Non-resident company which did not have any permanent establishment India and the services by the said company was rendered outside India and such no services was rendered or no activity was performed in India section 195 of the Act comes into play only if the concerned recipient’s income is chargeable to tax in India.… Read More »
ITAT Jaipur Bithal Dass Mundra Vs DCIT ITA No. 433/JP/2018 Date of Judgement: 20/12/2018 Related Assessment Year : 2014-15 This appeal by the assessee is directed against the order dated 01/02/2018 of ld. CIT(A)-IV, Jaipur for the A.Y. 2014-15. The assessee has raised following grounds of appeal: “1. That under the facts and circumstances of the case… Read More »
we do not find any restriction/condition imposed mandating investment of the capital gain/sale proceeds towards purchase of new house for claiming deduction under section 54 of the Act. What the provision postulates is, for claiming deduction the assessee has to make investment in purchase of a new house one year before or two years after… Read More »
How to do GST Audit like a Professional ? Also Refer GST Audit Checklist GST Audit Provisions
The assessee has duly filed the return u/s. 139(1) within the due date. Thereafter, the assessee claimed the depreciation on goodwill in the revised return u/s. 139(5) which was filed on time. This claim of deprecation in the revised return cannot be denied solely on the ground that it was not claimed in the original… Read More »
Gold and Silver rates as on March 31, 2019 The rate of Gold 995 is Rs. 31,640 per 10 grams and rate of Silver 999 is Rs. 37,245 per 1 KG as on March 29, 2019. The same shall be applicable for March 31, 2019 due to closure of market on Saturday & Sunday. The… Read More »
A bare reading of Scheme of Section 50C of the Act would show that Assessee can object to presumptive value as per Section 50C (1) and, therefore, it is only after hearing the objections of the Assessee, the Fair Market Value of the Capital Asset as per ‘Guidance Value’ can be determined by the authorities.… Read More »
It is clear that though an agreement was entered into between the parties on 16.09.2010 which was also registered with the authorities, but admittedly total consideration was not paid to the assessee as the cheques which were handed over by the purchaser, were stopped for payment. Thus even part performance of the contract has not… Read More »
The Hon’ble High Court in the case of Cheminvest Limited , has held that if no dividend income is earned during the year, no disallowances u/s 14A of the Act is warranted All ITAT ACIT Vs Prabhatam Advertising (P) Ltd. ITA No. 1439/Del/2015 Date of Judgement: 12/06/2018 Related Assessment Year : 2011-12 This appeal by… Read More »
Section 80TTA Deduction for Saving Bank Interest Income Section 80TTA of Income Tax Act is introduced with effect from April 01, 2013 and will apply from AY 2013-14 and onwards for giving deduction of saving Bank interest to Individual and HUF. However it has been amended by Finance Act 2018 to disallow this deduction to… Read More »