over; At the time of take-over of business, the assessee also took over employees …
Direct Tax : Agra ITAT allows Sec. 89 relief to assessee-employee with respect to arrears received in lieu of employer’s contribution to an approved superannuation fund [taxable as perquisite u/s. 17(2)(vii)] during AY 2014-15; Rejects Revenue’s stand that the payments made by employer was perquisites u/s. 17(2), which cannot qualify for relief u/s. 89(1) as …
Direct Tax : Kerala HC reverses ITAT order and upholds re-assessment for AY 1999-2000, rejects assessee-company’s stand that no other issues can be dealt in re-opening other than what were recorded as reasons u/s. 148(2); Notes that reassessment was concluded on 4 issues, out of which 2 were part of the reasons recorded and the remaining 2 were …
Direct Tax: Mumbai ITAT accepts assessee-company’s claim of treating the gains arising on sale of land along with staff quarters as long term capital gain (‘LTCG’), rejects Revenue’s stand that since land along with staff quarters constructed thereon formed part of the depreciable assets schedule, the gains would be deemed as short term u/s. 50(1); Referring …
Direct Tax: Pune ITAT rejects Revenue’s plea for AY 2009-10 that deduction with respect to Research & Development (R&D) expenditure u/s 35(2AB) is restricted only to the extent of approval granted by Department of Industrial and Scientific Research (DSIR) in form No.3CL;[TS-251-ITAT-2018(PUN)] SC admits assesses SLP against Delhi HC judgment directing attachment of assesses bank …