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Archive: 27 December 2017

Posts in 27 December 2017

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

May 15, 2024 6369 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.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19383 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Revision U/s. 264 can be done for Firm’s expenses claimed in individual return after Assessee files revised computation for both

December 27, 2017 960 Views 0 comment Print

Where revision petition was filed by assessee in respect of its individual and also for firm’s return to claim expenses in firm’s return which were claimed in its personal return, CIT was not justified in dismissing revision application without looking into the matter, therefore, it was remanded back to CIT to consider afresh.

Sales Tax Subsidy will be treated as a non-taxable capital receipt

December 27, 2017 1992 Views 0 comment Print

Sunbeam Auto Private Limited Vs Pr. CIT (Delhi High Court) 1. These four writ petitions are by Sunbeam Auto Private Limited seeking inter alia the quashing of an order dated 30th March 2015 passed by the Principal Commissioner of Income Tax-8 (Pr CIT) under Section 264 of the Income Tax Act, 1961 (‘Act’), dismissing the […]

Traveling Expenses on behalf of Associated Companies for which cost plus mark-up billing is done are allowable

December 27, 2017 1113 Views 0 comment Print

While dismissing the appeal of revenue, the New Delhi bench of Income Tax Appellate Tribunal in its recent order allowed a claim of expenditure by a Company for traveling expenses incurred on behalf of its Associated Companies.

Vacancy for CA for Virtual CFO Profile

December 27, 2017 20064 Views 0 comment Print

An Ahmedabad based Chartered Accountants firm focused on Internal Audit, Business Consulting, Virtual CFO services for SMEs, and Statutory Audit is looking for an experienced Chartered Accountant to lead their Virtual CFO services vertical.

IT authority cannot direct assessee to maintain its accounts in a particular manner

December 27, 2017 1080 Views 0 comment Print

IT authority has no option/jurisdiction to meddle in the matter either by directing the assessee to maintain its accounts in a particular manner or adopt a different method for valuing the work-in-progress.

No Penalty If determination of ALP not leads to any TP Adjustment, with no effect on income of assessee

December 27, 2017 2415 Views 0 comment Print

Since, the determination of arm’s length price in the appeal effect order has not lead to any transfer pricing adjustment, with no effect on income of the assessee, hence, penalty provisions are not applicable in this case, therefore, we cancel the orders of the authorities below thereby deleting the penalty in dispute.

The growth of Indian real estate industry and its forward outlook

December 27, 2017 2007 Views 0 comment Print

The real estate market in India is projected to cross USD 180 billion by the year 2020 from USD 126 billion in the year 2015. The rise of nuclear families, quick urbanization, increasing household income and the emergence of prime real estate developers such as the Lodha Group and the likes, are the drivers for […]

Business income or capital gains cannot be decided by merely looking at frequency of transaction in shares

December 27, 2017 2787 Views 0 comment Print

ITAT Ahmedabad ruling on Ankur Scientific vs Dy. CIT case. Assessment of share gains as business income challenged. Disallowance of weighted deduction contested.

Interest rates for Small Savings Scheme for 01.01.2018 to 31.03.2018

December 27, 2017 6207 Views 2 comments Print

Rates of interest on various small savings schemes for the fourth quarter of financial year 2017-18 starting 1st January, 2018 and ending on 31st March, 2018, on the basis of the interest compounding payment built-in in the schemes, shall he as under.

GST शास्त्र: How to claim credit under 60%/40% scheme?

December 27, 2017 27003 Views 5 comments Print

Under transitional provisions, benefits of credit of eligible duties and taxes in respect of inputs held in stock, inputs contained in semi-finished and finished goods held in stock as on appointed day can be availed. This article talks specifically about proviso to section 140(3) of CGST Act, 2017 which is commonly known as 60%/40% scheme.

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