If enhanced income declared in revised return was accepted then deduction claimed thereon should als

IT: Where assessee claimed deduction under section 80-IAB but failed to maintain separate books of account for eligible units, Assessing Officer shall compute deduction on reasonable basis

Sale value of scrap generated during job work is includible in assessable value of goods manufacture

Excise & Customs: In hands of job worker, sum of cost of raw material, job work charges and sale proceeds of scrap would be assessable value for purpose of charging of excise duty

Govt. further extends due date for filing of DVAT Form DP-1 to Jan 31, 2016

VAT : Submission of Form DP-1 by all Dealers Latest by 31-1-2016

SC admits SLP to decide whether a person could be said to be involved in treaty shopping if income i

IT/ILT: SLP granted against High Court's ruling that where shares of Indian company were listed, income arising from any future transfer of those shares would itself be exempt by virtue of section 10(38) and, hence, no treaty shopping to be alleged on transfer of shareholding in it by company of one foreign country to its 100 per cent subsidiary company of another foreign country

Govt. issues updated guidance note on FATCA

IT/ILT : Guidance Note on Implementation of Reporting Requirements under Rules 114F to 114H of Income-Tax Act, 1961

Provision debarring AO from making reassessment due to non-registration of trust in earlier years ha

IT : As long as objects a society were charitable in nature in years earlier to year in which registration under section 12AA was granted, and no adverse findings were given with regard to existence of assessee-society for charitable purposes benefit of exemption under section 11 was to be given