"November, 2017" Archive - Page 10

Section 153(2): Period of 60 days to be counted from whether date of vacation of stay or date of receipt of order

Saheb Ram Om Prakash Marketing (P) Ltd. Vs. CIT & Ors. (Delhi High Court)

Where in case of reassessment proceedings stay was granted by court and thereafter stay was vacated, the reassessment order was to be passed within 60 days from the date of vacation of stay, AO was not justified in saying that the period of 60 days should be counted from the date of receipt of order in office since it was not aware of the...

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Accrual basis accounting: Income of relevant F.Y. is to be accounted in same F.Y.

ACIT vs. Noida Toll Bridge Co. Ltd. (Delhi ITAT)

Advocate Akhilesh Kumar Sah ACIT vs. Noida Toll Bridge Co. Ltd. (Delhi ITAT) Mercantile based accounting requires income and expenditure of a financial year has to be taken in account in the same, concerned financial year. In ACIT vs. Noida Toll Bridge Co. Ltd. & vice versa [ITA Nos. 5246, 5247, 5248, 5249 and 5286/Del/2012, […...

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Was Demonetisation Justifiable?

For last so many days, there has been only one discussion – Was demonetisation a successful step to curb black money? “99% currency comes back to banks” has ignited a new flame to this discussion. Before discussing about whether demonetisation is a success or failure, let’s talk about what all fields did demonetisation hit –...

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Posted Under: Income Tax |

Kind of Assessment in GST

Assessment of GST returns have been defined in Chapter- XII under section 59 to 64 of the CGST Act, 2017. There are several types of assessment which have been categories as below:...

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Posted Under: Income Tax |

GST: 41 New FAQs asked and replied by twitter handle of GoI

Is ITC available on vehicle taken on lease for employee in a manufacturing company? No. It is not allowed as per section 17(5) of CGST Act, 2017....

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No Penalty u/s 271AAA If Assessee Admitted Income during Search & Paid Tax

Asst. Commissioner of Income-tax Vs. M/s. Sree Shanmugam Modern Rice Mills Pvt. Ltd. (ITAT Bangalore)

The appellant has admitted in his sworn statement about this undisclosed income, has filed the return of income showing the same as his income & has paid the necessary taxes on this. From the case laws mentioned above, it is clear that on similar facts of the case, penalty u/s 271AAA has been cancelled. Therefore, humbly following the cas...

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Sec. 11 deduction on fees for Providing Assistance to Banks & Financial Institutions

The Principal Commissioner of Income Tax (Exemptions) Vs. Institute for Development and Research in Banking Technology (Andhra Pradesh High Court)

Principal CIT (Exemptions) Vs. Institute for Development and Research in Banking Technology (Andhra Pradesh High Court) Held by ITAT The circumstances under which the services rendered by the appellant society to the Banks make clear that there is no profit motive in such activities because these activities were entrusted to the appellan...

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Non-payment of minimum wages to workers is unconscionable and unpardonable in law: HC

Central Secretariat Club Vs. Geetam Singh (Delhi High Court)

Central Secretariat Club Vs. Geetam Singh (Delhi High Court) Non-payment of minimum wages, to a workman is, therefore, unconscionable and unpardonable in law. It strikes at the very root of our constitutional framework, and belies the aspirations set out in the preamble thereto. The preamble to the Constitution is the Constitution. It is ...

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CBDT Circular prescribing Monetary Limit for filing Appeal has Retrospective Effect

The Commissioner of Income Tax Vs. M/s Gillette India Ltd. (Rajasthan High Court)

CIT Vs. M/s Gillette India Ltd. (Rajasthan High Court) Instant appeal is directed against order of the Income Tax Appellate Tribunal and indisputably the tax effect as brought to our notice, is less than Rs. 20 lac. A Circular No. 21/2015 has been issued by the Central Board of Direct Taxes dated 10.12.2015 in exercise […]...

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Sales Tax Penalty not allowable as business expense to the extent it is not compensatory

M/s. Bokaro Power Supply Co. Ltd. Vs. DCIT (ITAT Delhi)

M/s. Bokaro Power Supply Co. Ltd. Vs. DCIT (ITAT Delhi) In the case of Swadeshi Cotton Mills Vs. CIT Ltd. (supra) the Hon’ble Supreme Court has held that, ‘where the amount paid is partly penal and partly compensatory, the amount to the extent that it is compensatory could be allowed as deduction’. Further, Hon’ble Jurisdictional ...

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