Application of income isn’t needed to claim sec. 11 exemption if a sum is received by trust as corpus donation: ITAT

INCOME TAX : Corpus donation as referred to in section 11(1)(d) does not require any application of income as it has to be received with specific direction that said income…

Continue ReadingApplication of income isn’t needed to claim sec. 11 exemption if a sum is received by trust as corpus donation: ITAT

ITAT directs AO to include ‘Other Income’ while computing the effective rate of tax in ‘Ghana’ for purpose of FTC

INCOME TAX/ILT : Surcharge and Health amp; Education Cess are to be considered for computing "Indian rate of tax" for computing double taxation relief u/s 91INCOME TAX/ILT : Surcharge and…

Continue ReadingITAT directs AO to include ‘Other Income’ while computing the effective rate of tax in ‘Ghana’ for purpose of FTC

SCN must specify exact offence for which Co. is to be prosecuted; Mere reproducing Section in notice won’t do : HC

COMPANY LAW : SCN must be specific as to exact offence for which company is to be prosecuted; Merely reproducing the section in SCN will not doCOMPANY LAW : SCN…

Continue ReadingSCN must specify exact offence for which Co. is to be prosecuted; Mere reproducing Section in notice won’t do : HC

No question of law arose if ITAT, relying on official records, allowed Co.’s claim that records were destroyed by fire

INCOME TAX : Where Assessing Officer rejected contention of assessee that records were destroyed by fire and also rejected account books and Commissioner (Appeals) allowed appeal and Tribunal held that…

Continue ReadingNo question of law arose if ITAT, relying on official records, allowed Co.’s claim that records were destroyed by fire

SC issued notice in SLP filed against ruling that excess stock found can’t be taxed u/s 69 if it isn’t identifiable

INCOME TAX : Where excess stock found in course of search is neither separately identifiable nor has independent physical existence, it cannot be treated as 'undisclosed investment' under section 69INCOME…

Continue ReadingSC issued notice in SLP filed against ruling that excess stock found can’t be taxed u/s 69 if it isn’t identifiable

SC’s Judgment on reassessment notices issued under old regime – Not different from decisions of High Courts

By now, it has been learnt that the Income Tax Department (“the Department”), under its so-called ‘bonafide mistake’, applied the provisions of old regime (i.e. provisions unamended by Finance Act,…

Continue ReadingSC’s Judgment on reassessment notices issued under old regime – Not different from decisions of High Courts

‘Sppin India’ is not a significant market player in e-commerce services, no case could be made out u/s 3 or 4: CCI

COMPETITION LAW : Where informant filed information against opposite party-Shoppe, an e-commerce platform, alleging that OP was following similar discounting practices as allegedly done by Amazon and Flipkart, no case…

Continue Reading‘Sppin India’ is not a significant market player in e-commerce services, no case could be made out u/s 3 or 4: CCI

Shareholders’ meeting dispensed with as merger of a WoS into its holding Co. didn’t result in allotment of shares: NCLAT

COMPANY LAW : Where merger was of a wholly owned subsidiary company into its holding company, no shares would be allotted as consideration pursuant to merger; proposed scheme would not…

Continue ReadingShareholders’ meeting dispensed with as merger of a WoS into its holding Co. didn’t result in allotment of shares: NCLAT

HC remanded matter as AO didn’t allow assessee’s request for video conferencing before passing order

INCOME TAX : Where Assessing Officer passed assessment order on assessee and made addition under section 68 and assessee challenged impugned order on ground that though it requested Assessing Officer…

Continue ReadingHC remanded matter as AO didn’t allow assessee’s request for video conferencing before passing order

CBDT amends various forms applicable for registration/approval/statement under Sec. 10(23C), 12AB, 35 and 80G

The Central Board of Direct Taxes (CBDT) has amended various forms applicable for applicants seeking registration/approval under Section 10(23C), 12AB, 35, 80G and filing of statements of donations amp; issuing…

Continue ReadingCBDT amends various forms applicable for registration/approval/statement under Sec. 10(23C), 12AB, 35 and 80G