| INCOME TAX ACT | ||
| SECTION 24 | ||
| INCOME FROM HOUSE PROPERTY – DEDUCTIONS | ||
Interest : Interest on loan, which was taken subsequent to purchase of property, cannot be allowed as deduction under section 24(b) - [2016] 65 taxmann.com 16 (Punjab & Haryana)
| ||
| SECTION 37(1) | ||
| BUSINESS EXPENDITURE - ALLOWABILITY OF | ||
Same business : Expenditure
incurred by assessee, engaged in manufacturing of ice-creams, on
aborted project of 'Mawa', which was covered by nature of assessee's
declared business of dairy/milk products, and was under same management
and control, was allowable deduction - [2015] 64 taxmann.com 407 (Mumbai - Trib.)
| ||
| SECTION 50C | ||
| CAPITAL GAINS - SPECIAL PROVISION FOR FULL VALUE OF CONSIDERATION IN CERTAIN CASES | ||
Applicability of : For
the purpose of computing capital gain on transfer of land or building,
if valuation ascertained by Valuation Officer doesn't exceed value
adopted by State Stamp Duty Authority then value ascertained by
valuation officer would prevail - [2016] 65 taxmann.com 18 (Gujarat)
| ||
| SECTION 54F | ||
| CAPITAL GAINS - EXEMPTION OF, IN CASE OF INVESTMENT IN RESIDENTIAL HOUSE | ||
Ownership : Where
assessee had acquired substantial domain over ownership of property
since 2004, however there being a dispute could get it registered in its
favour only in 2007; having held property for more than 36 months it
will be entitled for deduction under section 54F on sale of property as
claimed by it - [2015] 64 taxmann.com 391 (Hyderabad - Trib.)
| ||
| SECTION 69B | ||
| UNDISCLOSED INVESTMENTS | ||
Stock : Where
revenue failed to establish that there was any difference in quantity
of stock and Assessing Officer didn't make any enquiry in respect of
explanation of assessee that stock belonging to another entity was
included in stock statement submitted to bank, addition for unaccounted
stock was liable to be deleted - [2016] 65 taxmann.com 12 (Gujarat)
| ||
| SECTION 147 | ||
| INCOME ESCAPING ASSESSMENT - NON-DISCLOSURE OF PRIMARY FACTS | ||
Section 143 v. Section 147 : Requirements of section 147 cannot be dispensed with when an assessment made under section 143(1) is sought to be reopened - [2016] 65 taxmann.com 17 (Delhi)
| ||
| SECTION 196 | ||
| DEDUCTION OF TAX AT SOURCE - PAYMENTS TO GOVERNMENT, RBI, ETC. | ||
Where
assessee failed to prove that interest paid by it to a cooperation was a
payment to Government and would fall under section 196(i), it was
liable to deduct tax at source on such interest at applicable rate - [2016] 65 taxmann.com 13 (Punjab & Haryana)
| ||
| COMPETITION ACT | ||
| SECTION 3 | ||
| PROHIBITION OF AGREEMENTS - ANTI-COMPETITIVE AGREEMENTS | ||
Private
super specialty hospital's exclusive tie-up with a stem-cell bank for
collection of stem-cells from patients availing maternity services in
the hospital and not allowing other stem cell banks to collect stem
cells from its maternity services patients has no adverse effect on
competition in the facts of the instant case - [2015] 65 taxmann.com 65 (CAT - New Delhi)
| ||
| SERVICE TAX | ||
| SECTION 65(68) | ||
| TAXABLE SERVICES - MANPOWER RECRUITMENT OR SUPPLY AGENCY'S SERVICES | ||
Lumpsum
contract for doing 'hamali work' cannot be regarded as contract of
'manpower supply services', as there is no supply of labour per se and
it is only a contract for doing 'work' - [2016] 65 taxmann.com 4 (Mumbai - CESTAT)
| ||
| CENVAT CREDIT RULES | ||
| RULE 2(l) | ||
| CENVAT CREDIT - INPUT SERVICE -TRANSPORTATION SERVICES | ||
Services
by way of hiring of vehicles to be used by employees: (a) for their
movement within refinery premises or (b) for outward travelling in
connection with business, is eligible for input service credit - [2016] 65 taxmann.com 5 (Gujarat)
| ||
| STATUTES | ||
| CORPORATE LAWS | ||
Filing of micro Insurance Products Subsequent to Implementation of IRDAI (Micro Insurance) Regulations, 2015 - CIRCULAR NO.IRDA/LIFE/CIR/MIN/007/01/20
| ||
| INDIRECT TAX LAWS (ST./EX./CUS. & (CST & VAT)) | ||
Notified Conditions for Downloading Central Statutory Forms Online - NOTIFICATION NO.F.3(556)/POLICY-II/VAT/2015
| ||
Delhi
Sugam-2 (DS2) – DS2 to be one of documents to be carried by owner,
driver or person in-charge of Goods Vehicle who is bringing Goods into
Delhi - NOTIFICATION NO.F.7(433)/POLICY-II/VAT/2012
PROVIDENT FUND
Thanks & Regards,
Meetesh Shiroya
|
Tuesday 12 January 2016
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