INCOME TAX : Mere acquittal of assessee in criminal proceedings could not itself result in deletion of addition in assessee's hands in income-tax proceedings; authorities under Act should arrive at their own findings on basis of material collected during criminal proceedings
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000192461/acquittal-of-assessee-in-criminal-proceedings-can’t-result-in-automatic-deletion-of-addition-under-it-act.aspx
Saturday, February 29, 2020
No addition towards notional rent if property remained vacant due to obstruction caused by ongoing metro project
Electricity provided to other units to be valued at rate charged from consumers for sec. 80-IA deduction, SLP granted
Sebi Slaps Rs. 17-L Fine on Motilal Oswal for Misuse of Clients’ Funds
Sebi Chief Tyagi’s Term Extended by Six Months
Lenders to seek fresh bids for Lavasa in debt resolution reset
Non-compete fee was allowable as deduction as it facilitated earning more profit in business ; SLP dismissed
INCOME TAX : SLP dismissed as withdrawn due to low tax effect against High Court ruling that where assessee made payment of non-compete fee to two of its directors, since advantage of restraining individuals from engaging in competition was in field of facilitating assessee's own business and rendering it more profitable and there was no increase in fixed capital, payment in question was to be allowed as revenue expenditure
from www.taxmann.com Latest Case Laws https://ift.tt/2I6HyCg
from www.taxmann.com Latest Case Laws https://ift.tt/2I6HyCg
Friday, February 28, 2020
Newly registered trust is entitled to sec. 12AA registration though no charitable activity has been undertaken: SC
ITAT deleted additions made towards excess premium received as shares were sold at higher price in next FY
INCOME TAX : Where assessee sold shares to a non-resident company and Assessing Officer observing difference between share premium received in excess of valuation as determined under rule 11UA treated same as income from other sources as per provisions of section 56(2)(viib), since those very shares were sold in next financial year at much higher amount to a non-resident buyer and, further, there was no case of unaccounted money being brought in by assessee in garb of stated share premium, impug
from www.taxmann.com Latest Case Laws https://ift.tt/3a5eFT4
from www.taxmann.com Latest Case Laws https://ift.tt/3a5eFT4
Interest earned from deposits made out of business income is also eligible for section 10A deduction
INCOME TAX : Where assessee, an export oriented undertaking, earned interest from fixed deposits from profits of business, even though it did not partake character of profit and gain from sale of article, it was income derived from consideration realized by export of article, therefore, receipt of such interest income was allowable as exemption under section 10A
from www.taxmann.com Latest Case Laws https://ift.tt/3ae1dfM
from www.taxmann.com Latest Case Laws https://ift.tt/3ae1dfM
Notification No. 13/2020 [ F.No.285/33/2019-IT (Inv. V) CBDT] / SO 862(E)
Newly registered trust is entitled for sec. 12AA registration though no charitable activity has been undertaken: SC
No need to interfere in stay petition dismissed by lower authorities unless there was perversity in their approach
INCOME TAX : Where assessee sought a stay on collection/recovery of outstanding tax and interest in respect of demand created as a result of assessment under section 143(3) read with section 144C(13) and Commissioner (International Taxation) had already granted stay on collection of disputed demands till disposal of appeal on condition that assessee paid 30 per cent of demand, since authorities below had dealt with stay petitions of assessee in a reasonable manner and there was no perversity or
from www.taxmann.com Latest Case Laws https://ift.tt/32xKgu9
from www.taxmann.com Latest Case Laws https://ift.tt/32xKgu9
Review petition filed against High court’s order to be dismissed as there was no mistake apparent from record
INCOME TAX : Where PCIT considering wilful evasion of payments of tax, rejected assessee's application for waiver of interest under section 220(2A), since there was no error apparent on record, review petition filed by assessee was to be dismissed
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191428/review-petition-filed-against-high-court’s-order-to-be-dismissed-as-there-was-no-mistake-apparent-from-record.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191428/review-petition-filed-against-high-court’s-order-to-be-dismissed-as-there-was-no-mistake-apparent-from-record.aspx
Thursday, February 27, 2020
SLP granted against ruling that banking companies are liable to pay MAT only w.e.f. 1-4-2013
INCOME TAX : SLP granted against High Court ruling that provisions of section 115JB as it stood prior to its amendment by virtue of Finance Act, 2012, would not be applicable to a banking company governed by provisions of Banking Regulation Act, 1949
from www.taxmann.com Latest Case Laws https://ift.tt/32uHRQR
from www.taxmann.com Latest Case Laws https://ift.tt/32uHRQR
SC granted SLP against ruling justifying sec. 68 additions on assessee's failure to furnish details of shareholders
INCOME TAX : SLP granted against High Court ruling that where in respect of share capital received from various shareholders, assessee failed to establish identity, genuineness and creditworthiness of said persons, revenue authorities were justified in adding amount in question to assessee's taxable income under section 68
from www.taxmann.com Latest Case Laws https://ift.tt/2PJa8hx
from www.taxmann.com Latest Case Laws https://ift.tt/2PJa8hx
Sec. 194C TDS justified while making payment to cable operators for placing signals on preferred band; SLP dismissed
INCOME TAX : SLP dismissed as withdrawn due to low tax effect against High Court ruling that where assessee-company carrying on business of broadcasting of television channels, paid placement charges to cable operators for placing signals on a preferred band, it was a part of work of broadcasting and telecasting covered by sub-clause (b) of clause (iv) of Explanation to section 194C and thus, assessee was justified in deducting tax at source under section 194C while making payments in question
from www.taxmann.com Latest Case Laws https://ift.tt/2TeA0Te
from www.taxmann.com Latest Case Laws https://ift.tt/2TeA0Te
NCLT Clears GSK-HUL Merger, Paves Way for GSK Plc’s Exit Through Huge Block Deal
Great Indian Dividend Festival’s On Before New Tax Rules Kick In
Rapid Global Spread of Infection Sends FPIs Packing from D St
DPIIT notifies policy for 100% FDI in insurance intermediaries
Walmart-Flipkart deal: Foreign shareholders seek clarity on taxes
Order passed by tribunal allowing condonation of delay in filing appeal wasn't illegal in eye of law
COMPANY LAW : Where Tribunal by impugned order had allowed application of respondent for condonation of delay in filing appeal for effecting transfer of shares in its name, by exercising its discretionary power and said order did not suffer from any material irregularity or patent illegality in eye of law, said order could not have been interfered with
from www.taxmann.com Latest Case Laws https://ift.tt/2w92Mg6
from www.taxmann.com Latest Case Laws https://ift.tt/2w92Mg6
NCLAT directed to restore back position of directorship of co. with all benefits including remuneration
COMPANY LAW : Where NCLT had passed an order directing appellant company to restore back position of respondents in directorship of company with all attended benefits including remuneration pursuant to interim order passed by Company Law Board, respondents removal from directorship of appellant company could not have been made without informing to and having express permission from then CLB or instant Court; such order being well reasoned, no interference was warranted
from www.taxmann.com Latest Case Laws https://ift.tt/32uimiw
from www.taxmann.com Latest Case Laws https://ift.tt/32uimiw
Wednesday, February 26, 2020
Cabinet nods to adaptation of Central Laws in Union Territory of Jammu and Kashmir
Union Cabinet has approved of issuance of an order for adaption and modification of 37 Central Laws in the Union Territory of J&K under section 96 of Jammu and Kashmir Reorganisation Act, 2019 by the Central Government. All the Central laws which are applicable to whole of India the erstwhile State of J&K before appointed date i.e. 31.10.2019 are now applicable to UT of J&K w.e.f. 31.10.2019.
