"05 February 2018" Archive

Another one bites the dust!! Finance Bill 2018 proposes to nullify yet some more important judicial precedents!!

In the year 2012, the then Government had introduced retrospective amendments to the Indian Income- tax Act in order to nullify the decision rendered by the Apex Court in the case of Vodafone International Holdings B.V. vs Union of India with regard to taxation of indirect transfer of shares....

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Posted Under: Income Tax |

Special Attention on Health of Senior citizen in Union Budget!

Arjuna, In this year, main focus was on Direct taxes rather than indirect taxes. The government has suggested certain changes in the income tax rate and deductions from the total income. In this budget, the government has focused on deduction provisions in case of senior citizen....

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Posted Under: Income Tax |

Applicability of Section 50C on Transfer of property through transfer of shares in company

ACIT Vs Santosh Kumar Garg (ITAT Delhi)

On the facts and circumstanced of the case, the learned Commissioner (Appeals) has erred in law in deleting the addition of Rs. 2,21,09,600 holding that the provision of section 50C of the Income Tax Act, 1961 cannot be invoked in this case when there was a transfer of immovable property in view of the provisions of section 2(47)(vi) of t...

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S. 32(1)(ii) Depreciation on non-compete fee as intangible assets: HC sends matter back to AO

DCIT Vs Caparo Engineering India P. Ltd (ITAT Delhi)

1. On the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in holding that Rule 8D cannot be invoked in the case of the assessee and in directing the A.O. to delete the addition of Rs.3,55,234/- made u/s 14A r.w.Rule 8D....

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Process for Incorporation of Company Private Limited

Moving from the Companies Act 1956 to the Companies Act 2013 is like shifting from your old house to a new one. All the provisions become changed with new Act, 2013. Due to new act many amendments were introduce by Central Government from time to time by Notification, Amendments etc....

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Posted Under: Income Tax |

STPI Certificate not required to claim Refund under Business Auxiliary Services

Nvidia Graphics Pvt Ltd Vs The Commissioner of Service Tax (CESTAT Bangalore)

These two appeals have been filed by the appellant against the common impugned order dated 2.8.2017 passed by the Commissioner (A) whereby the Commissioner (A) has disposed of four Orders-in-Original. ...

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Construction in pursuance of composite works contracts not liable to be taxed prior to 01.06.2007

Commissioner, ST Vs M/s Swadeshi Construction Co (CESTAT Delhi)

The appeal by the Revenue is against order dated 27.04.2012 of Commissioner of Service Tax, New Delhi. By the said order, he original authority dropped the entire demand of Service Tax of Rs.93,01,154/-covering the period 2006-07 to 2008-09 with reference to construction project of Delhi Haat in INA and Pitampura . ...

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Executive & Non- Executive Director under Companies Act, 2013

There is no legal distinction between the powers and duties of executive directors and non-executive directors, the two play different roles on a board of directors. Even u/s 166 of Companies Act, 2013 duties of directors are prescribed which are equal for both executive and non-executive Director....

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Posted Under: Income Tax |

Procedure -Change / Alteration of Name under Companies Act 2013

A company being a legal entity must have a name of its own to establish its Separate identity. The name of the company is a symbol of its independent corporate existence. The first clause in the Memorandum of Association of the company states the name by which a company is known. ...

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Posted Under: Income Tax |

Process of Alteration In Memorandum of Association of Company

Any Company which intended to make any change to the Memorandum of Association (MOA) of its company, will have to comply with the provisions of Section- 13 of Companies Act, 2013 and any other applicable provisions of the Act and applicable rules....

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Posted Under: Income Tax |
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