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Archive: 12 September 2017

Posts in 12 September 2017

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

May 15, 2024 7344 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.

Unrecorded stock of rice noticed during survey taxable as Business Income

September 12, 2017 771 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 16917 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 1581 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 882 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 918 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 1464 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 1449 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 636 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 4863 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. This website may also be accessed through the website of the ministry On the home page of the URL click “Register” tab […]

Why BJP opposed GST Bill proposed by UPA Government

September 12, 2017 14673 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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