from taxmann.com News https://ift.tt/2HVN5eT
from taxmann.com News https://ift.tt/2HVN5eT
Debtors of company could neither be termed as 'concerned persons' nor aggrieved persons u/s 52
SEBI directs ‘VBDP’ and its directors to refund illegal money collected from investor through Scheme
COMPANY LAW/SEBI : Where company VBDP and its directors had mobilized funds from investors through different land/plot allotment scheme which satisfied four requirements of a collective investment scheme as defined in section 11AA, since these schemes were being carried out without obtaining registration from SEBI in violation of section 12(1B), company VBDP and its directors were to be directed to refund illegally mobilised funds to investors and were also to be restrained from accessing securi
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193824/sebi-directs-‘vbdp’-and-its-directors-to-refund-illegal-money-collected-from-investor-through-scheme.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193824/sebi-directs-‘vbdp’-and-its-directors-to-refund-illegal-money-collected-from-investor-through-scheme.aspx
SC granted SLP against ruling deleting sec. 68 additions on ground that no incriminating material was found
INCOME TAX : Where High Court upheld Tribunal's order deleting addition made in case of assessee under section 68 on account of share application money in assessment under section 153C, read with section 143(3) on ground that during search, no incriminating material was found to support such addition, SLP filed against order said was to be granted
from www.taxmann.com Latest Case Laws https://ift.tt/2w7VUzs
from www.taxmann.com Latest Case Laws https://ift.tt/2w7VUzs
Tribunal's order without hearing parties for status quo ante in relation to directorship was to be set aside
No disallowance u/s 40 if interest paid on foreign currency loan was exempt u/s 10(15)(f)
INCOME TAX : Interest paid on foreign currency loan is exempt under section 10(15)(f) even when assessee-company has utilised said loan for repayment of another loan taken earlier towards its working capital requirement meaning that loan was utilised indirectly for industrial development in India; there would be no disallowance under section 40(a)
from www.taxmann.com Latest Case Laws https://ift.tt/2wOvQdg
from www.taxmann.com Latest Case Laws https://ift.tt/2wOvQdg
Proposed scheme of amalgamation was to be sanctioned as enquiry going on was not party to amalgamation
COMPANY LAW : Where proposed scheme of amalgamation between transferor companies and transferee company was rejected on ground that an enquiry was pending against one group company, however, fact that company against which enquiry was going on was not party to amalgamation, proposed scheme of amalgamation was to be sanctioned
from www.taxmann.com Latest Case Laws https://ift.tt/39c2iol
from www.taxmann.com Latest Case Laws https://ift.tt/39c2iol
Summon order issued to a non-executive independent director was to be set aside: HC
FEMA, BANKING & INSURANCE : Where Trial Court summoned company and its directors including petitioner for offence punishable under section 138, in view of fact that petitioner was merely independent non-executive director of company, impugned order passed by Trial Court to issue summon was to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/2w9QwMc
from www.taxmann.com Latest Case Laws https://ift.tt/2w9QwMc
‘Tata Trust Refused to Share Venkat Contract’
Tuesday, February 25, 2020
‘Make My Trip’ abuses its dominant market position to indulge in unfair trade practices: CCI
COMPETITION LAW : Where MMT, an Online Travel Agency, was dominant in relevant market for online intermediation services for booking of hotels in India' and OYO was also significant player in market for franchising services for budget hotels in India, it was held that MMT had abused its dominant position under section 4(2)(a)(i) and 4(2)(c) on account of allegations pertaining to restrictive arrangement between OYO and MMT, imposition of price parity arrangement by MMT
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193793/‘make-my-trip’-abuses-its-dominant-market-position-to-indulge-in-unfair-trade-practices-cci.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193793/‘make-my-trip’-abuses-its-dominant-market-position-to-indulge-in-unfair-trade-practices-cci.aspx
Sum paid towards vacating premises to be regarded as revenue exp.; SC dismissed SLP
Mauritius on FATF ‘Grey List’
Banks of future will be very different, says RBI governor
Vivad se Vishwas: MNCs will have to bring all disputed amountto India
RBI gets Rs. 1.23 trillion of bids forRs. 25,000-cr LTRO
Monday, February 24, 2020
SC granted SLP against ruling that Sec. 244A interest was allowable on refund of self-assessment tax
No reassessment based on Supreme Court ruling that reversed legal position prevailing at time of regular assessment
INCOME-TAX : Where assessee member's club claimed that interest on fixed deposits with bank security deposits was outside purview of taxation on principle of mutuality and assessment was completed accordingly but proceedings were initiated under section 147 as after expiry of four years from end of relevant assessment year on basis of subsequent judgment dated 14-1-2013,
from www.taxmann.com Latest Case Laws https://ift.tt/39WTKS3
from www.taxmann.com Latest Case Laws https://ift.tt/39WTKS3
Demand of 6% of value of electricity sold to various companies without payment of excise duty was not justified
GST/EXCISE/ST/VAT : Where assessee besides manufacture of sugar, etc. was also engaged in manufacture of electricity by using bagasse, which was consumed captively for manufacture of excisable goods and surplus quantity was sold to outside to power distribution companies for a consideration without payment of duty and Adjudicating Authority in terms of rule 6 of Cenvat Credit Rules demanded from assessee 6 per cent of value of electricity sold to outside agency, said demand was not sustainable
from www.taxmann.com Latest Case Laws https://ift.tt/2PhSGjC
from www.taxmann.com Latest Case Laws https://ift.tt/2PhSGjC
SLP granted against ruling that MAT provisions, as stood at relevant time, not applicable on banking/insurance Cos
No registration if object of trust was to pay pension to retired employees out of corpus created by themselves
INCOME TAX : Where assessee trust's object was to pay pension to employees of GCDA or their dependents from corpus created out of contributions made by said employees themselves, such an object could not be an object of general public utility, therefore, registration under section 12AA could not be granted to assessee
from www.taxmann.com Latest Case Laws https://ift.tt/38Sp04s
from www.taxmann.com Latest Case Laws https://ift.tt/38Sp04s
No trust registration of its object was to pay pension to retired employees out of corpus created by themselves
INCOME TAX : Where assessee trust's object was to pay pension to employees of GCDA or their dependents from corpus created out of contributions made by said employees themselves, such an object could not be an object of general public utility, therefore, registration under section 12AA could not be granted to assessee
from www.taxmann.com Latest Case Laws https://ift.tt/3a017YO
from www.taxmann.com Latest Case Laws https://ift.tt/3a017YO
Adani’s bid to buy Aditya Estates gets NCLT approval
Tribunal has no power to review and amend its own decision: Mumbai ITAT
Provision made for leave encashment on actuarial basis not to be added back while computing book profit under MAT
Saturday, February 22, 2020
Govt. proposes amendments to Competition Law
The Govt. has proposed numerous amendment to the Competition Law. Therefore, it has issued draft bill for seeking public comments. In the bill, prepared by the corporate affairs ministry, provision for settlement of cases has been proposed, among others. Another proposal in the bill is to have a clause wherein a person can offer "commitments in respect of the alleged contraventions", subject to certain conditions.
from taxmann.com News https://ift.tt/37S5Rye
from taxmann.com News https://ift.tt/37S5Rye
No reassessment if issue was duly examined during original scrutiny and no new material was available, SLP dismissed
INCOME TAX: Where High Court upheld Tribunal's order holding that reassessment proceedings could not be initiated on ground that only one fourth of expenses on acquisition of film rights could be allowed as deduction because said issue had been examined at time of assessment itself, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2wxUdLX
from www.taxmann.com Latest Case Laws https://ift.tt/2wxUdLX
Sebi probe finds violation of listing norms by Sun Pharma
Writ couldn’t be filed challenging issue which was already pending before CIT(A) for subsequent AY : SC
INCOME TAX : Where in case of assessee, a public charitable trust, reassessment proceedings were initiated on ground that it did not offer anonymous cash donations to tax under section 115BBC and, validity of said reassessment proceedings were challenged by filing a writ petition, High Court justifiably held that it would not be appropriate to exercise jurisdiction under article 226 as similar issue was already pending before Commissioner (Appeals) for subsequent assessment year
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186266/writ-couldn’t-be-filed-challenging-issue-which-was-already-pending-before-cita-for-subsequent-ay-sc.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000186266/writ-couldn’t-be-filed-challenging-issue-which-was-already-pending-before-cita-for-subsequent-ay-sc.aspx
No denial of registration just because educational society created assets from donation received; SLP dismissed
INCOME TAX : Where High Court upheld Tribunal's order allowing assessee's claim for registration under section 12AA by taking a view that entire expenditure incurred by assessee was for purposes of running a school only, SLP filed against order of running of High Court was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/3c03VHt
from www.taxmann.com Latest Case Laws https://ift.tt/3c03VHt
Friday, February 21, 2020
Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Return of Income for A.Y 2016-17, 2017-18, and 2018-19 and Form No.9A and Form No. 10.-Reg.
AO should call for written explanation before concluding proceedings under e-Assessments: Madras HC
INCOME TAX : Assessment proceeding concluded without proper determination of facts by proper exchange and flow of correspondence between assessee and Assessing Officer were to be set aside, as, in view of introduction of E-Governance for conduct of assessment proceedings electronically, assessment proceedings no longer involved human interaction and were based on records alone.
from www.taxmann.com Latest Case Laws https://ift.tt/32hepgR
from www.taxmann.com Latest Case Laws https://ift.tt/32hepgR
Import of diamonds for re-export would be in nature of services for claiming section 10AA deduction
Advance from Co. rightly treated as deemed dividend if director failed to justify non-execution of purchase deal
INCOME TAX : Where High Court upheld Tribunal's order holding that certain amount received by assessee, a director of 'C' Ltd., from said company constituted deemed dividend under section 2(22)(e) and not as advance in respect of sale of land, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/37FBhIc
from www.taxmann.com Latest Case Laws https://ift.tt/37FBhIc
Disallowance of short term capital loss of shares was justified as Co. wasn't having any significant/real business
Maturity proceeds from insurance policy couldn't be taxed by applying Explanation to Sec. 10(10D) retrospectively
INCOME TAX : Amendment brought in by Finance Act 2013 in Explanation 1 to section 10 (10D) is prospective in nature and, thus, where keyman insurance policy taken by a company in name of assessee's husband was assigned to assessee in year 2013, it would continue to be an ordinary policy and consequently, sum received by her on maturity of said policy would not be taxable by virtue of amended section 10(10D)
from www.taxmann.com Latest Case Laws https://ift.tt/2ujf4lF
from www.taxmann.com Latest Case Laws https://ift.tt/2ujf4lF
Brought forward losses were allowed to be set off against sec. 68 additions up to 31-3-2017 only
Thursday, February 20, 2020
Brought forward losses were allowed to be se off against sec. 68 additions up to 31-3-2017 only
Substantial Expansion undertaken within specified window eligible for section 80-IC deduction, SLP dismissed
INCOME TAX: Where High Court held that assessee undertaking which carried out 'substantial expansion' within specified window period i.e. between 7-1-2003 and 1-4-2012, would be entitled to deduction on profits at rate of 100 per cent, under section 80-IC post said expansion, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2SL2jJX
from www.taxmann.com Latest Case Laws https://ift.tt/2SL2jJX
Discount offered by Nokia for supply of mobiles can’t be treated as ‘Commission’ for purpose of Sec. 194H TDS
INCOME TAX : Assessee company was primarily engaged in business of trading and manufacturing of mobile handsets, spare parts and accessories. It entered into an agreement for supply of cellular mobile phones with HCL and from this agreement between assessee and HCL, it was evident that relationship between assessee and HCL was that of principal to principal and not that of principal to agent and discount which was offered to distributors was given for promotion of sales.
