Newsletter Page 344

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Lok Sabha Polls: Income Tax Officers to monitor Election Expenditure

In order to keep a close watch on election expenditure, the income tax department has deployed around 400 officers in Gujarat. This is to check the...

100% Disallowance for Bogus Purchases can’t be made when Sales are not Doubted: ITAT [Read Order]

GSTN asks Businesses to download Proposed GST Return Documents

Cost Accountants Institute introduces CMA Course Fee Concession Scheme for Defence Personnel and...

CBI arrests then Appraiser of Customs Department

GST Dept busts Evasion of Rs. 1289 Crores

The Goods and Services Tax ( GST ) department has unearthed an evasion of Rs. 1289 Crores was raised and around Rs 224 crore illegal input tax credit was availed in the last 18 months after GST regime...

MCA releases National Guidelines on responsible Business Conduct

The Ministry of Corporate Affairs has revised the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, 2011 (NVGs) and formulated the National Guidelines...

Rental Income from Letting Out Properties by Builder is House Property Income: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) bench has held that the rental income received by the builder cannot be treated as business income and the same must be taxable under the head “Income from...

A Debatable Issue can’t be rectified u/s 154: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Cochin bench has held that a debatable issue cannot be treated as a mistake apparent on the face of the record for rectification under Section 154 of the...

Registered Office & Signatory of Shell Companies are Under Scanner: Govt’s Operation Total Cleanup

In a further drive to smooth up the Indian Corporate Sector after taking up diverse stringent actions in opposition to the shell companies keeping in view the ultimate target of preventing the...

No Capital Gain in the Year of entering into Development Agreement where No Actual Allotment took Place: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the tax liability for capital gain cannot arise in the year in which the assessee entered into a development agreement where there...

Re-Assessment can’t be made If AO has no ‘Reason to Believe’ for escapement of Income: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the re-assessment under section 147/148 cannot be made if the Assessing Officer has no reason to believe that the assessee The...

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