INCOME TAX

Article Posted On : Jul-2018

Case Law:Interest received on mobilization advance

Interest received by the assessee from contractors on the mobilization award given is CAPITAL receipt and hence not taxable- Follows SC ruling in Bokaro Steel plant case
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Due date for filing ITR extended

CBDT extends the due date for filing Income Tax Returns of Non Audit assessee from 31st July 2018 to 31st August 2018.
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DUE DATE AS PER SEC. 43B

EMPLOYEE CONTRIBUTION OF PF ALLOWABLE ONLY IF PAID WITHIN DUE DATE AS PER P F ACT , AND THE DUE DATE AS PER 43B NOT APPLICABLE -KERALA HIGH COURT
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Case Law: Failure to issue notice u/s 143(2)

Calcutta HC rules that failure to issue notice u/s. 143(2) would vitiate the reassessment proceedings altogether, rejects Revenue’s stand that the matter must be restored to the stage where a notice u/s. 143(2) may be issued for completing the assessment / reassessment; Noting that “Implicit in the wording of Sec. 143(3) …is the indispensability of a notice u/s. 143(2) thereof.”,
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CASE LAW: PENALTY U/S 271(1)(c)

No penalty U/s 271(1)(c) for inadvertent mistake in calculation of income –Held by Calcutta high court
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LATE FEE FOR DELAY IN FILING RETURN OF INCOME

Late fee for delay in filing return of income after due date for Non Audit Assesses after 31/07/2018
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