"January, 2018" Archive

DGFT notifies Schedule 2 (Export Policy) of ITC(HS), 2018

Notification No. 47/2015-2020-DGFT (31/01/2018)

Schedule 2 of ITC(HS), 2018 contains current export policy of items indicated along with policy conditions to be fulfilled, if any. The same is available on the DGFT website (www.dgft.gov.in) under heading captioned ITC(HS), Schedule 2, Export Policy 2018'....

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Law on Exemption for Partners’ Share of Profit in Income of Firm

Shri Vinod Agarwal Vs. Pr. C.I.T. Central (ITAT Kolkata)

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT), in Vinod Agarwal vs Pr.C.I.T.Central, has explained the law on income tax exemption for partners’ share of profit in the income of the firm in detail. ...

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Primary Agricultural Co-op Credit Society is eligible for Sec. 80P Deduction

ITO Vs M/s.Edanad- Kannur SCB Ltd. (ITAT Cochin)

ITO Vs M/s. Edanad- Kannur SCB Ltd. (ITAT Cochin) The undisputed facts are that the assessees in these cases are all primary agricultural credit society and they are registered as such under the Kerala Co­operative Societies Act. The Hon’ble jurisdictional High Court in the case of Chirakkal Service Co-operative Bank Limited & Ors....

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What to Do Next if You Have Failed in IPCC Exams

Many students failed in CA IPCC November 2017 attempt. You may be one of them. There must be so many questions roaming in your mind, reasons behind your failure, how you should start over again after failure in IPCC. Read the article and find out all answers....

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Posted Under: DGFT |

Cancellation of GST Registration

Under which circumstances can a registered Taxpayer file for cancellation of GST registration? A registered Taxpayer can file for cancellation of GST registration on the occurrence of any of the following events: Discontinuance of business or closure of business. Taxable person ceases to be liable to pay tax. Transfer of business on accou...

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Posted Under: DGFT |

Compliance under LLP Act

What is Limited Liability Partnership(LLP): Limited Liability Partnership entities, the world wide recognized form of business organization has been introduced in India by way of Limited Liability Partnership Act. A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a sin...

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Posted Under: DGFT |

ITAT allows exemption U/s. 11 on Income earned by Pharmacy shop in Trust Hospital

Deputy Commissioner of Income Tax Vs National Health & Education Society (ITAT Mumbai)

DCIT Vs National Health & Education Society (ITAt Mumbai) CIT(A) relying upon the order of its predecessor in AY 2010-11 & 2011-12 allowed the appeal of the assessee on the premises that operation of the pharmacy shop was intrinsic to the activities of the assessee and not incidental and did not constitute business and therefore, ...

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To invoke sec. 147 AO has to prove that Assessee Escaped Income

Priyank Mittal Vs. ITO (ITAT Agra)

Priyank Mittal Vs. ITO (ITAT Agra) A perusal of the reasons recorded by the AO shows that the allegation as per the reasons to believe escapement of income is bogus purchase/sale of shares, while the impugned addition has been made with respect to gift, which shows that the A.O. had no specific information. Hence, as […]...

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Posted Under: DGFT | | ,

Input tax credit cannot be denied to recipient on default of payment by supplier

Arise India Limited and others Vs. Commissioner of Trade & Taxes, Delhi and others (Delhi High Court)

High Court of Delhi held Section 9(2)(g) of Delhi VAT Act to the extent it disallows Input tax credit to purchaser due to default of selling dealer in depositing tax, as violative of Articles 14 and 19(1)(g) of Constitution of India....

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Posted Under: DGFT | ,

Upstox Pro – The most sophisticated mobile trading platform available today

Today, mobile devices have high resolution, large screens, high-speed internet access and availability of sophisticated third-party software development. They have become a substitute for computers and with the advancement of hybrid devices like smartphones, netbooks and, tablets, the mobile phone trading scene has never been so rich....

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Posted Under: DGFT |

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