"07 October 2017" Archive

Section 2(47) no transfer by Mere entering in Development agreement

Rukiyabanu Gullam Mohiuddin Ahmedji & Anr. Vs CIT (ITAT Mumbai)

Admittedly, possession of the property was not handed over during assessment year 2008-09 and mere execution of agreement for the development of the property could not amount to transfer under section 2(47) of the Act row with section 53A of the transfer of property Act are satisfied as such there can no transfer be considered in the year...

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Key Take Away- 22nd GST Council Meeting

Yes, there have been many issues with post GST Implementation, however, before criticizing the council or government, please do consider the diversity in all aspect our country possess. GST implementation is a huge transformation and will definitely take time span on 1 to 2 years before being stabilized. ...

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Posted Under: Income Tax |

22nd GST Council Meeting – Summary of Decisions

The 22nd GST Council Meeting was held at New Delhi on the 6th of October 2017. In the meeting, various decisions and changes pertaining to GST return filing, composition scheme, GST rates have been announced. The various measures announced in the 22nd GST Council will tremendously improve ease of compliance for SMEs. In this article, [&he...

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Posted Under: Income Tax |

Service Tax on Merger and Acquisition Services not leviable before 16th July 2001

Commissioner of Central Excise, Customs & Service Tax Vs M/s. Kotak Mahindra Capital Co. Ltd. (Bombay High Court)

We are disposing of the above Appeals preferred by the Revenue by this common order and judgment. The above Appeals have challenged the impugned orders passed by the Customs, Excise and Service Tax Appellate Tribunal, Mumbai (for short Appellate Tribunal) dated 3rd February 2016 in Central Excise Appeal No. 3 of 2017 and 11st January 2016...

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HC set aside order passed by Tribunal without application of Mind

Thyrocare Technologies Limited Vs. The Income Tax Officer (Bombay High Court)

HC held that We do not see how it is possible for us to uphold the order of the Tribunal and when it purports to decide two Appeals of the Revenue by single paragraph conclusion. There is absolutely no discussion of the law and why the co­ordinate Bench decision rendered at Delhi is either distinguishable […]...

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Section 50C applies even to Unregistered Transfer of Capital Assets

Commissioner Of Income Tax- 6 Vs. M/s. Akash Association (Gujarat High Court)

Justices Akil Khureshi and Biren Vaishnav, in a recent ruling, held that section 50C of the Income Tax Act is applicable to a case where even a case where the document evidencing transfer of the capital asset has not been presented for registration...

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Summary of GST 22nd Council Meeting at a Glance

As per The GST Council under Chairmanship of Union Finance Minister Shri Arun Jaitley has in its 22nd Meeting held at Delhi today approved a major relief package for exporters. :- 1.Exporters have been exempted from furnishing Bond and Bank Guarantee when they clear goods for export. 2.The permanent solution to cash blockage is that [&hel...

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Posted Under: Income Tax |

CCTNS Digital Police Portal launched to fast-track Criminal Justice System in Country

As crime continues to grow, and criminals turn tech-savvy, police investigators across States face a tough challenge to bring the law-breakers to justice.The situation is,however, undergoing a revolutionary change. The Digital Police Portal launched by the Government of India as part of the Crime and Criminal Tracking Network and Systems ...

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Posted Under: Income Tax |

3 influential factors that can make or break your stock market investments

It happens to many of us. Perhaps it does not happen universally, but, deep in our heart we know that this syndrome is a reality. There is a task at hand or perhaps a hard decision is demanded by the situation, the odds for the success of the job or decision ranges from mildly favorable to unfavorable; often in such situations we are temp...

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Posted Under: Income Tax |

Summary of Important Decisions as decided in 22nd GST Council Meeting

DECISION & Recommendation TAKEN IN 22ND GST COUNCIL MEETING 1. Composition Scheme Limit enhanced to Rs. 1.00 Cr with 1% Tax for Traders, 2% for Manufacturers & 5% for Restaurant 2. Filing of Returns upto Turnover of Rs. 1.50 Cr – Quarterly (Non Composition Assessee) .3. Refund to Exporters – To be Started from 10.10.2...

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Posted Under: Income Tax |
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