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193669/discount-offered-by-nokia-for-supply-of-mobiles-can’t-be-treated-as-‘commission’-for-purpose-of-sec-194h-tds.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193669/discount-offered-by-nokia-for-supply-of-mobiles-can’t-be-treated-as-‘commission’-for-purpose-of-sec-194h-tds.aspx
No need to check principle of mutuality if assessee was registered charitable trust
INCOME TAX : Where India Habitat Centre, inter alia set up with primary aim and objective to promote habitat concept, was registered as a charitable trust, principle of mutuality for computation of its income was not required to be gone into as income was to be computed as per sections 11, 12 and 13
from www.taxmann.com Latest Case Laws https://ift.tt/2PbiJJg
from www.taxmann.com Latest Case Laws https://ift.tt/2PbiJJg
SLP dismissed against High Court's order setting aside penalty order by following the principle of consistency
INCOME TAX: Where High Court finding that in view of dispute relating to amount received in violation of provisions of section 269SS, impugned penalty order passed under section 271D was to be set aside and, matter was to be remanded back for disposed afresh, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/3bREdVt
from www.taxmann.com Latest Case Laws https://ift.tt/3bREdVt
Foreign JV partner was allowed to transfer its shares to another foreign co. without affecting business relationship
Appellant who gave loan to co. from joint family corpus funds could file plea for restoration of Co.'s name: NCLAT
COMPANY LAW : Where one 'SL' was director of a family company and had given loan of Rs. 74 lakh to company from joint family corpus funds and appellant who was SL's grandson had a share in said corpus fund, appellant was a creditor of company and therefore, was entitled to maintain petition for restoration of name of company
from www.taxmann.com Latest Case Laws https://ift.tt/2uYQgiY
from www.taxmann.com Latest Case Laws https://ift.tt/2uYQgiY
Exp. incurred by builder on brokerage and commission on booking of properties allowable; SLP dismissed
INCOME TAX : Where High Court upheld Tribunal's order holding that in case of assessee, a builder, expenses incurred on brokerage and commission on booking of properties being a finance/selling expenses, were allowable in full, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2HGFIaY
from www.taxmann.com Latest Case Laws https://ift.tt/2HGFIaY
PM-Kisan Scheme Benefits not Reaching Tillers: RBI Directors
Core or headline inflation? RBI must debate, say economists
MPs’ panel fordilution of default definition, butRBI flags concerns
No proof of collusion by IndiGo, SpiceJet and others, says CCI
Cabinets approves Constitution of 22nd law commission of India
The Union Cabinet has approved Twenty-second Law Commission of India for a period of three years from the date of publication of the Order of Constitution in the Official Gazette. The Government will have the benefit of recommendations froma specialized body on different aspects of law which are entrusted to the Commission for its study and recommendations, as perits terms of reference.
from taxmann.com News https://ift.tt/2vM9M2k
from taxmann.com News https://ift.tt/2vM9M2k
Wednesday, February 19, 2020
Revised ‘Direct Tax Vivad se Vishwas Bill, 2020’
The Finance Minister has introduced the Direct Tax Vivad se Vishwas Bill, 2020 (‘the Scheme’) in the Lok Sabha on 05-02-2020 for dispute resolution related to direct taxes. As per media report, numerous of changes are made in the bill. The highlights of the revised bill are discussed in this article.
from taxmann.com News https://www.taxmann.com/topstories/222330000000020266/revised-‘direct-tax-vivad-se-vishwas-bill-2020’.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000020266/revised-‘direct-tax-vivad-se-vishwas-bill-2020’.aspx
SAT upheld SEBI's order restraining appellant from market for 5 years for fraudulent trading
COMPANY LAW/SEBI : Where appellant raised price of shares of company 'Gromo' by placing small orders at prices far away from last traded price, impugned order passed by SEBI restraining appellant from dealing in securities market for a period of five year was justified
from www.taxmann.com Latest Case Laws https://ift.tt/3bP1FT3
from www.taxmann.com Latest Case Laws https://ift.tt/3bP1FT3
No Sec. 68 additions if SEBI didn't hold that listed Co. from which assessee took loan was a bogus Co.
INCOME TAX: Where AO made addition to assessee's income under section 68 on ground that assessee had taken accommodation entry from a penny stock company i.e. 'U' Ltd., in view of fact that there was no reference whatsoever to fact that SEBI had held 'U' Ltd. to be a bogus/sham company for its activities during relevant period, impugned addition was to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/2vN2MCa
from www.taxmann.com Latest Case Laws https://ift.tt/2vN2MCa
No case of abatment was sustainable as bank unintentionally credited VOSTRO account maintained by AD
FEMA, BANKING & INSURANCE : Where Canara Bank had cleared cheques issued by USSR bank for purpose of crediting VOSTRO account maintained by an authorized dealer in foreign exchange in India 'ANZ', however, Canara Bank did not know at that point of time that proceeds of those cheques would be remitted abroad, therefore no case of abatment was sustainable against Canara bank
from www.taxmann.com Latest Case Laws https://ift.tt/2SEJXKp
from www.taxmann.com Latest Case Laws https://ift.tt/2SEJXKp
Sec. 80P relief not allowable merely by looking at class of society as per registration certificate, SLP granted
INCOME TAX : SLP granted against High Court ruling that while considering claim made by an assessee-society for deduction under section 80P after introduction of sub-section (4) thereof, Assessing Officer cannot extend benefits available, by merely looking at class of society as per certificate of registration issued under Central or State Co-operative Societies Act and Rules made thereunder, rather he has to conduct an enquiry into factual situation as to activities of assessee-society and arri
from www.taxmann.com Latest Case Laws https://ift.tt/2ufiO7G
from www.taxmann.com Latest Case Laws https://ift.tt/2ufiO7G
RBI may Push Back Rollout of New Accounting Norms to FY23
Tuesday, February 18, 2020
Assessee can move an application before SetCom until assessment order has been served on it
HC recalled ‘Look Out Circular’ issued against CA as he co-operated in proceedings initiated against him
INCOME TAX: Where in course of survey operation under section 133A of the Income-tax Act, 1961, revenue authorities found that petitioner helped in tax evasion by facilitating payments against bogus bills and invoices raised to 'P' Ltd. by entities based in foreign jurisdiction and, thus, proceedings for Look Out Circular (LOC) were initiated against him under section 53
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193555/hc-recalled-‘look-out-circular’-issued-against-ca-as-he-co-operated-in-proceedings-initiated-against-him.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193555/hc-recalled-‘look-out-circular’-issued-against-ca-as-he-co-operated-in-proceedings-initiated-against-him.aspx
Mere charging of fee from members or non-member couldn't disentitle trust from section 11 exemption, SLP dismissed
INCOME TAX : SLP dismissed due to low tax effect against High Court ruling that mere charging of fee from members or non-members for rendering services like training, conducting seminars would not ipso-facto lead to denial of exemption under section 11 when dominant object of assessee remained charitable and aforesaid activities were only incidental to main activity of assessee
from www.taxmann.com Latest Case Laws https://ift.tt/2SAIRiU
from www.taxmann.com Latest Case Laws https://ift.tt/2SAIRiU
SEBI approves norms for regulatory sandboxes for live-testing of new products
The SEBI has decided to allow live testing of new products, services and business models by market players on select customers in order to use services of fintech firm. Along with that, the board has proposed to amend Mutual fund regulation , INViT and REIT regulations and so on.
