ITO Vs M/s Bihani Commercial
Income Tax - Sections 40(a)(ia), 143(3) & 194C - carriage inward expenses - Whether the provision of section 194C will apply on a payment made against a verbal contract by the assessee - Whether such payment done when attracts provision u/s 194C, the provisions of 40(a)(ia) will apply automatically. - Revenue's appeal allowed : KOLKATA ITAT
Registration to a trust couldn't be denied in absence of any adverse finding about its objectives
August 12, 2014[2014] 47 taxmann.com 231 (Agra - Trib.)
IT : Where assessee trust had duly furnished complete details and documents and further, there were no adverse findings on fundamental issue regarding objectives of trust, assessee's application for registration could not be rejected
Salary income declared after search proceedings would be undisclosed even if tax was deducted therefrom
August 12, 2014[2014] 47 taxmann.com 289 (Gujarat)
IT : Tax to be deducted at source being also computed on estimated income of an assessee for relevant financial year, such deduction can not result in disclosure of total income for relevant assessment year
IT : Where return was filed by assessee after block assessment proceedings were initiated by Assessing Officer, intention of assessee was not to disclose income and therefore, same is required to be treated as undisclosed income as per section 158B(b)
CIT couldn't exercise his revisional jurisdiction if AO had made full enquiry before allowing sc. 10BA relief
August 12, 2014[2014] 47 taxmann.com 182 (Jodhpur - Trib.)
IT : Where Assessing Officer had made full enquiry before allowing exemption under section 10BA, such order could not be revised under section 263
AO could enquire about depositor's info from banks even if no proceedings were pending against assessee
August 12, 2014[2014] 47 taxmann.com 290 (Kerala)/[2014] 361 ITR 200 (Kerala)
IT : Income-tax Officer can issue notice calling for information for enquiry purposes from assessee-bank in order to ensure that transactions of depositors are wholly transparent
Sale of land by bogus firm which was introduced as capital contribution shall be taxable in hands of partner only
August 12, 2014[2014] 47 taxmann.com 292 (Karnataka)
IT: Partnership being non-genuine and land being shown as capital contribution by partners, profit on sale of said land after their fake retirement was to be treated as capital gains in hands of individual assessees
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