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Archive: 11 October 2017

Posts in 11 October 2017

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

May 15, 2024 6447 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.

Direct Tax Collections show Growth of 15.8% up to September, 2017

October 11, 2017 429 Views 0 comment Print

The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period of last year. Net Direct Tax collections represent 39.4% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore).

CBDT notification on recent intimations related to ITR 1

October 11, 2017 4728 Views 1 comment Print

While processing income-tax returns filed in Form ITR-1, doubts have arisen regarding the nature, extent and scope of comparison of information as contained in the return of income with the three Forms which might lead to issuance of intimation proposing adjustments to the returned income.

Palpable lack of communication/ internal co-ordination within Income Tax Settlement Commission: CIC

October 11, 2017 654 Views 0 comment Print

The Commission however felt that there was palpable lack of communication/ internal co-ordination within the Public Authority that needs to be revisited and strengthened within the Public Authority itself.

Computation of interest U/s. 234B when Assessment order was subjected to revision U/s. 263

October 11, 2017 18768 Views 0 comment Print

Where original assessment order was subjected to revision under section 263, interest under section 234B would be charged till completion of assessment under section 143(3) read with section 263.

AO cannot treat Agricultural land as capital Asset on mere assumptions

October 11, 2017 6153 Views 0 comment Print

Though agricultural land sold by assessee had remained barren for a longer period and had been converted by purchaser thereof into non-agricultural land, however, AO could not give any cogent and convincing reason for disbelieving documentary and circumstantial evidence furnished by assessee prima facie establishing the land in question to be an agricultural land, he was not, therefore, justified in treating the same as capital asset.

Asset-wise subsidy alone can be reduced from the actual cost

October 11, 2017 10986 Views 0 comment Print

If the subsidy is intended for meeting a portion of the cost of the assets, then such subsidy should be deducted from the actual cost, for the purpose of computing depreciation. As per Hon’ble Supreme Court, the law is that if the subsidy is asset-specific, such subsidy goes to reduce the actual cost. If the subsidy is to encourage setting up of the industry, it does not go to reduce the actual cost, even though the amount of subsidy was quantified on the basis of the percentage of the total investment made by the assessee.

GST rate structure for Petroleum and Oil Sector

October 11, 2017 3276 Views 0 comment Print

To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil in GST and to incentivise investments in the E&P (exploration and production) sector and downstream sector, the GST Council in its 22nd meeting held on 6th October, 2017 has made the following recommendations for GST […]

Company with different risk profile / Size cannot be comparable despite similar functional profile

October 11, 2017 1005 Views 0 comment Print

CIT Vs Ut Starcom Inc. (India Branch) (Delhi High Court)- When we examine the profile of the assessee company vis-à-vis Infosys Technologies Limited in the light of the judgment in CIT vs. Agnity India Technologies Pvt. Ltd. (supra), there is no comparability for benchmarking the international transactions for the reasons inter alia that Infosys Technologies […]

Key Takeaways of 22nd GST Council Meet

October 11, 2017 3684 Views 3 comments Print

Exemption to service providers whose annual aggregate turnover is less than INR 20 lakhs (INR 10 lakhs in Special category States except the State of Jammu & Kashmir) from obtaining registration even if they are making inter-state supplies of services.

SEBI Compel Minimum Public Shareholding

October 11, 2017 1959 Views 2 comments Print

As per Regulation 38 of LODR, 2015 companies has to maintain Minimum Public Shareholding (MPS) in accordance with the methods prescribed in Circular SEBI circular No. CIR/CFD/CMD/14/2015 dated November 30, 2015. Reg. 97 (1) of the Listing Reg. mandates recognized stock exchange to monitor the compliance of listed company with the provisions of the LODR. Thereafter, SEBI prescribes the procedures […]

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