"06 April 2017" Archive

GST Bill passed by Rajya Sabha (Read Synopsis of Debate)

The effort that the Government has put behind ensuring GST a reality in India is commendable. Besides being a significant game changing tax reform, this is a great example of collaboration between the centre and the states. ...

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Simplified Version of GST Registration Procedure

Under GST the Registration has been made very easy and almost 99 % Digital. Entire process can be finished in Five working days except in case where the officer granting such registration does not find the application or documentation in order. ...

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Procedure to file application for Voluntary Striking Off Name of Companies U/S 248(2)

The quickest way to close the non operational company is through a process called Fast Track Exit (FTE). Companies Act 2013 has a separate chapter on this subject i.e Chapter XVIII, containing section 248 to 252. These sections were came into effect from 26th December 2016....

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Simplification of place of supply of services when location of supplier or location of recipient is outside india

Section 13 provides separate principles for determining place of supply for specified services. If services are other than specified services, then general rule has to be followed. Let’s start with the general rule which is tabulated below :...

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Why is it important to maintain a good credit score?

Having a good credit score can make or break your loan application. In many cases, it can be the deciding factor between approval and rejection. ...

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Concealed income found during search and Survey is to be distributed among all family members

CIT Vs Rekha Bai (Supperme Court of India)

We have heard the learned counsel for the parties and perused the impugned order dated 14th December,2005 passed by the High Court of Judicature at Madras. The High Court has dismissed the appeal filed under Section 260A of the Income Tax Act,1961 on the ground that no substantial question of law arises....

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Search do not become invalid merely because warrant was in the name of a dead person

Gunjan Girishbhai Mehta vs Director of Investigation & ORS (Supreme Court of India)

Notice under Section 132 of the Income Tax Act, 1961 was issued in the name of a dead person. The said notice was duly received by the present petitioner as the legal heir of the dead person. Notice of assessment under Section 158BC of the Act was issued and in the assessment proceedings...

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Nutrition/health Concerns of Adolescent Girls for breaking Inter-generational Cycle of Malnutrition

Adolescence – the transient phase of life from puberty to adulthood comprises rapid physical growth coupled with fast-paced psychosocial, cognitive and emotional development. India has nearly 253 million adolescents (constituting >1/5th of total population) who are in dire need of appropriate nutrition, education, counselling and guidan...

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Deduction u/s 54 can be claimed even if only land appurtenant to residential house is sold

Sh. Adarsh Kumar Swarup Vs. DCIT (ITAT Delhi)

Deduction u/s 54 of the Act is also available even if the land, which was appurtenant to the residential house, is sold and it is not necessary that the whole of the residential house should be sold because the legislature has used the words or which is distinctive in nature....

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Exemption u/s 11(1)(a) of 15% of Income is unfettered and not subject to any conditions

Seth Walchand Hirachand Memorial Trust Vs. ITO (ITAT Mumbai)

The assessee is a charitable trust and has challenged the confirmation of the order of the AO where he disallowed the accumulation of the 15% even when the income was allowed u/s.11(1)(a) of the Act. The AO observed that if the trust is not left with surplus and there is deficit, then there can be no accumulation made. He further stated t...

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