Home Highlights April 2016 Year 2016 This

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1. Addition on account of short deposit of Dividend Distribution Tax (DDT) - we do not find mention of any of the provisions of the income tax act which provides that short...

2. Whether the payment made by the applicant to Society for Worldwide Inter-bank Financial Telecommunication (SWIFT) for transfer of funds to members Banks is liable to...

3. Tax Incentives to International Financial Services Centre - (i) Time limit for exemption on Transfer of assets of the original fund, or its wholly owned SPV to a...

4. Levy of GST - activity of maintaining the facilities at the layout from the funds collected from the members of the Society - Taxable as supply of service - The amount...

5. Taxability in hands of society - fund transferred to ‘Distribution Pool Fund Account’ it is not taxable in the hands of the Society. - SC

6. Expenditure owing to distribution of gifts to members/staff - expenditure allowed - AT

7. The High Court held that the capital grant subsidy or viability gap funding provided by the National Highways Authority of India (NHAI) to its Concessionaires for...

8. Credit of Dividend Distribution Tax u/s 115-O - The AO, in preparing the statement of assessed total income, computed the DDT payable but did not adjust the DDT already...

9. Excess payment of sugarcane growers and Statutory Minimum Price (‘SMP’ ) / Fair and Remunerative Price (‘FRP’) - The amount relatable to the profit component or sharing...

10. Allowable exempenditure u/s 37(1) - Distribution of profit - The amount which is the subject-matter is paid to members who supply milk and in some case also to...

11. Tax residency certificate and Global Business License-I held by assessee investment fund incorporated in Mauritius as subsidiary of another Mauritian company....

12. Disallowance of education cess on income tax and dividend distribution tax u/s 40(a)(ii) - Assessee has fairly conceded that as per amendment vide Finance Act, 2022...

13. Dispute regarding non-payment/short payment of service tax, tax demand and interest u/ss 73(2) and 75, penalties u/ss 77 and 78 of the Finance Act, 1994, and extended...

14. The assessee argued that the case was selected for limited scrutiny, limiting it to verifying deductions u/s 57. However, the interconnected nature of deductions and the...

15. Income Tax: The proposed amendment to sub-clause (iiihg) of clause (a) of sub-section (2) of Section 80G of the Income Tax Act seeks to provide deduction for donations...