Daily Archives: July 28, 2015

Anonymous donations tax treatement

Offerings received in donation boxes of temple can’t be taxed as black money under Sec. 115BBC IN THE ITAT MUMBAI BENCH ‘G’ Gurudev Siddha Peeth v. Income-tax Officer, Ward- 1 (1), Kalyan R.C. SHARMA, ACCOUNTANT MEMBER AND SANJAY GARG, JUDICIAL MEMBER IT APPEAL NOS. 3466 AND 3467 (MUM.) OF 2012 [ASSESSMENT YEARS 2007-08 & 2008-09… Read More »

Section 115JB profit arising on sale of share

IN THE ITAT MUMBAI BENCH ‘D’ Dharmayug Investments Ltd. v. Assistant Commissioner of Income-tax, Range 1 (1), Mumbai B.R. BASKARAN, ACCOUNTANT MEMBER AND AMIT SHUKLA, JUDICIAL MEMBER IT APPEAL NO. 1284 (MUM.) OF 2013 [ASSESSMENT YEAR 2009-10] JUNE  10, 2015 While computing book profits under Section 115JB whether profit arising on sale of shares ought… Read More »

payable under section 40(a)(ia)

Requirement to deduct tax at source under section 194C is mandatory and, in case of assessee’s failure to do so in respect of contractual payments, disallowance has to be made under section 40(a)(ia) irrespective of fact as to whether assessee is following cash or mercantile system of accounting HIGH COURT OF PUNJAB AND HARYANA P.M.S.… Read More »

CBEC clarifies on withdrawal of exemption to domestically manufactured goods

JUDGMENT OF SUPREME COURT IN CASE OF SRF LTD. V. COMMISSIONER OF CUSTOMS, CHENNAI [2015] 56 taxmann.com 407 (SC) – CLARIFICATION RELATING TO NOTIFICATIONS NO.30/2004-C.E., DATED 9-7-2004; NO.1/2011-C.E., DATED 1-3-2011 AND NO.12/2012-C.E., DATED 17-3-2012, AS AMENDED FROM TIME TO TIME CIRCULAR NO.1005/12/2015-CX, DATED 21-7-2015 It may recalled that the Hon’ble Supreme Court, in the case… Read More »

Documents required for Tax exemption section 11(1)(c)

Documents required for Tax exemption section 11(1)(c) Date: 27.07.2015 Subject: Part III of the Standard Operating Procedure (SOP) (Part I – 08.07.2015) for making application for claim of tax exemption u/s 11(1)(c) of the Income-tax Act, in respect of remittance of money/relief articles by Indian NGOs/Charitable Organisations for earthquake hit people in Nepal. In view… Read More »