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Income Tax by Kanishka Mehta

AO can't do additions just by relying on inspector's report

During search at assessee's premises, officers found details of share capital invested by Kolkata-based companies. AO carried out investigation and on inspector's report made additions of Rs 30,00,000 as unexplained cash credit u/s 168, and invoked rule 8D for prior to 2008-09. ITAT sat aside additions as they were made without enquiry and merely on basis of inspector's report. and held rule 8D not to be invoked for years prior to 2008-09.

Case Law,Apr. 25, 2017
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Current Affairs by V N Mehta
Others,Apr. 24, 2017

UltraTech Cement,Aditya Birla Group company,reported 11% fall in consolidated March quarter net profit at Rs 726 crore against Rs 818 crore logged in same period last year, largely due to higher cost & lower realisation.Net sales increased 3% to Rs 7,924 crore (Rs 7,700 crore).Co. declared dividend of Rs. 10/share leading to total outgo of Rs.330 cr including corporate dividend tax of Rs.56 cr.

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Current Affairs by V N Mehta

PM seeks to change fiscal year to Jan-Dec

Prime Minister to have simultaneous elections to Lok Sabha & state assemblies & change to January- December fiscal year. In Niti Aayog Governing Council's 3rd meeting,attended by several state chief ministers, Modi said,India suffered from economic & political mismanagement.Due to it, many good initiatives & schemes had failed to deliver.We need to have arrangements to function amidst diversity.

Others,Apr. 24, 2017
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