CA. Naresh Jakhotia

Income Tax Appellate Tribunal - Nagpur R. B. N. J. Naidu vs Commissioner Of Income-Tax, ... on 9 February, 1955 Equivalent citations: 1956 29 ITR 194 Nag JUDGMENT In pursuance of the direction of this Court under Section 66(2), Indian Income-tax Act, 1922, in Miscellaneous Civil Case No. 143 of 1950, the Income-tax Appellate Tribunal, Bombay, has submitted the statement of case on the following question of law : "Whether on the material on record the Appellate Tribunal could reasonably come to a finding that the sum of Rs. 8,500 was an income undisclosed sources ?" In the opinion of the Tribunal the question which arises is : "Whether there was material on which the Appellate Tribunal could have rejected the assesses explanation ?" The question as framed by the Tribunal dies not, however, cover the entire controversy. 2. The subject mater of the controversy is the finding of the Tribunal that the sum of Rs. 8,500 r

IN THE INCOME-TAX APPELLATE TRIBUNAL ‘C’ BENCH, CHENNAI. Before Dr. O.K. Narayanan, Vice-President & Shri S.S. Godara, Judicial Member I.T.A. No.943/Mds/2012 Assessment Year : 2007-08 The Assistant Commissioner of Income Tax, Business Circle IV, Room No. 507, Annexe Building, 5th Floor, 121, Nungambakkam High Road, Chennai 34. Vs. Shri C. Ramabrahmam, 16, 2nd Canal Cross Road, Gandhi Nagar, Adyar, Chennai 600 020. [PAN:AACPR0103K] (Appellant) (Respondent) Appellant by : Shri Guru Bashyam, IRS, JCIT Respondent by : Shri Ananda Kumar, C.A. Date of Hearing : 29.10.2012 Date of pronouncement : 31.10.2012 ORDER PER S.S. Godara, Judicial Member This Revenue’s appeal is directed against the order of the Commissioner of Income Tax (Appeals) VIII Chennai dated 24.01.2012 in ITA No. 53/09-10(A)-VIII for the assessment year 2007-08 in proceedings under section 143(3) of the Income Tax Act 1961 [in short the “Act”]. 2. Brief facts of the case are that the assessee (individual), filed his ‘ret

TAX TALK-11.08.2014-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant “HRA EXEMPTION & PAN SUBMISSION OF THE LANDLORD ” Query 1] I am an employee in a PSU residing at Bilaspur (CG ). I receive HRA from my Company and I live in a rented premises. But I could not submit the rent receipts to my Company for the Financial Year 2013 - 14, so the Company deducted and deposited the tax without considering the provisions of HRA exemptions. My query is -  1.       Whether can I claim the HRA exemptions while filing the return online? If yes, will I still require the rent receipts from the landlord? 2.       My actual rent does not exceed Rs. 1,00,000/- p.a. Will I still require the PAN of the landlord in this case? 3.       My Basic Salary & DA keep on changing every month, so will I have to take the Basic Salary & DA for every month as per the pay slip and do the calculations for HRA? I had purchased a house in 2008 under the Self Fin

TAX TALK-18.08.2014-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant “BILL DISCOUNTING: WHETHER BUSINESS INCOME OR OTHER SOURCE INCOME ” Query 1] I have following query. I am agent of some company and I am making advance payment on behalf of parties, who are purchasing material from company. Company is allowing me CD and these parties are making payment after 30 days. Kindly advice whether it is a business income or income from other sources? [Lalit Devpura- lalit.devpura@adityabirla.com ] Opinion: Prima-facie, it appears that the company is selling the goods directly to the customers. The transaction of purchase & sale is between the parties and you are an intermediary through whom just payment is routed. You are making the payment to the seller on behalf of their purchaser/customers after deducting the cash discount whereas you will be receiving the billed amount from the customer. In such case, your bill discounting income ideally is

“DEDUCTION AND EXEMPTION ARE TWO DIFFERENT TERMS” Query 1] I am BSNL employee having income from salary only. I have would like to know that which return form should I fill? One more thing I wanted to ask you that in ITR-1, what Rs. 5,000 /-exemption limit is? What exemption refers to? What is the difference between exemption & deduction? [ rakeshingley123@gmail.com ] Opinion: 1.       Income tax return can be filed by an individual taxpayer in form ITR-1 where the total income consists of the following income: i) “Salaries” or income in the nature of family pension or ii) “Income form house property”, where assessee does not own more than 1 house property and does not have any brought forward loss under the head; or iii) “Income from other sources”, except winnings from lottery or income from race horses and does not have any loss under the head. It is Provided that the ITR-1   form cannot be used by the person who: (a)   is a resident, other than not ordina