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Tax Updates – June ,2015

TDS Appeal of Section 234E

1.Appeal of Section 234E

Hon’ble ITAT Amritsar Bench on allowing appeal against demand U/s 234E is welcome.

Income Tax Case laws:-

2. Gains derived on surrender of tenancy rights would be taxable as capital gains and not as income from other sources
June 13, 2015[2015] 58 taxmann.com 49 (Gujarat)/[2014] 369 ITR 323 (Gujarat)

HIGH COURT OF GUJARAT

Assistant Commissioner of Income-tax v. G.C. Shah & Co.*

3.Profit shown in P&L account is to be considered and not LTCG under sec. 10(38) for computing MAT liability

[2015] 58 taxmann.com 116 (Mumbai – Trib.)

IN THE ITAT MUMBAI BENCH ‘D’

Dharmayug Investments Ltd.

v.

Assistant Commissioner of Income-tax, Range 1 (1), Mumbai

  1. Burden to prove that bank accounts revealed in search belonged to HUF of assessee’s father wasn’t on revenue

[2015] 57 taxmann.com 306 (Karnataka)

HIGH COURT OF KARNATAKA

Commissioner of Income-tax, Central Circle, Bangalore v. Naval Kumar Chhabra*

5. Extension of time for filing of Notice of appointment of the Cost Auditor for the  F.Y, 2015-16  in Form CRA-Z and filine of cost audit report to the Central Government for the F.Y, 2014-15 in form CRA-4.
http://www.mca.gov.in/Ministry/pdf/General_Circular_8-2015.pdf

 

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