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
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: singh@carajput.com or call at 9555555480
All about Financial Forensics & its Applications Financial Forensics and Forensic Audit Techniques Financial forensics and forensic audit techniques are… Read More
Code of Conduct in Forensic Audit: Introduction: A forensic audit is a specialized examination that investigates financial records to uncover… Read More
When is the cancellation revocation applicable? Procedure for Implement Revocation for GST cancellation This applies only if, on its own… Read More
Enhancement Made to the GST Portal - Significant Update Goods and Services Tax Network is pleased to inform that an… Read More
ITC Mismatch GSTR-2B vs GSTR-3B - DRC-01C Intimation under Rule 88D New mechanism to deal with Input Tax Credit mismatches… Read More
Hurdles with Hindu Undivided Family Dissolution: The Hindu Undivided Family (HUF) is a recognized legal entity under the Income-tax Act,… Read More