"03 December 2017" Archive

SC fines Litigant for filing Incomprehensible English Translation of Judgment

Renu Rani Shrivastava & Anr. Vs. New India Assurance Company Ltd. & Ors. (Supreme Court Of India)

The reason for imposing costs on the petitioner is that on perusal of the translation filed by the petitioner, we find that the impugned judgment does not make out any head and tail. It is difficult to read much less to understand as to what the judgment contains....

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Even if a residential house consists of several independent units- Deduction U/s. 54 / 54F can be claimed

V.V.V. Satyanarayana Vs. Income Tax Officer (ITAT Hyderabad)

It was held that exemption under Section 54 only requires that the property should be of residential nature and the fact that the residential house consists of several independent units cannot be an impediment to grant relief under Section 54 even if such independent units were on different floors....

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Appropriate rate of interest for estimating ALV of Property let out without rent

ITO Vs. PASL Windtech (P) Ltd. (ITAT Ahemdabad)

In our opinion, for determining the income from the property, it should be rate of return on the investment of similar amount in another asset. Therefore, in our opinion, the Commissioner (Appeals) was fully justified in estimating the ALV on the basis of interest which assessee would have earned on the investment of the similar amount. ...

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Scrutiny proceedings cannot be initiated if notice U/s. 143(2) served after statutory time period

Cameron (Singapore) Pte. Ltd. Vs. Asst. DIT (ITAT Jaipur)

No scrutiny proceedings can be initiated if notice under section 143(2) is not received by assessee within the prescribed period....

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Audit and its Impact in GST

Audit is just 5 letters words but its impact is far beyond these numbers. Every coin has two sides one GST is based on self assessment u/s 59, but if this provision is not controlled by any other provision then...

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Posted Under: Corporate Law |

How to grow CA firm Practice

When you finally opt for practice after coming out of the dilemma of whether to opt for practice or job; another big question that comes to your mind is How to grow practice. As advertisement and other means of soliciting clients are prohibited for Chartered Accountants...

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Posted Under: Corporate Law |

CBI charge sheets then Deputy Commissioner Of Customs In Bribery Case

The Central Bureau of Investigation has filed a charge sheet before the Special Judge, CBI Cases, Ahmedabad against then Deputy Commissioner of Customs, Mundra and a private person in a bribery case. ...

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Posted Under: Corporate Law |

VAT in UAE: Transitional Rules

VAT is effective from 1st January 2018 in the UAE though transactions will be in pipeline for the businesses as payment received or supplies done before effective date. Some of the key transitional rules and detailed Article 70 of the Executive Regulations of the UAE VAT Law....

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Posted Under: Corporate Law |

Penalty for transfer pricing adjustment not justified if ALP was determined in good faith and with due diligence

M/s Halcrow Consulting India Pvt. Ltd. Vs. DCIT (ITAT Delhi)

A division bench of the Delhi ITAT, last week held that penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied if the Arm’s Length Price (ALP) was determined as per the scheme of section 92C in good faith and with due diligence....

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