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Archive: 12 September 2017

Posts in 12 September 2017

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 4446 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 3924 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Unrecorded stock of rice noticed during survey taxable as Business Income

September 12, 2017 786 Views 0 comment Print

In case of assessee dealing in foodgrains, investment in unrecorded stock of rice noticed during the course of survey was to be taxed as business income and not as income from other sources as investment in procurement of such stock of rice was clearly identifiable and related to the regular business stock of the assessee.

Exemption from payment of Late Fee on Profession Tax in Maharashtra

September 12, 2017 16947 Views 1 comment Print

As per Section 6(1) of The Maharashtra State Tax on Professions, Trades, Callings and Employments Act 1975 (the Profession Tax Act, 1975), every employer registered under the Profession Tax Act, 1975 has to furnish return in prescribed format showing the salaries and wages paid and the amount of tax deducted by him in respect thereof. As per Rule 11(2A)

Unrecorded stock of rice noticed during survey is Business Income

September 12, 2017 1602 Views 0 comment Print

(i) Whether the Tribunal was legally justified in reversing the findings of the Commissioner (Appeals) and deleting the addition of Rs. 70,04,814 which was surrendered by the assessee by holding that such amount was included in the purchases and was reflected in the sales and closing stock

Combating Corruption

September 12, 2017 900 Views 0 comment Print

India’s fight against corruption is led by a robust and time tested institutional and legislative framework including the Prevention of Corruption Act, an independent Central Vigilance Commission, the Comptroller and Auditor General, the Judges (Inquiry) Act, the Lok Pal and Lok Ayukta Act 2013, Whistle Blowers Protection Act 2011, Prevention of Money /Laundering Act, Benami Transactions (Prohibition) Act which cover a number of areas of criminalization and bribery.

Anti-dumping duty concerning imports of “Ammonium Nitrate”

September 12, 2017 942 Views 0 comment Print

NOTIFICATION No. 44 /2017-Customs (ADD)- Seeks to impose anti-dumping duty concerning imports of Ammonium Nitrate originating in exported from Russia, Indonesia, Georgia and Iran

Revision on the ground that AO did not conduct a detailed inquiry due to paucity of time is invalid

September 12, 2017 1488 Views 0 comment Print

S. 263: Lack of inquiry vs. Inadequate inquiry: Revision on the ground that the AO did not conduct a detailed inquiry on account of paucity of time is unfair to the assessee and invalid (Amitabh Bachhan 384 ITR 200 (SC) & Maithan International 375 ITR 123 (Cal) distinguished

Renewal of recognition to Metropolitan Stock Exchange U/s. 3 of Securities Contracts (Regulation) Act, 1956

September 12, 2017 1473 Views 0 comment Print

The Securities and Exchange Board of India, having considered the application for renewal of recognition made under section 3 of the Securities Contracts (Regulation) Act, 1956 by Metropolitan Stock Exchange of India Limited

Direct Tax Collections up to August, 2017 show a Growth of 17.5%

September 12, 2017 642 Views 0 comment Print

The Direct Tax collections up to August, 2017 in the current Financial Year 2017-18 continue to register a steady growth. Direct Tax collections, net of refunds, stands at Rs. 2.24 lakh crore which is 17.5% higher than the net collections for the corresponding period of the last year. This collection is 22.9% of the total Budget Estimates of Direct Taxes for the Financial Year 2017-18.

Incorporating a New Limited Liability Partnership

September 12, 2017 4878 Views 5 comments Print

 A Limited Liability Partnership may be incorporated as per the procedure explained below: User Registration Register yourself on the website of Ministry of Corporate Affairs, developed for LLP services, i.e. Www.llp.gov.in. This website may also be accessed through the website of the ministry www.mca.gov.in On the home page of the URL www.llp.gov.in click “Register” tab […]

Why BJP opposed GST Bill proposed by UPA Government

September 12, 2017 14841 Views 0 comment Print

It is a fact that many states, including BJP ruled states had opposed the GST bill under UPA rule. But were only BJP states opposing GST? Lies. Even as late as December 2013, just 4 months before end of UPA’s 10 year rule, it was reported that the Congress-led ruling UDF government in Kerala has lent support […]

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