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Direct Taxes (including International Taxation)
Payment of pension to its employees shall not be considered as an object of general public utility
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 16, 2015
Where the object of a trust is to pay pension to employees and their dependents shall not be considered as an object of general public ut...
Benefit of Sec. 54F shall be available if house constructed by the builder
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 16, 2015
If sale consideration invested in a flat that is newly constructed by a builder on behalf of the assessee within 3 years then, it would a...
Expenses incurred in foreign currency to provide technical services outside India shall be exclud...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 13, 2015
The High Court in a case clarified that if expenses incurred in foreign currency to provide technical services outside India shall be exc...
Clarification regarding depreciation on leased assets
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 12, 2015
If assets returned from lease, was again leased out, and it was recapitalized at nominal value at which it was decapitalised and similarl...
Keyman Insurance premium incurred for benefit of firm shall be allowabe as business expense
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 12, 2015
The High Court clarified in a recent case that the Keyman Insurance Premium paid by the partnership firm on the life of its two partners ...
Relaxation in Penalty for non-payment/short-payment of service tax provision in Finance Act
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 2, 2015
The Budget 2015 has the intention of the government to align the penal provisions as contained in the Excise and Service tax laws. The pe...
Clarification regarding deduction of tax under section 194C of Income Tax Act, 1961
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 2, 2015
In Budget 2015-16, a clarification regarding deduction of tax under section 194C of Income Tax Act, 1961 (payments to transporters) was g...
Addition of unaccounted stock shall not be made if defect in books of accounts not detected
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 27, 2015
In Squar Concern vs. Income Tax Officer, the Tribunal held that the AO should not make addition of unaccounted stock when he failed to de...
Writ petition shall not be filed for the excess deduction as its crdit can be claimed in return
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 25, 2015
In K.S. Venugopalan, Operator, Travancore Cochin Chemicals Ltd. vs. Income-tax Officer, it was held that the excess tax deducted by the e...
Without considering the material facts, profit from shares shall not be taxed as business profit
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 24, 2015
Recently in Acee Enterprises vs. Commissioner of Income Tax, it was held that without considering the period of holding to shares, number...
No capital gain tax if the cost of acquisition is indeterminate
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 23, 2015
In the Commissioner of Income Tax vs. Sambhaji Nagar Co-op Hxg. Society Ltd., it was held that no capital gain should arise on the transf...
Notice u/s 143(2) shall mandatorily be served within time limit prescribed
Direct Taxes (including International Taxation) | By ALOK PATNIA | Feb 21, 2015
In Commissioner of Income Tax vs. Gitsons Engineering Co., the High Court held that the notice u/s 143(2) shall mandatorily be served wit...
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