News Updates
Income Tax
9:32 am

CBDT again extends deadline of filing Income Tax returns in Jammu & Kashmir

Share Application Money - Supreme Court of India - Taxscan

Penalty u/s 271-D & 271-E of the Income Tax Act cannot be invoked after 6 months of Limitation: SC [Read Order]

Calcutta High Court

Confiscation of Smuggled Goods is not a ‘Business Loss’ even if the Assessee is acquitted from Criminal charges: Calcutta HC [Read Judgment]

Income from the Sales of Agricultural land situated more than 8kms from the Muncipality exempted from Income Tax: Madras HC [Read Judgment]

Bombay High Court - Tax Scan

Definition of ‘Purchase Price’ under the Bombay Sales Tax Act excludes the amount of Customs Duty paid: Bombay HC [Read Judgment]

Assessee is free to extend credit facility to any concern; AO cannot compel them for conducting the Business: ITAT Ahmedabad [Read Order]

Business Income - Bombay High Court 2 - Tax Scan

Bombay HC refuses to comment on Constitutional Validity of Amendment to Sec 41 of the Bombay Sales Tax Act [Read Judgment]

DTAA

Cabinet approves Agreement and the Protocol between India and Cyprus for the Avoidance of Double Taxation

Benefit of Sec 80P cannot be denied to a primary Agricultural Credit Society on ground of belated returns: ITAT Kochi [Read Order]

Job Work -Deduction - Interest

A Co-operative Bank is not entitled to Deduction If none of its branches can be classified as a ‘Rural Branch’: ITAT Kochi [Read Order]

Service Tax

Service of Construction of Tube Wells to the Government are eligible for Service Tax exemption: CBEC [Read Circular]

Revenue Secretary reviews IT preparedness of the various stakeholders for smooth roll-out of Goods & Services Tax

Income Tax

CBDT releases updated statistics of Income Tax Return for Assessment Year 2012-13

CBDT issues Clarification regarding the Income Declaration Scheme 2016

GST - Goods and Service Tax - TaxScan

Revenue Secretary and Senior Officials holds Sectoral Meetings with various stakeholders on GST

ITAT

Conduct of the Counsel in making selective reference to the order of the Tribunal in a ‘Very Deceitful Manner’ is ‘Highly Deplorable’: ITAT Bangalore [Read Order]

Kerala High Court

Assessment u/s 153C is unsustainable in the Absence of Recovery of Incriminating Materials: Kerala HC [Read Judgment]

S. 43B of Income Tax Act is not applicable in Cases where the assesse has not claimed statutory liability as business expenditure; ITAT Hyderabad [Read Order]

Bombay High Court - Tax Scan

Provisions of Limitation Act applies to Sales Tax Matters also; The State, Being an applicant is Subject to S. 5 of the Limitation Act: Bombay HC [Read Judgment]

Income Declaration Scheme

CBDT extends the due date for filing acknowledgment of Form-2 under the Income Declaration Scheme [Read Notification]

Service Tax

Date of Transfer of Possession can be treated as the Date of Ownership for the purpose of section 54 of the Income Tax Act: ITAT Mumbai [Read Order]

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