Tag Archives: Income Tax updates

Proposed Tax Exemption to Startups in India

Proposed Tax Exemption to Startups in India Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower Startups to grow […]

Role of Audit Committee in Related Party Transactions

Role of Audit Committee in Related Party Transactions Under the Companies Act, 2013, the whole concept of related party transactions has been capsulated in a single section, namely Section 188 which combines the erstwhile Sections 314 and 297 of the Companies Act, 1956 and also contains many new provisions within its scope. The section is […]

Mandatory Requirement of Quoting of PAN

Mandatory Requirement of Quoting of PAN The Government is committed to curbing the circulation of black money and widening of tax base. Where the transactions exceeds the specified limit the income tax rules required quoting of Permanent Account Number (PAN) to collect information of certain type of transactions from third parties in a non-instructive manner.

Addition u/s 68 not sustainable where whole transaction supported by adequate & reliable evidences

Addition u/s 68 not sustainable where whole transaction supported by adequate & reliable evidences Citation of the Case: ITO vs. Ms. Khalil M. Bharwani (Mumbai ITAT), Income Tax Appeal No. 223 of 2011, Date of Judgment: 27/11/2015 Brief of the Case Mumbai ITAT held In the case of ITO vs. Ms. Khalil M. Bharwani that […]

AO not permitted to make additions beyond revision order issued u/s 263: ITAT

AO not permitted to make additions beyond revision order issued u/s 263: ITAT Citation of the Case: Sri Manoj Murarka vs. ACIT (Kolkata ITAT), Income Tax Appeal No. 1703 of 2014 and 2015 of 2014, Date of Judgment: 20/11/2015 Brief of the Case Kolkata ITAT held In the case of Sri Manoj Murarka vs. ACIT […]