Home Highlights February 2016 Year 2016 This

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1. Disallowance on account of foreign exchange fluctuation loss - It is an undisputed fact that for the assessment year 2012-13, 2013-14 and 2016-17, the assessee declared...

2. Late fee levied u/s 234E - delay in furnishing the tax deducted at source statement - Late fee under section 234B cannot be levied for a period up to 01/06/2015. In the...

3. Revision u/s 263 - There was an error in the assessment order passed by the A.O. in not bringing to tax the interest income in the year under consideration under the...

4. The Appellate Tribunal addressed the issue of estimation of income and rejection of duly audited books of accounts of the assessee firm u/s 145(3) of the Act. It held...

5. Rectification of mistake u/s 154 - salary income - denying the HRA Exemption claimed u/s 10(13) - taxing the perquisites value twice - Without rejecting the Form No. 16...

6. The ITAT Ahmedabad considered rectification u/s 154 for correct assessment year of DDT. Revenue argued DDT pertained to A.Y. 2014-15, but Section 115-O(3) mandates DDT...

7. Extension of due date of filing return of income for Assessment Year 2015-16 in case of Non-corporate & assessee not covered under tax audit provisions - Upto 31st...

8. CSR expenditure - whether a allowable business expenditure? - explanation to Section 37(1) of the Act would not be applicable as it was with effect from the assessment...

9. The Income Tax Appellate Tribunal (ITAT) held that the reassessment notices issued u/s 148 of the Income Tax Act for the assessment years 2013-14, 2014-15, and 2015-16...

10. Disallowance u/s 57 - disallowing of interest paid to bank which has been claimed by assessee against the income from other sources - The claim for netting off of...

11. Rollback of an Advance Pricing Agreement - Income-tax (Third Amendment) Rules, 2015 - CBDT issues Notification

12. Initiation of CIRP - time barred debt or not - Corporate Debtor had tacitly ‘Acknowledged’, its ‘Debt’ / ‘Liability’, in its ‘Balance Sheets’, for the Year ending...

13. Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

14. Assessment u/s 153A - In the case on hand, the search was conducted on 10.08.2017 and the relevant six assessment years immediately preceding the assessment year...

15. Genuineness of Expenses - hire charges paid to trucks - In the instant case also, in assessment year 2013-14, the assessee has shown net profit @ 3.08%, which was...