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ITAT remanded issue of penalty .
Income Tax on May. 02, 2017Effluent Channel Project Ltd received membership contribution from its new members in lieu of offering effluent disposal facility. AO rejected the same as a capital receipt. CIT(A) held that assessee had treated the amounts received in previous AYs as revenue receipts, and enhanced the return by Rs 17 lakhs, and imposed penalty. ITAT remanded the matter.-500277
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AO held incorrect as profit earned by assessee not taxable as business income.
Income Tax on Dec. 30, 2015Assessee sold shares of 'T' Ltd. to foreign Co.Income arising from sale of shares was declared as short term capital gain. AO opined that profit earned by assessee was taxable as business income. CIT(A) confirmed order of AO. On appeal ITAT held, assessee made investm't in shares with intention to earn dividend income on appreciation of price of shares. Therefore, it can't be said that assessee was doing business. Thus, AO action held incorrect.-00…
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Court Quashes Customs' Illegal Freezing of Jeweller's Bank Account
Income Tax onThe High Court of Judicature for Rajasthan ruled in favor of Paras Gems And Jewellers, invalidating the Customs Department's action of freezing the petitioner's bank account. The court found that the authorities failed to follow proper legal procedures under Section 110(5) of the Customs Act, 1962, when issuing the freezing order.
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Will your gold ornaments be costlier ?
Goods & Services Tax on Apr. 06, 2017Hey guys, Do you know India is the second biggest consumer of gold across the globe ? I bet you know that. Attention ladies who like the yellow metal. This may be the article of your choice. If you want to buy a lot of gold do it now, otherwise post july buying the same amount of gold will burn a larger hole in your pocket. You may be wondering why are we saying this. Yes, it is true trust us. Read our below article if you really want to know why!!!
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