No Penalty on Tax Audit Report Obtained on last day of due date Chopra Properties Vs ACIT (ITAT Delhi), ITA No. 6199/Del/2013, Date of Pronouncement : 21.10.2015 Brief facts of the case are that the assessee is a partnership firm filed its return of income on 30th March, 2009 showing total income of Rs. 58,57,760/- […]
Tag Archives: Income Tax updates
Expenses debited as cost of ESOP in profit and loss account allowable Case Law Citations- CIT vs. Lemon Tree Hotels Ltd (Delhi High Court), ITA 107/2015, Date-18.08.2015 In case of CIT vs. Lemon Tree Hotels Ltd Following the Madras High Court in CIT-III Chennai v. PVP Ventures Ltd. (TC(A) No. 1023 of 2005) it was […]
Disallowance of Interest at average rate for advance from mixed fund for non business Purposes Case Law Citation- CIT vs. M/s Kudu Industries (P&H High Court), DATE OF DECISION: 31.07.2015 In case of CIT vs. M/s Kudu Industries, P&H High Court held that In the absence of anything to indicate that the interest free advance […]
When ITAT Reject of books of accounts u/s 145(3) ITAT remanded matter on question of rejection of books of account u/s 145 (3) if proper explanation or details were filed before AO Case Law citation:- ACIT vs. Rahul Pancholi (ITAT Jaipur), ITA No. 949/JP/2013, Date of Decision: 30.09.2015 Brief of the case: AO find decline […]
Govt may bring down Corporate Tax from 30% to 25% Press Information Bureau Government of India Ministry of Finance 20-November-2015 Government Calls for Comments on Proposed Plan of Phasing-Out Exemptions and Deductions under the Income-Tax Act in Order to Bring Down Rate of Corporate Tax from 30% to 25% The Union Finance Minister Shri Arun […]