"27 July 2017" Archive

ITAT – taking virtual reality a bit too seriously ?

ABB FZ - LLC, Bangalore Vs. Dy.DIT , Bangalore (ITAT Bangalore)

A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline....

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Guidance Note on Division II- IND AS Schedule III to Companies Act 2013

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without prior permission in writing from the publisher....

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Posted Under: Income Tax |

GST may lead to export of tax which is not the intention of legislation

GST is applicable within the taxable territory. In this article we will analyze a scenario where we could notice how GST law could extend its arm to cover transactions beyond the taxable territory....

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Posted Under: Income Tax |

Provision of Section 24 (iii) of CGST ACT regarding compulsory registration is not as wider as it seems

There is a myth about section 24(iii) for compulsory registration in respect of a person who is required to pay tax under reverse charge as if an unregistered person purchases from unregistered persons above Rs. 5000 in a day, payment of legal fees and transportation which are covered under reverse charge. In these cases unregistered pers...

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Posted Under: Income Tax |

Convergence from FII to FPI: a Novel Sunrise for Company Secretary Professionals

In order to streamline the deficiencies, functioning and to pluck out money laundering in the area of Foreign Investment by Institutional Investors abroad, Securities and Exchange Board of India (SEBI) has come up with new regulation being SEBI (Foreign Portfolio Investors) Regulations, 2014 ...

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Posted Under: Income Tax |

Have You Taken These Financial Steps Before Becoming An NRI?

Are you planning to go abroad and become am NRI? Today you are a Resident Indian. Tomorrow you may become an NRI if your employer provides an opportunity. When an opportunity like this knocks at our door, are we ready to face the change? Are we prepared?...

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Posted Under: Income Tax |

Reopening proceeding without following law must be quashed to save assessee from unnecessary harassment

KSS Petron Private Ltd Vs. ACIT (Bombay High Court)

Assessment Order is without jurisdiction as the law laid down by the Apex Court in GKN Driveshafts (supra) has not been followed, then there is no reason to restore the issue to the Assessing Officer to pass a further/fresh order. If this is permitted, it would give a licence to the Assessing Officer to pass […]...

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Addition cannot be made merely based on document which is silent as to payer and payee

CIT Central-3 Vs Praveen Juneja (Delhi High Court)

The ITAT noted that document was silent as to payer and payee of amount in question nor does it disclose that payment was made by cheque or cash nor it is proved that document is in handwriting of assessee or at least bears his signatures....

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It’s wholly illogical to limit PAN corrections in TDS statement to only two alphabets or numbers

Purnima Advertising Agency pvt ltd (s) Vs Deputy Commissioner of Income Tax (Gujarat High Court)

The petitioner has challenged the action of the respondent in not permitting the petitioner to correct the error in mentioning the Permanent Account Number (PAN for short) of one of the agencies to whom the petitioner had made multiple payments during the relevant financial period for which deduction of tax at source was necessary....

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I-T Dept withdraws Appeal against KBC Winner for low tax effect

The Commissioner of Income Tax Vs Harshawardhan Nawathe (Bombay High Court)

The learned Counsel for the appellant submits that the tax effect involved in the present appeal is less than Rs.20 lakhs and as per the CBDT Circular No.21 of 2015 dated 10th December, 2015, the department has taken a policy decision not to prosecute the appeals wherein the tax effect is less than Rs.20 lakhs....

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