from taxmann.com News https://ift.tt/2V2VjJU
from taxmann.com News https://ift.tt/2V2VjJU
Esops Get the Mojo Back after Budget’s Tax Option
‘Esop Tax Sops Not for all Startups on DPIIT List’
Appellant was victim of circumstances; no penalty warranted upon non-disclosures under PIT regulation
COMPANY LAW/SEBI: Where appellant didn't himself acquire shares but was victim of circumstances that forced him to accept shares and, further, acquisition or disposal of shares didn't entail any gain to him or any loss to shareholders as company was completely defunct, though violation of PIT Regulations and SAST Regulations were proved, yet monetary penalty, was not warranted
from www.taxmann.com Latest Case Laws https://ift.tt/2V77Yvg
from www.taxmann.com Latest Case Laws https://ift.tt/2V77Yvg
Properties mortgaged with bank prior to alleged offense under PMLA couldn't be provisionally attached
Complaint of professional misconduct filed after 7 years of signing audit report was to be quashed: HC
INCOME TAX/CHARTERED ACCOUNTANT ACT: Where appellant-company alleged that member of ICAI i.e. 'J' was guilty of professional misconduct on account of verifying audit report containing false statements in respect of seven companies, in view of fact that appellant had no dealing with said companies and complaint was made after seven years of last audit report being signed by 'J' in respect of said companies, Director (Discipline) of ICAI was justified in dismissing complaint filed by appellant
from www.taxmann.com Latest Case Laws https://ift.tt/2u5Z9XB
from www.taxmann.com Latest Case Laws https://ift.tt/2u5Z9XB
ITAT allowed section 54 deduction claimed first time during assessment proceedings
INCOME TAX : Merely where in return of income assessee did not offer capital gain on receipt of new residential flat against surrender of old flat but claimed deduction only during assessment that too under wrong section 54F, same would not disentitle him from availing deduction under section 54
from www.taxmann.com Latest Case Laws https://ift.tt/38E2hsG
from www.taxmann.com Latest Case Laws https://ift.tt/38E2hsG
Monday, February 17, 2020
Supreme Court issues show cause notice to telecom Cos. over non-payment of adjusted gross revenue
COMPANY LAW/INDIAN TELEGRAPH ACT : Telecom companies had violated order passed by Supreme Court in pith and substance as in spite of dismissal of Review application, they had not deposited dues linked to adjusted gross revenue. Hence, Managing Directors/Directors of said telecom companies were to show cause why contempt proceedings should not be initiated against them for violating order passed by this Court by not depositing amount, on next date of hearing
from www.taxmann.com Latest Case Laws https://ift.tt/39IQZ6y
from www.taxmann.com Latest Case Laws https://ift.tt/39IQZ6y
Investment should be made within six calendar months & not 180 days for claiming benefit of section 54EC
Acquittal of accused in cheque dishonour case justified as complainant didn't appear despite issue of summons: HC
COMPANY LAW: Where Magistrate acquitted/accused from commission of offence under section 138 by invoking power under section 256 of CrPC because complainant did not appear on date of hearing despite summons being issued and, there was no reason to adjourn hearing of case to some other day, impugned order passed by him did not require any interference
from www.taxmann.com Latest Case Laws https://ift.tt/3bIUsEb
from www.taxmann.com Latest Case Laws https://ift.tt/3bIUsEb
Act of non-disclosure of beneficial ownership in shares transferred at various point of time was liable to penalty
COMPANY LAW/SEBI: Where beneficial ownership in shares were transferred at various point of time which required disclosure under regulation 13 of PIT Regulations and regulation 29 of SAST Regulations but no disclosures were made, penalty was to be levied
from www.taxmann.com Latest Case Laws https://ift.tt/2uURThA
from www.taxmann.com Latest Case Laws https://ift.tt/2uURThA
AO is obligated to consider application for stay if appeal challenging demand was pending before ITAT
INCOME TAX: Where assessee's appeal challenging penalty imposed under section 271(1)(c) was pending for disposal before Tribunal, and meanwhile application for stay of demand of penalty was filed by assessee, it was obligatory on part of Assessing Officer to consider said application subject to decision of Tribunal
from www.taxmann.com Latest Case Laws https://ift.tt/2UYs3Ek
from www.taxmann.com Latest Case Laws https://ift.tt/2UYs3Ek
HC justified special audit if diversion of funds by assessee had come out in forensic audit report of SEBI
INCOME TAX : Where assessee was unable to cull out requisite details from books of account furnished during assessment proceedings and further accounts of assesses were voluminous and complex to handle for Assessing Officer and, further, a fact of diversion of funds by assesses had also came out in forensic audit report of SEBI, Assessing Officer was justified in issueing notice for special audit under section 142(2A)
from www.taxmann.com Latest Case Laws https://ift.tt/2u9N6c0
from www.taxmann.com Latest Case Laws https://ift.tt/2u9N6c0
Saturday, February 15, 2020
What a deductor should do if deductee doesn’t link his PAN with Aadhaar by 31-03-2020?
If a person doesn’t link his PAN with Aadhaar by 31-03-2020, his PAN shall be inoperative. In this article, we have discussed about the consequences a taxpayer and tax deductor or collector may face in such cases.
from taxmann.com News https://www.taxmann.com/topstories/222330000000020246/what-a-deductor-should-do-if-deductee-doesn’t-link-his-pan-with-aadhaar-by-31-03-2020.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000020246/what-a-deductor-should-do-if-deductee-doesn’t-link-his-pan-with-aadhaar-by-31-03-2020.aspx
Notification No. 11/2020 [F.No. 370149/166/2019-TPL] / GSR 112(E)
Notification No. 10/2020 [F. No. 370142/34/2019-TPL] / GSR 110(E)
Notification No. 09/2020 [F. No. 285/41/2019-IT (Inv.V) CBDT] / SO 664(E)
Admission of cheque issuance and signature thereon by accused creates presumption in favour of holder
FEMA, BANKING & INSURANCE : Section 139 is an example of reverse onus clause and, therefore, once issuance of cheque has been admitted and even signature on cheque has been admitted, there is always a presumption in favour of complainant that there exists legally enforceable debt or liability and thereafter, it is for accused to rebut such presumption by leading evidence
from www.taxmann.com Latest Case Laws https://ift.tt/2vE3aTq
from www.taxmann.com Latest Case Laws https://ift.tt/2vE3aTq
Assessee can make fresh claim before AO during remand assessment proceedings
INCOME TAX : Where remand made by Tribunal to Assessing Officer was a complete and wholesale remand for framing a fresh assessment, Assessing Officer could not deny to evaluate fresh claim raised by assessee during remand assessment proceedings
from www.taxmann.com Latest Case Laws https://ift.tt/31TSbl6
from www.taxmann.com Latest Case Laws https://ift.tt/31TSbl6
Lenders Set to Recover 43.1% from Insolvency Proceedings
Sebi Issues Notices to Former Top Officials of CARE Ratings
NCLT orders inclusion of Videocon's overseas assets in insolvency
HC quashed reassessment as AO didn't form any opinion to conclude why sum paid by assessee was subject to TDS
INCOME TAX : Where in case of assessee, engaged in business of real estate, Assessing Officer initiated reassessment proceedings on ground that EDC paid by assessee to Haryana Urban Development Authority (HUDA) were subject to TDS under section 194 and in absence of TDS, amount would be subject to disallowance under section 40(a)(ia), in view of fact that Assessing Officer had not given any basis for forming his opinion that how EDC which was in nature of statutory fee, was subject to deduction
from www.taxmann.com Latest Case Laws https://ift.tt/2StiT0R
from www.taxmann.com Latest Case Laws https://ift.tt/2StiT0R
Friday, February 14, 2020
Assessee not having exhausted deduction u/s 10A for 10 years can claim deduction for additional period u/s 10AA
INCOME TAX : Assessee not having exhausted deduction under section 10A for ten consecutive assessment years on date of introduction of section 10AA as was available to him under section 10A on commencement of SEZ Act, 2005 will be entitled for additional period of deduction for five years as is allowed to SEZ units by provisions of section 10AA(1)(ii), subject to fulfilment of other conditions for grant of deduction under section 10AA
from www.taxmann.com Latest Case Laws https://ift.tt/2OT8r0a
from www.taxmann.com Latest Case Laws https://ift.tt/2OT8r0a
SEBI develops an online system for detecting misuse of clients’ securities by brokers
Search proceeding carried out by issuing warrant on person actively involved in firm's affairs is valid, SLP dismissed
INCOME TAX: Where High Court upheld Tribunal's order holding that search carried in case of assessee was valid because warrant had been issued in name of individual who was actively involved in affairs of assessee-firm, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2St8jqB
from www.taxmann.com Latest Case Laws https://ift.tt/2St8jqB
CBDT introduces instant allotment of PAN on basis of Aadhaar
The Finance (No. 2) Act, 2019 introduced the concept of interchangeability of PAN with Aadhaar by inserting a new sub-section (5E) in Section 139A. The new provision enables an assessee to quote his Aadhaar in lieu of PAN and he shall be automatically allotted a new PAN
from taxmann.com News https://ift.tt/2Hr2ByY
from taxmann.com News https://ift.tt/2Hr2ByY
I-T Dept Backs Up PM’s Professional Tax Return Claims
Investors in Higher Tax Bracket Find Solace in Tax-free Bonds Post Budget
Remittance Tax Proposed after I-T Survey Showed Non Filing of ITR
I-T Dept Draws Up Elaborate Plans to Implement Vivad se Vishwas
Appeal against an interim order passed by a single judge is not maintainable: HC
Apex Court granted SLP against HC ruling upholding Tribunal's order merely following principal of consistency
SLP dismissed against the HC order holding that no order u/s 153C can be passed after expiry of 6 years
INCOME TAX: Where High Court upheld Tribunal's order holding that Assessing Officer could not have initiated and passed an assessment order under section 153C for relevant assessment year as same was beyond period of six years from end of financial year in which satisfaction note was recorded by Assessing Officer, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2SGtzbn
from www.taxmann.com Latest Case Laws https://ift.tt/2SGtzbn
Thursday, February 13, 2020
CCI dismisses complaint of charging higher amount for international calls against Voda and other telecoms
