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Archive: 10 October 2017

Posts in 10 October 2017

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

May 15, 2024 7173 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.

SIT is a Public Authority U/s. 2(h) of RTI Act, 2005: CIC

October 10, 2017 2853 Views 0 comment Print

Mr. Venkatesh Nayak Vs CPIO & DCIT (OSD) (Central Information Commission) When a Public Authority is largely funded by the Government and performs the duty of bringing back unaccounted money unlawfully kept in bank accounts abroad, it was essentially performing a Public Duty and thus every citizen has every right to know about certain information […]

Depreciation on public roads is allowable @10%

October 10, 2017 3597 Views 0 comment Print

Depreciation was allowable @10% on public highway road treating the same as building. It was held assessee was granted license for construction against which it had right to use and collect license fee to use of the land. It had right to restrict the people without non payment of toll tax. It was not only road, they had to construct toll booth and provide facilities for the staff for the purpose of their accommodation.

IBBI invites public comments on two Draft Insolvency rules

October 10, 2017 627 Views 0 comment Print

IBBI invites public comments on (i) Draft Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Individuals and Firms) Rules, 2017, and (ii) Draft Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Individuals and Firms) Regulations, 2017 by 31st October, 2017.

Penalty cannot be levied merely on the ground of non-contest

October 10, 2017 978 Views 0 comment Print

Non-contest in the proceedings under Section 73 cannot be used as a ground or reason to establish and show that requirements of Section 78 are satisfied. The Tribunal after appreciating different aspects, including conduct of the respondent-Corporation has held that penalty should not be levied. The finding is a finding of fact.

ICAI demands CA Certificate be treated at par with graduate & Post-Graduate Degree

October 10, 2017 13686 Views 6 comments Print

The Institute of Chartered Accountants of India (ICAI) has recently written a letter to the Ministry of Corporate Affairs, Government of India seeking its intervention in designating Chartered Accountancy qualification as equivalent to Post-graduation and CA-Intermediate to be treated equivalent to Graduate degree in the University education system.

Section 263 order invalid if it covers Matter not part of Limited Scrutiny

October 10, 2017 1821 Views 0 comment Print

Deccan Paper Mills Co. Ltd. Vs CIT-IV (ITAT Pune) Now, coming to the aspect of book profits which was considered by the Commissioner and the order of the Assessing Officer was held to be erroneous and prejudicial to the interest of revenue. In this regard, it may be pointed out that the case of assessee […]

No Transfer U/s 2(47) if JDA is not registered: SC

October 10, 2017 5508 Views 0 comment Print

There is no contract in the eye of law in force under Section 53A after 2001 unless the said contract is registered. This being the case, and it being clear that the said JDA was never registered, since the JDA has no efficacy in the eye of law, obviously no transfer can be said to have taken place under the aforesaid document.

Mere allotment of PAN would not make allottee a Separate Entity

October 10, 2017 1494 Views 0 comment Print

Mere allotment of PAN under section 139A of the Act would not make the allottee necessarily a separate entity for the purpose of assessment of tax. The statute recognizes certain eventualities where quite outside the requirement of payment of tax and for filing return of income, the Assessing Officer may allot a PAN to individual.

Exemption U/s 54F cannot be denied for delay in filing Income tax returns

October 10, 2017 3927 Views 0 comment Print

Section 54F does not cast any statutory obligation on the part of assessee to file his return of income within the stipulated time period contemplated u/s 139 or 148 of the ‘Act’, as a precondition for entitling him to claim exemption under the said statutory provision.

Interest on funds borrowed to purchase land forming part of inventory is allowable deduction U/s. 36(1)(iii)

October 10, 2017 7176 Views 0 comment Print

As purchase of inventory is continuation of same business activity, the, proviso to section 36(1)(iii)(d) did not get attracted in case assessee having borrowed funds to purchase inventory, therefore, assessee was duly entitled to claim deduction under section 36(1)(iii).

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