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PUBLIC PROVIDENT FUND SCHEME (AMENDMENT) RULES, 2014 - AMENDMENT IN PARAGRAPH 4
CBDT issues a letter regarding MCA Circular No. 1/ 2014
Clarification: Computation Of Tax Liability Of Developers
CBDT - PRESS NOTE - Standard Operating Procedure (SOP) for verification and correction of demand by the AOs.

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ITAT quashes penalty order, pursuant to block assessment, passed beyond time limit prescribed u/s. 158BFA(3); No action was taken after issuance of first penalty notice and limitation period of 6 months was lapsed when assessee preferred appeal belatedly; Second penalty notice issued after CIT(A)'s …

ITAT rejects Revenue's denial of deduction u/s. 35(2AB) for in-house scientific research expenses, where order of approval was granted by a 'nodal officer' (a scientist), on behalf of prescribed authority (i.e Secretary, DSIR); If all conditions for approval satisfied, its irrelevant whether approval…

ITAT rules that Sec 50C is not applicable to sale of development rights in property for AY 2007-08; Facts establish that assessee had treated the property as stock-in-trade and not as capital asset; Sec 50C is applicable only in respect of capital asset, being land and/ or building, and not stock-in-trade;…

ITAT upholds deletion of Sec 40A(3) addition for cash payments towards land purchases in certain villages in light of Rule 6DD(g), payments were genuine, absence of banking facilities were confirmed by village surpanch and AO could not bring any contrary evidence; If business expediency requires payments…

ITAT deletes Sec. 40(a)(ia) disallowance on reimbursement to UK group company, towards salary of seconded employees; Assessee is 'real and economic employer' of seconded personnel, who performed functions for assessee; Assessee is responsible for salary payments even though actual payment to employees…

ITAT rules in favour of Sahara India Financial Corporation Ltd (assessee) on Rs 1855 Cr income addition made u/s 68 on deposits collected under various mobilization schemes as unexplained deposits; Supply of printouts/hard-copies amounts to sufficient compliance of requirements sought by notice u/s …

ITAT rules that scrutiny assessment proceedings for AY 2008-09 are invalid, notice u/s 143(2) not issued and served within the prescribed time limit of 6 months; Notice u/s 143(2) does not fall within any 'mistake, defect or omission' which is in substance and effect in conformity with or according …

FLAT upholds penalty u/s 271(l)(c), conduct of assessee clearly establishes concealment of true facts and filing of inaccurate particulars; Assessee was well within knowledge that advances received from companies in which she was a registered and beneficial shareholder was 'deemed dividend' u/s 2(22)(e);…

Salary income of assessee (a non-resident), working on vessel plying on international routes, not taxable in India; Assessee's salary income accrued outside India where he rendered services, place of receipt of appointment letter not relevant; Salary "income" not received in India, as assessee had lawful…

ITAT holds that, pre-Finance Act, 2010 amendment to Sec 9(1), Sec 40(a)(i) disallowance cannot be made for failure to deduct tax from FTS payments to NR's, unless such services were rendered in India; Retrospective amendment in law does change the tax liability in respect of an income, with retrospective…


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