COMPETITION LAW : Where informant, an international telecom carrier, alleged that OPs-telecom service providers operating in India had contravened provisions of IUC Regulations, 2018 by charging higher termination charges for inbound international calls terminating into India, in view of fact that International Settlement Charge (ISC) had not been regulated under IUC Regulations, 2018 and no prima facie evidence was found to indicate that OP's had fixed rates through any concerted action amongst
from www.taxmann.com Latest Case Laws https://ift.tt/2UNitnu
from www.taxmann.com Latest Case Laws https://ift.tt/2UNitnu
Sec. 271AAB penalty couldn't be levied just relying on entries found in loose sheets found during search proceedings
INCOME TAX : Disclosure of additional income in statement recorded under section 132(4) itself is not sufficient to levy penalty under section 271AAB until and unless income so disclosed by assessee falls in definition of undisclosed income defined in Explanation to section 271AAB(1)
from www.taxmann.com Latest Case Laws https://ift.tt/2SF7o5k
from www.taxmann.com Latest Case Laws https://ift.tt/2SF7o5k
ITAT allowed interest paid by firm on debit balance of partner's current a/c following principle of consistency
INCOME TAX : Where AO finding that there was debit balance in one of partner's current account and at same time assessee-firm had paid interest on borrowed capital, made disallowance of interest paid on borrowed capital by assessee, in view of fact that debit balance in one of partner's current account was appearing for last several years and in none of earlier years any such hypothetical income had been subjected to tax in hands of assessee, following principle of consistency, impugned disallow
from www.taxmann.com Latest Case Laws https://ift.tt/38p8f0E
from www.taxmann.com Latest Case Laws https://ift.tt/38p8f0E
Repayment of loan isn't deductible from sale consideration of mortgaged assets sold by lender to recover loan
INCOME TAX: Where on account of non-payment of corporate loan as per agreed terms, a charge on mortgaged property was created by assessee himself in terms of section 13(2) of SARFAESI Act, 2002, in such a case, upon sale of property so mortgaged, assessee could not claim deduction of principal amount of loan either as expenditure under section 48 or as 'diversion of income by overriding title'
from www.taxmann.com Latest Case Laws https://ift.tt/39z47LQ
from www.taxmann.com Latest Case Laws https://ift.tt/39z47LQ
CCI doesn’t Have Prima Facie Proof, Amazon Tells HC
SLP dismissed against order justifying levy of concealment penalty as assessee wrongly debited amount in P&L a/c
INCOME TAX: Where High Court Confirmed levy of penalty under section 271(1)(c) on ground that assessee had wrongly debited certain amount in profit and loss account as loss in dealing with non-banking business even though said amount was not an expense but an appropriation of profit, SLP filed against said order was to be dismissed
from www.taxmann.com Latest Case Laws https://ift.tt/2HfL0u5
from www.taxmann.com Latest Case Laws https://ift.tt/2HfL0u5
Independent director not liable to refund money if decision to issue debenture was taken prior to his appointment
COMPANY LAW/SEBI: Appellant-Independent director of company could not be held liable for refund of monies collected by company in violation of Companies Act and ICDR Regulations when decision to issue debentures was taken prior to appointment of appellant
from www.taxmann.com Latest Case Laws https://ift.tt/31R9Jyo
from www.taxmann.com Latest Case Laws https://ift.tt/31R9Jyo
Wednesday, February 12, 2020
Limitation period for issuing scrutiny notice for defective ITR to be counted from due date of filing of original ITR
INCOME TAX: Date of filing of original return under section 139(1) has to be considered for purpose of computing period of limitation under sub-section (2) of section 143 and not date on which defects actually came to be removed under section 139(9)
from www.taxmann.com Latest Case Laws https://ift.tt/2UMh2Wy
from www.taxmann.com Latest Case Laws https://ift.tt/2UMh2Wy
Govt. wasn't a 'person acting in concert' as it relinquished its shareholding in IDBI and agreed to acquisition by LIC
COMPANY LAW/SEBI : Where IDBI bank was in control of Central Government and Central Government had not only relinquished its shareholding to below 50 per cent but also agreed to acquisition of controlling stake of IDBI by LIC and conveyed that it would not participate in offer, Central Government could not be termed as 'person acting in concert' with LIC in respect of said acquisition
from www.taxmann.com Latest Case Laws https://ift.tt/2Hj9m6e
from www.taxmann.com Latest Case Laws https://ift.tt/2Hj9m6e
Additions of undisclosed income on estimation basis couldn't attract penalty under section 158BFA, SLP dismissed
INCOME TAX : Where Hight Court upheld Tribunal's order deleting penalty imposed under section 158 BFA on ground that addition to undisclosed income of assessee was on estimate basis rather than on account of deliberate suppression of income, SLP filed against said order was to be dismissed due to low tax effect
from www.taxmann.com Latest Case Laws https://ift.tt/2vuGOUn
from www.taxmann.com Latest Case Laws https://ift.tt/2vuGOUn
Payment made to indemnify excise dept. for not discharging contractual obligation isn't penal in nature
INCOME TAX: SLP granted against High Court ruling that where assessee, engaged in business of manufacturing of ENA (Extra Neutral Alcohol), gave an affidavit to Excise department that excise verification issued by Excise Authority of importing State would be submitted within 90 days of exporting ENA from its distillery, since assessee failed to comply with said condition
from www.taxmann.com Latest Case Laws https://ift.tt/3bvUyiw
from www.taxmann.com Latest Case Laws https://ift.tt/3bvUyiw
No penalty proceedings can be initiated in case of absence of proof of concealment of income by assessee
INCOME TAX : Where there was no record of satisfaction by Assessing Officer in relation to any concealment of income or furnishing of inaccurate particulars by assessee in notice issued for initiation of penalty proceedings under section 271(1)(c), same being sine qua non for initiation of such proceedings, Tribunal had rightly ordered to drop penalty proceedings
from www.taxmann.com Latest Case Laws https://ift.tt/2OOKwPD
from www.taxmann.com Latest Case Laws https://ift.tt/2OOKwPD
Interest on enhanced compensation awarded under Land acquisition Act, eligible for section 10(37) exemption
Penalty imposed u/s 15HA to be set aside due to inordinate delay of 5 yrs in initiating proceeding and issuing SCN
COMPANY LAW: Where there was inordinate delay of more than five years in initiating proceeding and issuing show-cause notice after investigation, penalty imposed on appellants under section 15HA on allegation of unfair trade practices was to be set aside
from www.taxmann.com Latest Case Laws https://ift.tt/2Hg9HGH
from www.taxmann.com Latest Case Laws https://ift.tt/2Hg9HGH
Tuesday, February 11, 2020
Mere fact that assessee was associated with the builder would not disentitle his claim of Sec. 54F exemption
INCOME TAX : Where assessee filed his return claiming deduction under section 54F in respect of purchase of flat from builder which was rejected by Assessing Officer on ground that assessee was interested party, in view of fact that there was no dispute about genuineness of transactions entered into between assessee and builder, mere fact that assessee was one of associated parties in said concern which was developing housing project, could not be a ground to deny benefit of deduction under sect
from www.taxmann.com Latest Case Laws https://ift.tt/2vkxsuu
from www.taxmann.com Latest Case Laws https://ift.tt/2vkxsuu
Income-tax paid on exempt income due to bona fide mistake by assessee to be refunded
Plea for waiver of interest can't be rejected just by citing that assessee had assets in balance sheet
INCOME TAX: Assessee's plea of genuine hardship for waiver of interest under section 220(2A) could not have been rejected by revenue without calling for additional particulars, just by citing reason, that assessee was having land and machineries as even balance sheet of assessee did not reflect any liquid cash, deposit, share capital or debentures in name of assessee
from www.taxmann.com Latest Case Laws https://ift.tt/3bw3d4f
from www.taxmann.com Latest Case Laws https://ift.tt/3bw3d4f
Activities with object of planning & promoting development of urban area is a charitable activity: HC
INCOME TAX : Where assessee statutory authority was constituted under provision of Karnataka Urban Development Authority Act, 1987 with an object of planing and promoting and securing development of an urban area and for that purpose to acquire, hold, manage and dispose off movable and immovable property and to carry out building and engineering operations for development of an urban area, activity of assessee would be considered as charitable activity as per section 2(15)
from www.taxmann.com Latest Case Laws https://ift.tt/31NJqJ9
from www.taxmann.com Latest Case Laws https://ift.tt/31NJqJ9
AO cannot re-open assessment under Kerala VAT where period of retention of books of account had expired
GST/EXCISE/ST/VAT: Where Assessing Officer issued on assessee a notice for reopening assessment by invoking provisions of section 42(3), power to reopen assessment under section 42(3) could not be exercised in relation to such assessment where period for which assessee was obliged to retain account books had expired
from www.taxmann.com Latest Case Laws https://ift.tt/3bqOMyt
from www.taxmann.com Latest Case Laws https://ift.tt/3bqOMyt
Sec. 54 deduction can't be denied just because assessee was associated with the housing project
INCOME TAX : Where assessee filed his return claiming deduction under section 54F in respect of purchase of flat from builder which was rejected by Assessing Officer on ground that assessee was interested party, in view of fact that there was no dispute about genuineness of transactions entered into between assessee and builder, mere fact that assessee was one of associated parties in said concern which was developing housing project, could not be a ground to deny benefit of deduction under sect
from www.taxmann.com Latest Case Laws https://ift.tt/38d5lvM
from www.taxmann.com Latest Case Laws https://ift.tt/38d5lvM
NCLAT Dismisses RNA Plea Against Insolvency Proceedings
Bombay High Court reassessment initiated just on the basis of change of opinion
