corporate tax update for 23th october 2015

CORPORATE TAX UPDATE FOR 23th OCTOBER 2015

UPDATES

1. IT : Payment made to retiring partner above his capital for acquiring commercial rights is depreciable as goodwill

IT : Where expenses claimed by assessee were not fully supported by vouchers and bills and some of bills/vouchers were self-made and not in chronological order, disallowance of one-fifth of expenses was proper[2015] 61 taxmann.com 296 (Ahmedabad – Trib.) Swastik Industries v. ITO

2. Sec. 54F: Mother can’t be deemed as owner of house purchased by minor-daughter out of her own income [2015] 62 taxmann.com 64 (Hyderabad – Trib.)
Smt. S. Uma Devi v. CIT

3. ST: Refund of service tax is to be claimed within one year from date of payment of service tax to service provider, and not from date of advance payment[2015] 62 taxmann.com 49 (Mumbai – CESTAT) Commissioner of Central Excise & Customs v. Indiabulls Realtech Ltd.

4. IT : Where assessee used trucks in contract business and could not furnish truck-wise details of huge freight and carriage expenses which were debited against contract income in profit and loss account in respect of said trucks, books of account was to be rejected [2015] 62 taxmann.com 158 (Himachal Pradesh) CIT v. Rakesh Mahajan

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