"16 December 2017" Archive

Inter-State e-way Bill to be compulsory from 1st February, 2018

The 24th GST Council Meeting held today through video conferencing decides that Inter-State e-way Bill to be made compulsory from 1st of February, 2018; ...

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CIT cannot treat AO’s order as erroneous and prejudicial to interest of revenue without conducting an enquiry and recording a finding

M/s Amira Pure Foods Pvt. Ltd. Vs. The Pr. C.I.T (ITAT Delhi)

For the purposes of exercising jurisdiction under Section 263 of the Act, the conclusion that the order of the AO is erroneous and prejudicial to the interests of Revenue had to be preceded by some minimal inquiry. In fact, if the ld. PCIT is of the view that the AO did not undertake any inquiry, it becomes incumbent on the LD. PCIT to co...

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Interest on borrowing not allowable u/s. 36(1)(iii) if not used for business purpose

The Joint Commissioner of Income Tax (Asst.) Vs. M/s. Bharath Beedi Works Ltd. (ITAT Bangalore)

JCIT (Asst.) Vs. M/s. Bharath Beedi Works Ltd. (ITAT Bangalore) Objection of the AO is that  borrowing from Directors and shareholders is not for business purpose. The AO has noted that even as per the assessee’s contention, if the assessee had an intention of starting a branch in Orissa, the same appears to have remained […]...

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TNGST Act, 1959: Matter covered by certificate of settlement shall cannot be re-opened

Sree Kumaran Thanga Maligai Vs. Deputy Commissioner (CT) (Madras High Court)

Section 9 of the Tamil Nadu General Sales Tax Act, 1959 is to the effect that a certificate of settlement issued under Section 8(1) of the Act shall be conclusive as to the dispute to which it relates to, and no matter covered by such certificate of settlement shall be re- opened in any proceedings of review or revision, or in any other ...

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MDR charges on transactions of value less than Rs. 2000 to be subsidised

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved that the Merchant Discount Rate (MDR) applicable on all debit card/BHIM UPI/ Aadhaar enabled Payment System (AePS) transactions upto and including a value of Rs. 2000 will be borne by the Government for a period of two years with effect from 1st January, 2018 by r...

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GST on Under Construction and Ready-To-Move-In Property

As per GST law, construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or after its first occupation, ...

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TNVAT: Assessees entitled to avail benefit of input tax credit, once turnover exceeds Rs. 50,00,000/- limit from Beginning of year: HC

M/s. Sri Murugan Agency Vs. The Commercial Tax Officer (FAC) (Madras High Court)

M/s. Sri Murugan Agency Vs. Commercial Tax Officer (FAC) (Madras High Court) The petitioner herein opted to pay compounding tax as per section 3(4) of the Tamil Nadu Value Added Tax Act, 2006, as the assessee expected the turnover for the year 2007-08 as between Rs. 10 lakhs and Rs. 50 lakhs. The petitioner filed […]...

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Capital gain chargeable only on transferor and not on transferee: No Tax on firm on crediting Revaluation Surplus to Retiring Partners A/c

Mahul Construction Corporation Vs. Income Tax Officer (ITAT Mumbai)

Mahul Construction Corporation Vs. ITO (ITAT Mumbai) In this case The AO wants to tax the amount credited in capital a/c of retiring as well as continuing partners within the realm of 45(4) of the Act. So far as amount credited to capital a/c of retiring partners is concerned, notwithstanding the fact that there is […]...

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Section 13(3) : ITAT upheld exemption to trust who received grant from ABN AMRO Foundation & RBS Bank India

ADIT (E)-II(1) Vs. M/s. RBS Foundation India (ITAT Mumbai)

ADIT Vs. M/s. RBS Foundation India (ITAT Mumbai) Assessee is a limited share registered company under section 25 of the Act and is a separate and independent legal entity wherein RBS Bank India or ABN AMRO Foundation, Netherlands are neither the shareholders nor the promoters of the assessee. The assessee company has been formed with [&he...

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TP: Purchase of Shares of AE can’t be regarded as International Transaction

M/s. TCG Lifesciences Pvt. Ltd. Vs. DCIT (ITAT Kolkata)

When the transaction of purchase of shares are held to be outside the purview of the provisions of Sec.92 of the Act, we fail to understand as to how the excess price paid for acquiring shares can be treated as a deemed loan and an international transaction. We therefore find no merits in the argument advanced by the learned DR....

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