INCOME TAX : Where Assessing Officer issued notice under section 148 on ground that income chargeable to tax had escaped assessment doubting genuineness of transaction of issue of shares by assessee-company to its existing shareholders, since said issue was subject matter of regular assessment proceedings under section 143(3), it was case of change of opinion by Assessing Officer, therefore, impugned notice was to be quashed
from www.taxmann.com Latest Case Laws https://ift.tt/39tszhh
from www.taxmann.com Latest Case Laws https://ift.tt/39tszhh
Prohibitory order was set aside as SEBI couldn't prove that co. made wrongful gain by issuing duplicate shares
COMPANY LAW/SEBI : Where SEBI having found that certain discrepancies were existing in respect of issue of duplicate shares by appellant-company, exercised its powers under sections 11(1), 11(4) and 11B and issued an order prohibiting appellant from accepting fresh clients in respect of its activities till further directions, in view of fact that discrepancies pointed out by SEBI in issue of duplicate shares by appellant company such as mismatching of photographs or signature etc. did not reveal
from www.taxmann.com Latest Case Laws https://ift.tt/2OI9XCz
from www.taxmann.com Latest Case Laws https://ift.tt/2OI9XCz
Payment of lease rent to secretary not a ground for rejection of section 12A application: SC
INCOME TAX: SLP dismissed against High Court ruling that where assessee educational society, set up with various aims and objects including improvement in standard of education of backward students of rural areas, was running a school and Commissioner had not doubted genuineness of its aims and objects, application under section 12A could not be rejected merely on ground that secretary of society was getting lease rent for land given to society for running school or his wife who had requisite qu
from www.taxmann.com Latest Case Laws https://ift.tt/2tL1aZ6
from www.taxmann.com Latest Case Laws https://ift.tt/2tL1aZ6
Monday, February 10, 2020
Procedure of PAN allotment through Common Application Form (CAF) along with registration of Foreign Portfolio Investors (FPIs) with SEBl under Department of Economic Affairs and KYC for opening Bank and Demat Account
Interest paid on borrowing invested in group companies for strategic business purpose eligible for deduction
Unutilised ITC not deductible as expense as it can't be said to be actually paid by the assessee as per Sec. 43B: SC
HC justified reassessment as just establishing identity of investor couldn't justify genuineness of transaction
INCOME TAX: Where in case of assessee, Assessing Officer initiated reassessment proceedings on ground that assessee had received accommodation entries in form of share capital from two sham companies, in view of fact that even though identity of investor companies might have been established, neither financial capacity/creditworthiness of said investor companies, nor genuineness of transaction was examined at time of assessment, validity of impugned reassessment proceedings deserved to be upheld
from www.taxmann.com Latest Case Laws https://ift.tt/2w4YZk1
from www.taxmann.com Latest Case Laws https://ift.tt/2w4YZk1
Allegation of supportive bids couldn't be substantiated on basis of assertion of common ownership: CCI
COMPETITION ACT : Where Informant, engaged in manufacture of high performance and highly sophisticated machines for track maintenance, track laying and track renewal, alleged that OP-3, OP-4 and OP-6 colluded in furnishing bids in response to tenders floated by OP-5 i.e., Ministry of Railways, in violation of provisions of section 3(3), since there was no material on record which could suggest collusion amongst bidders,
from www.taxmann.com Latest Case Laws https://ift.tt/38h5Kxs
from www.taxmann.com Latest Case Laws https://ift.tt/38h5Kxs
No sec. 68 additions if identity of subscribers and genuineness of transaction was duly proved
INCOME TAX : Where assessee-company received share capital money from several individuals and filed various evidences and details to prove identity of share subscribers and share capital monies were directly paid to assessee by cash out of sufficient bank balances available in their bank accounts, thus, creditworthiness of subscribers and genuiness of transactions were also proved, Assessing Officer was unjustified in making addition in respect of such share capital money under section 68
from www.taxmann.com Latest Case Laws https://ift.tt/37cifZL
from www.taxmann.com Latest Case Laws https://ift.tt/37cifZL
No fresh valuation was necessary for acquiring 25% shares of a co. that were frequently traded
COMPANY LAW/SEBI : Where respondents made a public announcement with an offer price of Rs. 101 per share to shareholders of 'GTL' for acquiring 25 per cent share of company 'GTL', however, said offer was implemented belatedly, since shares of GTL were frequently traded, no fresh valuation was necessary
from www.taxmann.com Latest Case Laws https://ift.tt/38pkTwN
from www.taxmann.com Latest Case Laws https://ift.tt/38pkTwN
SAT upholds order passed by SEBI in matter of GDR issue of Jindal Cortex Ltd.
COMPANY LAW : Where appellant company issued GDRs which were subscribed by one 'V', in view of fact that subscriber to GDR issue subsequently took a loan from foreign bank that was enabled by pledge agreement of GDRs signed between issuer company i.e. appellant herein and loaner bank, however, said information was not disclosed to investors as well as other stakeholders of company, it could be concluded that method adopted by appellant was vitiated through fraud and, thus, impugned order passed
from www.taxmann.com Latest Case Laws https://ift.tt/2HaVr1O
from www.taxmann.com Latest Case Laws https://ift.tt/2HaVr1O
No pre-deposit required in filing appeal as borrower disputed loan and sought forensic verification of signature
FEMA, BANKING & INSURANCE : Where loan was disputed by petitioner on ground that same was not borrowed by him and his signature on alleged loan agreement was sent to CFSL for verification, appeal against dismissal of condonation of delay in filing belated rejoinder would not require pre-deposit of 50 per cent of debt due
from www.taxmann.com Latest Case Laws https://ift.tt/31D3u0X
from www.taxmann.com Latest Case Laws https://ift.tt/31D3u0X
Friday, February 7, 2020
AO's order accepting share valuation done by assessee couldn't be held erroneous in absence of any adverse finding
INCOME TAX : Action of Assessing Officer accepting assessee's computation of value of shares issued at premium could not be considered as erroneous or prejudicial to interest of revenue where Commissioner had neither conducted any enquiry on issue nor recorded finding that assessee's calculation was unsustainable in law
from www.taxmann.com Latest Case Laws https://ift.tt/2S3G7u6
from www.taxmann.com Latest Case Laws https://ift.tt/2S3G7u6
Petitioner who purchased land from owners whose title wasn't perfect couldn't challenge land acquisition by Govt.
COMPANY LAW/LAND ACQUISITION ACT: Where petitioner purchased land from such owners whose title was not perfect and said purchase was made after issuance of notification by Government for acquisition of said land, petitioner had no derivative title in eye of law and thus, he could not challenge said acquisition by Government
from www.taxmann.com Latest Case Laws https://ift.tt/37anIjv
from www.taxmann.com Latest Case Laws https://ift.tt/37anIjv
Issue of reassessment notice with prior approval of CIT instead of Addl. CIT was unsustainable; SLP dismissed
INCOME TAX: SLP dismissed against High Court ruling that when in terms of section 151(2), sanction to issue notice under section 148 has to be issued by Additional Commissioner, reopening of assessment with approval of Commissioner was unsustainable
from www.taxmann.com Latest Case Laws https://ift.tt/31zqo9o
from www.taxmann.com Latest Case Laws https://ift.tt/31zqo9o
I-T Sleuths Seize Rs. 77-Cr Cash from Producer, Actor, Two Others
Top 25 Dividend-paying MNCs May Gain Big from DDT Waiver
Govt Weaves Tax Net for Internet’s Global Biggies
MSMEs, realtors get RBI´s helping hand
No reassessment if one-time settlement relief given by bank to assessee was duly considered in original assessment
INCOME TAX: Where AO had already considered one-time settlement by assessee with its banker during original scrutiny assessment proceedings as capital receipt, thereafter AO could not initiate reassessment proceedings merely on basis of change of opinion that said relief was revenue receipt
from www.taxmann.com Latest Case Laws https://ift.tt/376cQmW
from www.taxmann.com Latest Case Laws https://ift.tt/376cQmW
Additions on basis of peak credit justified as assessee didn't explain sources of deposits in bank account
INCOME TAX : Where assessee accepted that it was providing accommodation entries to various parties and for same it had opened a fictitious bank account in which amounts were deposited and later on transferred to an assessee's concern, merely because these amounts were included in total turnover would not ipso facto shut out an inquiry into credits, thus, addition of peak credit under section 68 was justified
from www.taxmann.com Latest Case Laws https://ift.tt/31yr9iR
from www.taxmann.com Latest Case Laws https://ift.tt/31yr9iR
Co's name was to be restored in register of Cos. as it was in operation and it has assets and liabilities
COMPANY LAW : Where ROC struck off name of petitioner company from Register of Companies on account of its failure to furnish financial statements, in view of fact that petitioner company was in operation, it had assets and current liabilities and, moreover, in case relief sought was not granted to company, grave hardship and irreparable loss and damage would be caused to it, application filed by petitioner seeking to restore its name in Register of Companies maintained by ROC was to be allowed
from www.taxmann.com Latest Case Laws https://ift.tt/2S4TV7F
from www.taxmann.com Latest Case Laws https://ift.tt/2S4TV7F
TDS is deemed to be remitted on date of online payment & not date showing in OLTAS
INCOME TAX: Where remittance of TDS was made online on prescribed date, credit to Government's account was instant and thus, no interest could be levied under section 201(1A) for delay in remitting TDS to credit of Government even if online portal showed a delayed date
from www.taxmann.com Latest Case Laws https://ift.tt/39fHprG
from www.taxmann.com Latest Case Laws https://ift.tt/39fHprG
Thursday, February 6, 2020
Schemes proposed by ‘JSW Steel’ wouldn’t come under ambit of SEBI (Share based employee benefit) Reg
An informal guidance has issued by the SEBI in order to remove difficulty faced by the professional in the provision of SEBI (Share based employee benefit) Regulation, 2014. The JSW steel company has proposed 2 schemes and seek clarifications on such schemes.
