As we have informed you that major changes has
been made in ETDS return filing through introduction of new FVU
Version 4.1 wef 04.01.2014. In new
FUV 4.1 ,while creating FVU file ,Form 27A is also generated ,which is required
to be filed along with ETDS fvu file. At present form 27A can be prepared
through any software or can be filed manually and an be furnished
along with etds fvu file at TIN-FC.
Wednesday, 29 January 2014
Electronic filing of annexure-less return of net wealth
Enabling
provisions for facilitatingelectronic filing of annexure-less return of net wealth
1 Section 14 of the
Wealth-tax Act provides for furnishing of return of net wealth as on the
valuation date in the prescribed form and verified in the prescribed manner setting forth
particulars of the net wealth and such other particulars as may be prescribed.
Currently, certain documents, reports are required to be
furnished along with the return of net wealth under the provisions of
Wealth-tax Act read with the provisions of Wealth-tax Rules.
Friday, 24 January 2014
There is no requirement to seek more than one comparable to apply CUP method; TP matter remanded - AND 11 MORE
IT/ILT : Where it is proved that effective rate of royalty paid by assessee was less than royalty paid by other AEs; addition would be unjustified
IT/ILT : Where assessee had adopted only one or at best two quotations, addition on account of purchase was not justified
IT : Where provision made for incurring expenditure on warranty commission is allowable to extent provision is made on a scientific basis
IT : Where evidence/details had been submitted by assessee for first time before Commissioner (Appeals), same was to be decided by Commissioner (Appeals) after obtaining remand report from Assessing Officer
IT : Prior period expenses may be allowed either in present year or in preceding year
IT : Where no business purpose was served from voluntary donation, it would not be treated as business expenditure
IT : In certain cases, deduction under section 43B is allowable even if employer's contribution is paid after due date
IT : Amount being old balance written off is to be allowed even if assessee had written off a part of it in P&L account and remaining amount was set off against credit balance written off
IT : Where assessee incurred a huge loss in current assessment year, it could not be said that it paid consultancy fee to party without obtaining any service; such consultancy fee was to be allowed under section 37
IT : Deduction would be granted if an assessee was able to furnish complete particulars before Assessing Officer showing that write off for obsolescence of inventory was in line with accepted method of valuation of stock
IT : Order once passed by Assessing Officer in an assessment, would be appealable and it is immaterial as to whether decision taken by Assessing Officer as per direction of transfer pricing officer or of Joint Commissioner
IT : Where excess TDS deposited with revenue was shown on asset side of balance sheet and not debited to P & L account, is not allowable as deduction
No addition in relevant year for on money receipts solely on basis of on money disclosed in later years
Addition made by Assessing Officer in year under consideration on basis of disclosure regarding on-money receipt pertaining to land selling transactions in subsequent years could not be sustained in absence of any other incriminating material
Delay in filing appeal to be condoned in absence of either gross negligence or mala fide intention of assessee
Unless there is gross negligence or mala file intention, delay in filing appeal to be condoned
No unexplained investment in stock as assessee had sufficiently explained valuation of stock
Where books of account of assessee were not rejected, and assessee explained valuation of stock based on gross profit rate and discount rate, no interference was called for
Share trading business on own behalf is ‘jobbing’; not speculative in view of proviso to sec. 43(5)
• In normal terminology, share trading business on behalf of oneself is known as jobbing. A transaction carried on by the assessee for sale and purchase of the shares was fully covered by the term 'jobbing' and assessee is entitled for the extension of the benefit of proviso (c) to Section 43(5) of the Act.
■■■
[2014] 41 taxmann.com 363 (Allahabad)
HIGH COURT OF ALLAHABAD
Commissioner of Income-tax
v.
Ram Kishan Gupta
HC slams revenue for making scrutiny assessment without serving scrutiny notice within stipulated period
Assessment order passed under section 143(3) without serving notice to assessee under section 143(2) within stipulated period of time, was invalid and, thus, deserved to be set aside
No deduction merely on basis of treatment given in prior years unless conditions of that provision are fulfilled
Rule of consistency would not come in way of allowing/disallowing deduction under section 35D; authorities have to consider whether assessee has fulfilled all conditions of section for relevant assessment year
No sec. 40(a)(ia) disallowance if tax is deposited before filing of return of income
Where assessee deposited TDS before due date specified in section 139(1), provision of section 40(a)(ia) could not be invoked
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