Daily Archives: April 10, 2019

Expenses Deductions allowed if Business is set up : ITAT

By | April 10, 2019

HIPL India Private Ltd. Vs ACIT (ITAT Bangalore) Issue :In the instant case, assessee-company had claimed deduction of audit Fees/bank charges, rates and taxes and communication and office expenses, etc. AO held that as business of assessee was not set up, therefore, revenue expenses claimed as deduction had to be capitalised as pre-commencement expenses Held:… Read More »

Minimum Standards for a Currency Chest : RBI

By | April 10, 2019

RBI/2018-19/166DCM (CC) No.2482/03.39.01/2018-19 April 08, 2019 Chairman/Managing Director/Chief Executive DirectorAll banks Madam/Sir, Minimum Standards for a Currency Chest As stated in para 15 of the monetary policy statement dated October 04, 2016, the Bank had constituted a Committee on Currency Movement (CCM) [Chair: Shri D.K. Mohanty, Executive Director]. The Committee, inter-alia, recommended that the Reserve Bank… Read More »

ITR 1 Sahaj AY 2019-20 (FY 2018-19) New Rules & Changes

By | April 10, 2019

ITR 1 Sahaj AY 2019-20 (FY 2018-19) New Rules & Changes: आयकर रिटर्न फॉर्म ITR 1 सहज Related post Income Tax Return FY 2018-19 (AY 2019-20 ) Who has to file Income Tax return online for AY 2019-20 (FY 2018-19) ITR 3 AY 2019 -20 Business Income Tax Return Big Changes : Video ITR 2… Read More »

Deduction u/s 54F allowed for Capital Gain on Sale of Depreciable Commercial asset if held for more than 3 years :ITAT

By | April 10, 2019

Facts of the Case : whether the assessee is entitled for deduction u/s. 54F of the 1961 of the Act by making reinvestment in new residential flat , with respect to capital gains arisen on sale of commercial flat used by assessee for clinic on which even depreciation u/s 32 of the 1961 Act was claimed… Read More »

Section 50C of Income Tax can be invoked only if sale has taken place during the year : ITAT

By | April 10, 2019

As per the AIR Information, the assessee had executed one transaction of sale of one immovable property at A-34, Sector 30, Noida for Rs.83,70,000/- on 23rd June, 2009 and the Assessing Officer (AO) noted that this transaction had not been reflected in the Return of Income. The assessee was asked to explain the same. It was… Read More »