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Archive: 04 November 2015

Posts in 04 November 2015

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6369 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19383 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Section 54F do not stipulate purchase of new asset from sale proceeds of original capital asset only

November 4, 2015 4755 Views 0 comment Print

CIT Vs. Shri Kapil Kumar Agarwal (P&H High Court) -The issue that arises for consideration relates to whether the assessee in order to avail benefit of Section 54F of the Act is required to utilize the amount for the purchase of the new asset from the sale proceeds of the original capital asset only.

Summary of Recommendations of Bankruptcy Law Reforms Committee (BLRC)

November 4, 2015 5482 Views 0 comment Print

The major recommendations of the Report are as follows: i. Insolvency Regulator: The Bill proposes to establish an Insolvency Regulator to exercise regulatory oversight over insolvency professionals, insolvency professional agencies and informational utilities. ii. Insolvency Adjudicating Authority: The Adjudicating Authority will have the jurisdiction to hear and dispose of cases by or against the debtor.

Additions for unexplained investment based on mere DVO report not sustainable

November 4, 2015 1209 Views 0 comment Print

ITAT Ahmadabad held In the case of ACIT vs. Shri Kanakkumar J. Jariwala that mere valuation report is not sufficient to conclude that the assessee has made unexplained investment. From perusal of the assessment

No TDS liability on assessee for mere reimbursement of expenses – ITAT

November 4, 2015 3007 Views 0 comment Print

ITAT Delhi held In the case of Luxmi Rice Mills vs. ITO that there is no TDS liability on the assessee on account of reimbursement of expenses. In the present case, the assessee reimbursed the expenses to the bank and the bank ought to have deducted the TDS when there was a contract in between the bank and the NBHC

Addition on account of stock received for Job work as unexplained stock is not permissible – ITAT

November 4, 2015 1743 Views 0 comment Print

ITAT Ahmadabad held In the case of ACIT vs. M/s. Vipan Industries that where there are records available to show that the excess stock found during the survey not belong to the assessee but infact was of the other party who has taken said premises on lease, addition is not justified.

S. 69C Addition not sustainable where subsequently payment to parties made through normal banking channels

November 4, 2015 2155 Views 0 comment Print

ITAT Ahmadabad held In the case of Mukesh Ashmal Bokadia vs. ITO that AO is not justified to make addition on account of purchases as this is not the situation because books of account have not been fully rejected, none of the parties has previously been proved as bogus

Loss on cancellation of forward contracts related to cancelled export orders is ordinary business loss

November 4, 2015 3467 Views 0 comment Print

ITAT Kolkata held In the case of Shri Jayant Kr. Bhura vs. ITO that the loss arising to the assessee upon cancellation of the forward contracts was referable to and related to the assessee’s export business and arose out of the export business.

Note on Establishment of Branch Office Abroad by Indian Company

November 4, 2015 64211 Views 4 comments Print

If a person resident in India desires to enter into overseas market, he can enter either by establishing branch office or liaison office outside India or he can form an independent Company outside India. The Company formed outside India may be in the form of wholly owned subsidiary or Joint Venture Company.

Revision in rates of Maharashtra Value Added Tax

November 4, 2015 20531 Views 0 comment Print

The State Government has issued notifications on 30th September 2015, which have already been made available on the Department’s web site. By virtue of the notification No. VAT.1515/C.R.128A/Taxation 1, dated 30th September 2015 the schedule rates of tax on certain commodities have been increased with effect from the 1st October 2015.

Draft Guidance Note on Reporting on Fraud U/s. 143 (12 ) of Companies Act, 2013

November 4, 2015 1923 Views 0 comment Print

Request for Comments On Exposure Draft of Guidance Note on Reporting on Fraud under Section 143 (12 ) of the Companies Act, 2013 Professional Development Committee of the Institute, has approved the release of Exposure Draft of Guidance Note on Reporting on Fraud under Section 143 (12) of the Companies Act, 2013 in it’s 19th […]

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