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No wealth tax on land which remains vacant as per construction Plan Case Law Citation- CIT Vs M/s MIL Industries Ltd (Madras High Court), Tax Case (Appeal) No.168 to 170 of 2015, Date of decision: 08-06-2015 Brief of the case: Madras High Court held in CIT Vs M/s MIL Industries Ltd that the vacant land left on constructed property as per the construction plan of that property would not be treated as a vacant urban land because the vacant land left was the requirement of the construction plan, failing which was not possible to construct the property. Facts of the case: Assessee was having a land on which he had constructed a factory and some part of the land left vacant which was included by the AO in the net wealth of the assessee but the assessee argued that there used to be the condition of the municipal corporation that some part of the land had to be left vacant so the same had to be included in the proviso to sec 2(ea), in other words the vacant lan

Mere non-production of proof for dispatch of documents does not entail disallowance Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:  Click Here Citation of the Case:   Malineni Babulu (HUF) vs ITO (ITAT Hyderabad), Income Tax Appeal No.1326/HYD/2014, A.Y.2009-10, Date of the decision: 07.08.2015. Brief of the Case:   In the cited case, ITAT  inter-alia  held that the appellant failed to produce proof in support of dispatch of Form 15H to the CIT, this by itself does not entail any addition. It was only technical breach of law and the act provides for separate penal provisions for such default. Therefore, no disallowance can be made under the provisions of Section 40(a)(ia) of the IT Act. Facts of the Case:  The appellant was a HUF. The return of income for the AY. 2009-10 was filed on 30-09-2009 declaring net income of Rs.2,35,000/-. As against this return of income, assessment was completed u/s.143(3) vide order

Rebate u/s 88E is allowable from the business income be it speculative or not Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:  Click Here Citation of the Case:   DCIT vs M/s. Envision Investment & Finance Pvt. Ltd. (ITAT Mumbai), Income Tax Appeal No.2138/Mum/2010, Cross Objection No.10/Mum/2010, Date of the decision 07.08.2015. Brief of the Case:   In the   cited   case, ITAT inter-alia held that the claim has been denied merely because the AO has treated the transaction as speculative loss. This cannot be any reason for declining the claim of rebate u/s. 88E of the Act as the claim is allowable from the business income be it speculative or not. Facts of the Case:   The assessee deals in share and security. While scrutinizing the ITR, the AO noticed that the assessee had incurred loss from trading in securities/shares as under: Profit on sale of shares Rs. 24,25,505/- Loss on fall in value of sh

CBDT enables e-Filing of Form No. 61B Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:  Click Here The e-Filing of Form No. 61B relating to Statement of Reportable Account u/s 285BA(1) of the Income-tax Act, 1961 has been enabled for “Registration” and “Submission of Nil statement”. Reporting Entities are requested to register in the e-Filing portal post login –> My Account –> Register as Reporting Financial Institution. After successful Registration, for submission of Nil statement of Form No. 61B can be done post login –> e-File –> Submit Form 61B/Nil Statement. XML upload of Form No. 61B shall be enabled shortly. 

Service of Assessment order by hand delivery to kitchen boy of assessee company is bad service – SC Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:  Click Here Case Citation: Saral Wire Craft P. ltd. vs. Commissioner of CE & ST, SC, Civil Appeal No. 5631 & 5632 of 2015, Date of Pronouncement :20 th  July,2015, [Arising out of SLP (Civil) Nos. 22905-22906 of 2014] Brief of the case: The Hon’ble Supreme Court in the case of Saral Wire Craft P. Ltd. held that where the law provided a manner of doing certain thing then the same to be done in that manner only. The execution deviating the prescribed manner is of no cure. Thus, service of order by hand where the prescribed manner is registered post under acknowledgment due that too to kitchen boy is no service at all on the assessee or its authorized agent. Brief facts of the case: The adjudicating officer passed an order demanding a duty of Rs. 3,45,629/- o