from taxmann.com News https://www.taxmann.com/topstories/222330000000020195/schemes-proposed-by-‘jsw-steel’-wouldn’t-come-under-ambit-of-sebi-share-based-employee-benefit-regulation-2014.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000020195/schemes-proposed-by-‘jsw-steel’-wouldn’t-come-under-ambit-of-sebi-share-based-employee-benefit-regulation-2014.aspx
Know about the proposed ‘Direct Tax Vivad se Vishwas Bill, 2020’
The Finance Minister has introduced the Direct Tax Vivad se Vishwas Bill, 2020 (‘the Scheme’) in the Lok Sabha on 05-02-2020 for dispute resolution related to direct taxes. The key highlights of the bill have been discussed in this article.
from taxmann.com News https://www.taxmann.com/topstories/222330000000020194/know-about-the-proposed-‘direct-tax-vivad-se-vishwas-bill-2020’.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000020194/know-about-the-proposed-‘direct-tax-vivad-se-vishwas-bill-2020’.aspx
Delay can't be condoned as co. intentionally didn't file appeal as it wanted to file cross objection
INCOME TAX: When it is consciously decided by assessee to not avail of right of filing appeal and instead only avail of right of filing cross objection, then fact that revenue did not file appeal, and thereby did not present assessee with an opportunity for filing cross objection, cannot constitute 'sufficient cause' for assessee for not filing appeal within time limit prescribed under section 253(3)
from www.taxmann.com Latest Case Laws https://ift.tt/2Spvfpo
from www.taxmann.com Latest Case Laws https://ift.tt/2Spvfpo
Section 14A disallowances could not be attracted in the absence of exempt income
Sec. 46A being charging provision for taxability of buy-back of shares would prevail over general provision
No bar to claim credit of advance taxes paid in prior years for which assessee sought IDS benefit; SLP dismissed
INCOME TAX : SLP dismissed against High Court ruling that there is no bar for an assessee or declarant to claim credit of advance tax and TDS paid previously relating to assessment years for which it seeks benefit under Income Declaration Scheme, 2016
from www.taxmann.com Latest Case Laws https://ift.tt/2GWNAVp
from www.taxmann.com Latest Case Laws https://ift.tt/2GWNAVp
Global Funds Seek Review of Dividend Tax on REITs, InvITs
Will Meet FY20 Direct Tax Target of Rs. 11.7 lakh cr: Mody
Govt. introduces new pension schemes for unorganized sector
On death of original shareholder, share vests with legal heir, nominee merely holds share till vesting is decided
Filing of complaint for cheque dishonour was no ground to quash proceeding in complaint filed u/s. 403 of IPC
FEMA, BANKING & INSURANCE: When respondents failed to transfer land in favour of appellant in terms of agreement and cheques, which were given by respondents to appellant as security of amount of advance paid by appellant were dishonoured, merely because appellant filed a suit for recovery of advance paid by him and he also filed a complaint under section 138, same was no ground to quash proceedings in complaints filed by appellant under section 403 of IPC alleging fraud, cheating and conspiracy
from www.taxmann.com Latest Case Laws https://ift.tt/3bpoSv8
from www.taxmann.com Latest Case Laws https://ift.tt/3bpoSv8
Credit of service tax paid on outward transportation disallowed as services were availed beyond factory premises
Carry forward of losses couldn't be denied if defects in original return were voluntarily removed
INCOME TAX : Where assessee filed an original return claiming carry forward of loss of certain amount but without filing an audit report and, subsequently, assessee voluntarily filed a revised return claiming said loss at a lesser figure along with audit report, impugned revision so as to hold return of income filed originally as defective and denying benefit of carry forward of loss to assessee in terms of section 139(1) read with sections 139(3) and 80, was unjustified
from www.taxmann.com Latest Case Laws https://ift.tt/2S0bBBs
from www.taxmann.com Latest Case Laws https://ift.tt/2S0bBBs
Wednesday, February 5, 2020
Rounding of fares cannot be classified as exploitative abuse of dominance by Railways
No additions could be made if there was uncertainty of receiving sum against bills raised by assessee
INCOME TAX : Where in case of assessee, a contractor, Assessing Officer made addition in respect of two bills which were raised by assessee but not accounted for in its return even though it was following mercantile system of accounting, in view of fact that one of said bill was raised after termination of contract whereas nothing was received in respect of second bill because payer was in severe financial crisis, impugned addition was to be deleted
from www.taxmann.com Latest Case Laws https://ift.tt/39aGPvr
from www.taxmann.com Latest Case Laws https://ift.tt/39aGPvr
The ‘Direct Tax Vivad Se Vishwas Bill, 2020’ introduced in the Lok Sabha
The Finance Minister, Smt. Nirmala Sitharaman has introduced The Direct Tax Vivad se Vishwas Bill, 2020 for dispute resolution related to direct taxes. This provisions of the bill shall be applicable to appeals filed by taxpayers or the Govt. which are pending with CIT(A), ITAT, High Court or Supreme Court as on January 31, 2020.
from taxmann.com News https://www.taxmann.com/topstories/222330000000020182/the-‘direct-tax-vivad-se-vishwas-bill-2020’-introduced-in-the-lok-sabha.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000020182/the-‘direct-tax-vivad-se-vishwas-bill-2020’-introduced-in-the-lok-sabha.aspx
Order passed by Addl. CIT invalid if there was no order u/s 120 empowering him to act as AO
INCOME TAX : Additional Commissioner can function as an Assessing Officer only when jurisdiction has been assigned to him by virtue of directions or orders issued under section 120(4)(b); there being no directions or orders under section 120(4)(b), assessment order passed by Additional Commissioner was illegal and without jurisdiction
from www.taxmann.com Latest Case Laws https://ift.tt/3757tod
from www.taxmann.com Latest Case Laws https://ift.tt/3757tod
‘Budget Stimulus without Splurging, Room for Upside in Tax Revenues’
Sebi may Reclassify Mid- & Small-cap Plans to Offer MFs More Flexibility
Taxing Allowances: EC May Ask Centre to Reconsider Proposal
‘Nothing Adverse’ in Overseas Remittance Data, Says CBDT
RBI likely to explore prudent measures to raise credit off take
SAT upheld SEBI's order directing appellant to make an open offer for acquiring 15% of paid up capital of target co.
COMPANY LAW/SEBI : Where appellant foreign investors took an opinion from a reputed audit firm who had advised appellants to make an open offer for acquiring more than 15 percent paid up capital of target company, not doing so would be in violation of regulation 10 of SAST regulation and, therefore, impugned order passed by SEBI directing appellants to make an open offer would not be interfered with
from www.taxmann.com Latest Case Laws https://ift.tt/31rFf5w
from www.taxmann.com Latest Case Laws https://ift.tt/31rFf5w
ITAT's order setting aside directions of CIT(A) to conduct enquiry for genuineness of purchase valid; SLP dismissed
INCOME TAX: SLP dismissed against High Court ruling that where Tribunal set aside directions issued by Commissioner (Appeals) to Assessing Officer to conduct enquiries for verifying genuineness of certain purchases made by assessee, in view of fact that Tribunal being last fact finding authority, should have considered materials on record, especially, when it had came on record subsequently that parties in question had not filed return of income and, thus, impugned order passed by it was to be s
from www.taxmann.com Latest Case Laws https://ift.tt/2RYIRcl
from www.taxmann.com Latest Case Laws https://ift.tt/2RYIRcl
Deposit Insurance and Credit Guarantee Corporation (DICGC) increases the insurance coverage for dep
Income derived from sale of mushroom spawn grown in nursery qualifies for section 10(1) exemption
INCOME TAX: Income from mushroom spawn grown in nursery qualifies as agricultural income as per section 2(1A), Explanation 3, and is, therefore, eligible for exemption under section 10(1); on facts issue restored to file of Assessing Officer to determine whether spawn was actually grown by assessee
from www.taxmann.com Latest Case Laws https://ift.tt/2UrgWn6
from www.taxmann.com Latest Case Laws https://ift.tt/2UrgWn6
Tuesday, February 4, 2020
Furnishing audit report u/s 44AB is mandatory though audit of assessee was conducted under different Act
INCOME TAX : Where appellant failed to Furnish report of audit in prescribed form accompanied with a further report by an Accountant in prescribed form, however, failed to prove that there existed no 'sufficient cause' for failure or that there existed any 'reasonable cause' for such failure, order of penalty was justified
from www.taxmann.com Latest Case Laws https://ift.tt/2RXaGBS
from www.taxmann.com Latest Case Laws https://ift.tt/2RXaGBS
HC kept recovery proceedings in abeyance till disposal of appeal considering weak financial position of assessee
MCA notifies NCLAT (Recruitment, Salary and other term and conditions of service of car drivers) Rul
The Ministry of Corporate Affairs (MCA) has notified the NCLAT (Recruitment, Salary and other term and conditions of service of Staff car drivers) Rules, 2020. In this rules various provisions related to application, constitution, number of posts, method, appointment, procedure, direct recruitment, condition of services and so on have been discussed.
