"05 April 2017" Archive

4% KVAT applicable on Iron and Steel used in construction of building

The State of Karnataka v/s M/s. Sai Sudheer Constructions (High Court of Karnataka)

Iron and Steel purchased by the respondent - assessee and used in the execution of the civil works contracts of the construction of the buildings, remains Iron and Steel as declared goods under the provisions of Section 14 of the Central Sales Tax Act, 1956 and therefore are taxable only at the concessional rate of 4% and not at 13% rate ...

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CAs can demand highest prescribed billing rate for quality audit performed by them

Rakesh Raj and Associates Vs Commissioner of Income Tax (Delhi High Court)

This petition under Article 226 of the Constitution of India seeks quashing/modification of an order dated 07.11.2014 passed by the respondent No. 1/Commissioner of Income Tax, Central-II under Section 142(2D) of the Income Tax Act, 1961 (hereinafter to be referred as ‘the Act’) read with Rule 14B of the eponymous Rules of 1962....

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Ensure guidelines are followed by ‘Anti-Romeo’ Squads

Gaurav Gupta Vs State of U.P.Thru. Secy. Allahabad High Court Ministry Home & Ors. (Allahabad High Court)

This writ petition in public interest has been brought forward highlighting the recent steps taken by the State Government by calling upon the police authorities to take appropriate steps of policing in order to prevent such crimes that outrage or insult the modesty of female citizens of this State....

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Expense cannot be disallowed for mere not resulting in profit for Assessee

Principal CIT Vs M/s.Managed Information Services Pvt. Ltd., (Madras High Court)

Fact that a particular expense does result in a profit for the Assessee in the immediate proximity cannot form the basis of its dis allowance. In incurring an expense, a business person could have a short and a long term perspective. ...

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Taxable Event – Supply – Meaning and Scope

In order to impose any tax, there must be a taxable event. Taxable Event mean-- Any Event or transaction, that results in a tax consequence for the party who executes the event. The Present system of Indirect Tax in India has different taxable Events. The major heads of Indirect Tax Structure have following taxable events:...

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Cash withdrawals from bank do not attract Section 269ST Penalty

It has also been decided that the restriction on cash transaction under section 269ST shall not apply to withdrawal of cash from a bank, co­operative bank or a post office savings bank....

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Capital Gain Taxability – Joint Development Agreements (JDA) – whether all issues are addressed in budget 2017?

Prior to Finance Bill 2017 in case of JDA arrangement capital gains is chargeable to tax in the year in which transfer takes place. H’ble Courts have ruled that granting possession vide execution of agreement is part performance of contract which confers developer with the right over the property & therefore tantamount to transfer u/s 2...

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How to Save More by Spending Smarter?

The willingness and the ability to save money is the secret of building wealth. So as to save money, you need to spend less than you actually earn. Though it looks very simple when you say, it is really difficult to implement. There are plenty of ways to help you start saving money even on the very tight budget saving money or spending le...

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Requirement to quote Aadhaar in ITR not applicable to Non Resident

Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017. ...

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Tax applicable to a Deluxe Bus cannot be demanded only on the basis that it has push back or recilining seats

Sharat Kumar Barpanda, Vs State of Chhattisgarh (Chhattisgarh High Court)

To ascertain as to whether a service can be classified as Deluxe service only on the ground that the seats in the vehicle have push back or reclining facility. It appears, there is no such provision that only on such facility being available in a vehicle it can be classified as a Deluxe service...

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