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Archive: 26 January 2016

Posts in 26 January 2016

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 10308 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

Sec. 50B– Capital gain in slump sale- while calculating net worth of business, depreciation must be accounted

January 26, 2016 6311 Views 0 comment Print

Delhi High Court held In the case of CIT vs. Dharampal Satyapal that as per section 50B, the value of the net worth must be computed by decreasing from the actual cost of asset falling within the block, the depreciation actually allowed in respect of previous years relevant to the assessment year commencing before 1st day of April, 1988

Notice issued or assessment made post receiving direction u/s 124 from CIT to transfer the case is invalid

January 26, 2016 1076 Views 0 comment Print

The ITAT Delhi in the case of Raj Kumar Mangla vs. ACIT(Inv Circle), Gurgaon held that when a clear order transferring the jurisdiction is passed by a competent authority in law the AO from whose jurisdiction transfer was ordered can no longer assume his jurisdiction over the assessee.

Penalty u/s 271(1)(c) cannot be levied in absence of intention to evade taxes & if treatment made by assessee was revenue neutral

January 26, 2016 2690 Views 0 comment Print

The ITAT Mumbai in the case of M/s Goldfilled Mercantile Company vs. DCIT held that when the assessee shown lesser capital gain in its return of income under a bonafide belief of a deduction from it but paid due taxes then the assessee cannot be penalized u/s 271(1)(c) as there was no intention

Analysis of Proposed Startup India Initiative

January 26, 2016 3825 Views 0 comment Print

Prime Minister Narendra Modi had announced the ‘Startup India, Standup India’ initiative on Independence Day the 15th Day of August, 2015. Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities.

Value of assets & depreciation on it, in the hands of purchaser in case of division purchase (purchaser in case of slump sale)

January 26, 2016 13459 Views 1 comment Print

Ankita Agrawal Income Tax Act, 1961 is quite clear on the tax implications in the hand of purchaser and seller in case of amalgamation or demerger, but when it is a division purchase or slump purchase, there are no specific provisions in the Act in relation to purchaser. Section 50B of the Act clearly specifies […]

Periodic Compliance Calendar for Listed Companies

January 26, 2016 18952 Views 4 comments Print

Enclosed is the list of minimum periodic compliances to be done by a Listed Entity pursuant to the provisions of the Companies Act and SEBI Regulations.

Republic Day Message: Fly & Move Colorfully

January 26, 2016 518 Views 0 comment Print

26th Januyary’1950, The Constitution of India came into force. & 26th January 1930, Proclamation of ‘Purna Swaraj’ woke up the entire force. Paying tribute to all freedom fighters, Let’s participate in the Republic Day Parade. & hoisting a tricolor flag, Colorfully fly & move, getting the message.

IPC Nov 2015 exam result likely on 1st February 2016

January 26, 2016 482 Views 0 comment Print

The result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in November, 2015 is likely to be declared on Monday, the 1st February, 2016 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank on all India basis will be available on the following website:

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