from taxmann.com News https://ift.tt/31tdNEO
from taxmann.com News https://ift.tt/31tdNEO
AO must record non-satisfaction about suo-motu sec. 14A disallowance offered by assessee before applying Rule 8D
No disallowance u/s 40A(2)(b) if associate concern made substantial contribution towards completion of projects
INCOME TAX : Where assessee engaged in business of real estate development paid certain amount to associated concern for providing and securing of fund requirements, bank guarantee and technical expertise in successful completion of project, since it was accepted even by revenue authorities that said associated concern made substantial contribution towards completion of project by providing financing and technical expertise, providing brand name and other technical assistance for completion of p
from www.taxmann.com Latest Case Laws https://ift.tt/3bbrFbd
from www.taxmann.com Latest Case Laws https://ift.tt/3bbrFbd
Interest on loan taken to construct a commercial property is deductible under sec. 24 as it was partially let out
IT: Where assessee claimed deduction under section 24(b) on account of interest paid on borrowed fund while computing income from house property, in view of fact that assessee had utilized loan amount for construction of commercial property a part of which was let out and, Assessing Officer had not pointed out any major deficiency in allocation of interest expenditure between area used for commercial purpose and area let out, assessee's claim for deduction was to be allowed
from www.taxmann.com Latest Case Laws https://ift.tt/2SegVjD
from www.taxmann.com Latest Case Laws https://ift.tt/2SegVjD
Will Capital Gains Face TDS? Fund Houses to Seek Clarity
Cash-rich Cos Rally as Traders Bet on Big Dividend Payouts
Tax Outgo of Merged State-run Banks, General Insurers to See Substantial Fall
PM Asks for Revamp of Govt’s Two Key Insurance Schemes
For the first time, Army to spend more on pensions than on salaries
‘Too radical’: Centre likely to implement DTC in parts
Stock broker can't produce additional evidence to prove identity of its client without prior approval of Tribunal
COMPANY LAW: Where Adjudicating Authority imposed penalty on appellant-stock-broker, for violation of provisions of regulations 3 and 4 of 2003 Regulations as it failed to carry out due diligence in registration of its client, in view of fact that appellate sought to file additional evidence such as PAN Card, KYC etc. obtained from client without obtaining leave of Tribunal in consonance with provisions of Order 41 Rule 27 of Code of Civil Procedure, 1908 such documents could not be entertained
from www.taxmann.com Latest Case Laws https://ift.tt/371CSYE
from www.taxmann.com Latest Case Laws https://ift.tt/371CSYE
No abuse of dominance by ‘ABB’ in market for manufacture and sale of power quality compensators
COMPETITION LAW : Where informant InPhase engaged in designing, developing and manufacturing of Power Quality and Power Conversion products filed information against OP i.e., ABB alleging contravention of provisions of section 4, it was held that opposite party -ABB was not dominant in relevant market for manufacture and sale of Power Quality Compensators with IGBT Technology for low voltage I.e., below 1000V and, therefore, question of abuse of dominant position by OP in contravention of sectio
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193262/no-abuse-of-dominance-by-‘abb’-in-market-for-manufacture-and-sale-of-power-quality-compensators.aspx
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193262/no-abuse-of-dominance-by-‘abb’-in-market-for-manufacture-and-sale-of-power-quality-compensators.aspx
HC Kepy recovery proceedings in abeyance till disposal of appeal considering weak financial position of assessee
Pledged securities belonging to clients of broker to whom bank lent money couldn't be retained by bank: SAT
COMPANY LAW/SEBI ACT : Where bank lent money to stockbroker on basis of pledged securities on bona fide believe that those securities belonged to stock broker but these shares belonged to its clients (beneficial owners) and pursuant to SAT's order, NSE and NSDL transferred back securities to accounts of beneficial owner, prayer of bank to recall or retain shares in question in frozen account of beneficial owners would become untenable; however bank could approach SEBI
from www.taxmann.com Latest Case Laws https://ift.tt/2OnSTRS
from www.taxmann.com Latest Case Laws https://ift.tt/2OnSTRS
Cheque drawn for discharge of time barred debt itself creates separate promise and becomes enforceable
FEMA, BANKING & INSURANCE : Where a debt became time barred, cheque drawn for discharge of said time barred debt would create a separate promise which would become enforceable contract; said cheque could not be said to have been drawn in discharge of debt or liability not legally enforceable
from www.taxmann.com Latest Case Laws https://ift.tt/2tvk8TA
from www.taxmann.com Latest Case Laws https://ift.tt/2tvk8TA
Excess stock found in stock register but not in books to be treated as undisclosed investment
INCOME TAX : Where there was a clear admission by assessee firm that excess stock found during survey was added in its stock register but no corresponding entry was passed in books of account, it could be considered that investment in such stock was made out of undisclosed source, thus, addition was to be made under section 69B in respect of such excess stock
from www.taxmann.com Latest Case Laws https://ift.tt/2tsuxiT
from www.taxmann.com Latest Case Laws https://ift.tt/2tsuxiT
Monday, February 3, 2020
Yields could Fall Up to 15 bps in Short Term, Bond Street Awaits RBI Policy
Likely Surge in FPI Flows May Cushion Rupee’s Fall
Exporters Likely to be Exempted from ‘Tax at Source’
´ We will see asecond wave of privatisation in FY21´
´ Those taking IT exemptions will gain if they shift´
Amazon, Flipkart seek clarity on 1% tax deducted at source
Companies may change dividend policy after Budget changes
FM´s Budget goal: Lower rates, simple structure
No additions to be made if explanation is offered for difference in income as per books and as per Form 26AS
INCOME-TAX : Where receipts of rents as recorded in books of account was in consonance with agreement between assessee and lessee and no defect whatsoever had been pointed out by revenue authorities in books of account, no addition to income is warranted in hands of assessee owing to difference in income based on Form No. 26AS and income as reflected in books of account maintained by assessee
from www.taxmann.com Latest Case Laws https://ift.tt/2vMLJ3p
from www.taxmann.com Latest Case Laws https://ift.tt/2vMLJ3p
No application for Lower/nil deduction shall be accepted after March 15 of relevant Financial Year
Keeping in view the time required for processing of the online request for lower/nil deduction certificate, the Income-tax dept. has decided that no such request for issue of certificates for lower/nil deduction for a particular Financial Year shall be accepted after 15th of March of the Financial Year. Applicant can apply for certificate from 28th February of the immediately preceding Financial Year.
from taxmann.com News https://ift.tt/2RQ1BdZ
from taxmann.com News https://ift.tt/2RQ1BdZ
No reassessment after expiry of 4 years if assessee had not failed to disclose all material facts
INCOME TAX : Where High Court upheld Tribunal's order holding that in absence of any failure on part of assessee to disclose all material facts at time of assessment, AO could not initiate reassessment proceedings after expiry of four years from end of relevant year on ground that construction of housing project had commenced prior to 1-10-1998 and, thus, assessee's claim for deduction under Section 80-IB(10) was wrongly allowed, SLP filed against said order was to be dismissed due to low tax ef
from www.taxmann.com Latest Case Laws https://ift.tt/2UmjPpg
from www.taxmann.com Latest Case Laws https://ift.tt/2UmjPpg
Section 234B couldn't be levied as payer was liable to deduct tax from payment to non-resident: HC
INCOME TAX: Where High Court held that in case of assessee, a non-resident company, which executed projects in India, it was obligation of payer to deduct entire tax at source and, assessee was not liable to pay any advance tax and, thus, interest under section 234B could not be charged from it, SLP filed against said order was to be granted
from www.taxmann.com Latest Case Laws https://ift.tt/31jgl8g
from www.taxmann.com Latest Case Laws https://ift.tt/31jgl8g
ITAT condoned delay of 615 days as directors remained pre-occupied due to health problems
AO can't make assessment if Apex Court has given stay on the order of High Court directing fresh assessment
Sunday, February 2, 2020
Decoding Union Budget (Finance Bill) 2020
Rationalization of Start-ups – Still have ambiguity
As discussed by various tax professionals that the provision of section 80-IAC has not been in aligned with the notification dated February 19, 2019 issued by the Ministry of Commerce
from taxmann.com News https://www.taxmann.com/topstories/222330000000020131/rationalization-of-start-ups-–-still-have-ambiguity.aspx
from taxmann.com News https://www.taxmann.com/topstories/222330000000020131/rationalization-of-start-ups-–-still-have-ambiguity.aspx
Whether section 115BAC is a relief or a myth?
Saturday, February 1, 2020
Rationalization of provisions related to trusts and Institutions
Subscribe to:
Posts (Atom)