"15 February 2017" Archive

Government’s Go Digital Scheme – A master stroke for small traders and businesses

The government of India offered incentives bonanza for small traders going digital. The government has announced 2% rebate in income tax for small traders and businesses having a turnover of up to INR 2 crores annually for receiving payments via digital mode instead of cash. ...

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Posted Under: Income Tax |

Export Under Model GST Law (MGL)

GST is a destination based tax on consumption of goods or services. It is also the policy of the Government of India to export the goods and/or services not the taxes out of India. This makes the exports cheaper and thus Indian products or services will be more competitive in the international markets. ...

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Posted Under: Income Tax |

Supply under Revised Model GST Law (MGL)

The foremost important and crucial definition under MGL is of SUPPLY. The taxable event under GST shall be the supply of goods and /or services made for consideration in the course or furtherance of business....

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Posted Under: Income Tax |

Order u/s 153C passed without JCIT approval u/s 153D is void

HiKlass Moving Picture Pvt. Ltd Vs ACIT (ITAT Mumbai)

These are the appeals filed by the assessee against the order of CIT(A), Mumbai, for the assessment years 2002-03 to 2007-08, in the matter of order passed u/s.143(3) r.w.s. 153C of I.T.Act....

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Conviction for an offense does not mean that application for compounding of offense is not maintainable

M/s. V.A.Haseeb and Co. (Firm) Vs The Chief Commissioner of Income Tax TDS (Madras High Court)

In the instant case, the matter has been pending since 1999, and there has been no progress. The respondent/Department stated that the petitioner/Firm was an accused. Furthermore, the Principal Sessions Court, while granting permission to the respondent to consider the petitioner's Application for compounding the offence, in its order, da...

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Non release of assessee’s seized jewellery / stridhan despite unsustained addition is deliberate harassment

Sushila Devi Vs CIT (Delhi High Court)

The writ petitioner in these proceedings under Article 226 of the Constitution is aggrieved by the refusal - by the respondents i.e. the income tax authorities -to release the jewellery - approximately 319. 98 g, seized by them in the course of search proceedings under Section 132 of the Income Tax Act, 1961 (hereafter the Act)....

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SC upheld addition of loan taken fraudulently by creation of accounts by way of name leading

CIT & ANR. Vs Karnataka Planters Coffee Curing Work (P) Ltd (Supreme Court of India)

In the present case, in the face of clear findings that loan applications were processed by Officers of Assessee and loan transactions in question of aforesaid 37 persons were also handled really by Assessee and further in view of categorical finding that loan amounts were not reflected in returns of 37 persons in question, we do not see ...

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Govt mandates Aadhaar for beneficiaries of certain Schemes

Notification No. S.O. 455(E) (15/02/2017)

Individuals (eligible beneficiaries or service enablers) desirous of availing benefits under the schemes specified in the Table above are hereby required to furnish proof of possession of Aadhaar or undergo Aadhaar authentication....

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Govt establishes Debts Recovery Tribunal at Dehradun

Notification No S.O. 454(E) (15/02/2017)

Central Government hereby establish the Debts Recovery Tribunal at Dehradun with effect from the 16th day of February, 2017 and hereby specifies the area of jurisdiction of the Debts Recovery Tribunals at Allahabad, Lucknow and Dehradun in the States of Uttar Pradesh and Uttarakhand,...

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SEBI (Depositories and Participants) (Amendment) Regulations, 2017

Notification No. SEBI/LAD/NRO/GN/2016-17/034 (15/02/2017)

These Regulations may be called the Securities and Exchange Board of India (Depositories and Participants) (Amendment) Regulations, 2017. They shall come into force on the date of their publication inOfficial Gazette....

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