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Updates Of The Day...

Updates Of the Day

1.MCA invite comments on Revised schedule III for a co. whose financial statements are drawn up as per IND AS Rules,2015 & Draft CARO,2016 latest by 23.02.16.
2.Sec 80P: Principle of mutuality applies to transfer fees, non- occupancy / car parking charges. [Lands End Co-operavtive Housing Society Limited vs ITO (ITAT Mumbai), ITA NO. 3566/Mum/2014]
3.Interest on TDS deduction default is not sustainable, where tax liability of deductor is NIL. [M/s Anusha Investment Ltd. Vs. ITO ( Madras High Court), TCA No. 398 of 2007, A.Y. 2002-2003].
4.Brokerage expenses not allowed against income from House Property. [M/s Radiant Premises Pvt. Ltd. vs. ACIT (ITAT Mumbai), ITA No. 5494/MUM/2013, A.Y. 2010-2011].
5.Computation of income u/s 115JB : unabsorbed depreciation and book loss furnished by the assessee for computation of Book Profit u/s 115JB , adjudicating authorities can always consider and decide on merits, any claim which the taxpayer has raised before the AO during assessment proceedings although the same is not claimed by the taxpayer vide Return of income filed with the Revenue – Tribunal. [ Income Tax Officer vs M/s Sunshield Chemicals Ltd. - 2016 (2) TMI 339 - ITAT MUMBAI]
6.Scope of ‘transfer’ u/s 47(xiv) : whether the assessee’s transaction of converting his proprietary business into a private limited company is outside the scope of ‘transfer’ as provided under Section 47(xiv) of the Act and therefore not liable to be taxed under the head long term capital gains - Tribunal .[Deputy Commissioner of Income Tax, Central Circle-1 (1), Chennai vs Shri D. Satish Babu - 2016 (2) TMI 348 - ITAT CHENNAI]
7.When the Assessing Officer and the Commissioner concurrently found that there was unexplained expenditure and source of such income was not satisfactorily explained, section 69C of the Act would certainly be applicable. – HC. [ RAVIKIRAN CERAMICS PVT LTD vs PR. COMMISSIONER OF INCOME TAX (CENTRAL) - 2016 (2) TMI 352 - GUJARAT HIGH COURT]

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