"18 February 2017" Archive

Dividend – Icing on the cake

Final dividend is recommended by the Board of directors and it is declared by the shareholders at the Annual General Meeting (AGM). Generally, the articles of association (AOA) of Company provide that the shareholders cannot increase the rate or amount of dividend than the one recommended by the Board....

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Posted Under: Company Law |

Entire Bogus Purchases cannot be added as undisclosed income

Ashwin Purshotam Bajaj vs. ITO (ITAT Mumbai)

The conclusion of the ld. CIT(A) that the assessee has purchased material from some other dealers but quantitative reconciliation of the stock was duly done by the assessee of the sale and purchase and hence the profit element in this accommodation entries are to be added to the income cannot be faulted . ...

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Section 73 / 43(5) cannot be interpreted to disadvantage of assessee

J. M. Financial Services Ltd Vs JCIT (ITAT Mumbai)

Under provisions of section 43(5), the transactions in derivatives at certain stock exchanges are deemed to be non-speculative, however, as per the explanation to section 73 for the purpose of computation of business loss the derivative transactions squarely fall within the scope of explanation to section 73....

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Show-cause notice u/s 274 without application of mind is void

Dr. Sarita Milind Davare vs. ACIT (ITAT Mumbai)

Since we have held that the penalty proceedings are liable to be quashed on the reasoning that there was non-application of mind on the part of the AO while issuing notice to the assessee, we do not find it necessary to address the arguments urged on merits....

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Section 14A applies also to strategic investments in subsidiaries; No estoppel against a statute

DCIT Vs. The Saraswat Co-operative Bank Limited (ITAT Mumbai)

Section 14A applies also to strategic investments in subsidiaries.Section 40A(2) is not applicable to co-operative societies. No disallowance under section 40A(2) should be made if the tax effect is neutral i.e. the recipient is paying tax at the same rate as the payer...

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Significant Achievements of Internal Audit Standards Board, ICAI

Significant Achievements of the Internal Audit Standards Board, ICAI (during the period from February 2016 to till date) 1. Technical Literature Issued Manual on Concurrent Audit of Banks (2016 Edition) The Internal Audit Standards Board has recently issued Manual on Concurrent Audit of Banks (2016 edition) which has been prepared based o...

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Posted Under: Company Law |

Trust Registration cannot be denied for absence of dissolution clause in Trust Deed

Kamla Nevatia Charitable Trust Vs Dit (Exemption) (ITAT Mumbai)

DIT-E had denied registration to assessee-trust because he was of opinion that in absence of dissolution-clause assessee-trust was not entitled for registration....

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ITAT dismisses appeal filed by Salman Khan against revision order of Principal CIT

Salman Khan Vs. ACIT (ITAT Mumbai)

All these appeals filed by the assessee are directed against the revision orders passed by Ld. Principal Commissioner of Income Tax-16, Mumbai u/ s. 263 of the Act and they relate to A.Y. 2011-12 to 2013-14. 2. Learned counsel appearing for the assessee Mr. Jotwani submitted that the Principal CIT passed the impugned revision orders [&hel...

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TDS Rates Chart for FY 2017-18 / AY 2018-19

TDS Rates Chart for Financial Year 2017-18/ Assessment Year 2018-19 vide Finance Act 2017 i.e Budget 2017-18. We have updated the TDS rate chart considering the amendments made by Finance Act, 2017....

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Posted Under: Company Law |

Real Estate Scenario under GST

The Real Estate Sector is the fastest growing sector all over the world as well as in India. It is growing rapidly and we can access its growth by demand of affordable housing requirements, proposed development of new cities, initiatives of government for modern cities as Smart Cities....

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