“Nil TDS Return” no Need to submit after 01.10.2013.

With effect from 01.10.2013 new version of FVU i.e. 4.00 is published by the TIN-NSDL in place of FVU 3.7 with latest new key features. The latest FVU Ver. 4.00 contains “NIL” TDS/TCS Return but while generating validation through FVU Ver. 4.00, TDS/TCS statement can’not be filed without quoting any valid Challan or deductee row.…

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Rajkot SB of ITAT holds amendment to Sec 206C(6A) retrospective; Also rules all scrap trading subject to TCS

ITAT Special Bench discusses law on application of Tax collection at source (TCS) provisions u/s 206C and meaning of “scarp”; TCS apply to sale of ‘brass scarp’ imported by the trader; Meaning of scrap not restricted to one arising only from manufacture or mechanical operations; Sec 206C provisions also apply to business of trading in…

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Lucknow ITAT distinguishes Liberty India SC Judgement on 80-IB

Whether duty drawbacks is to be considered for deduction u/s 80-IB depends upon their nexus with business operations; Question of whether duty drawback an “incidental profit” or “profit of first degree” depends on the business model; Despite SC rulings in Liberty India, there may still be a room for considering a plea that assessee would…

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Partners can not forego salary & intt to inflate exemption u/s 10B

Reverses CIT(A)’s orders and upholds AO’s order of reducing interest on capital and remuneration to partners, while computing profits eligible for exemption u/s 10B; Partners chose to forego interest and remuneration but it does not ipso-facto mean that firm is not admissible for deduction; Interest & remuneration payable to partners not charged to inflate profits…

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Chd ITAT dismisses batch of appeals on issue of transfer of membership rights in Pbi Co-op Society

Chandigarh ITAT pronounces 165 pages ruling on development agreement taxability involving over 2 dozen appeals; Capital gains on land taxable in the year when Joint Development Agreement (JDA) entered; JDA alongwith irrecoverable power of attorney & handing over of possession, results into transfer of capital asset; Definition of transfer as per clause (v) of Sec…

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