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Archive: February, 2018

Posts in February, 2018

Sectio 2(22)(e): Registered owner Vs. beneficial owner: SC refers matter to larger bench

February 21, 2018 6816 Views 0 comment Print

National Travel Service Vs. CIT (Supreme Court of India) The question that arises in these appeals is as to whether Section 2(22)(e) of the Act gets attracted inasmuch as a loan has been made to a shareholder, who after the amendment, is a person who is the beneficial owner of shares holding not less than […]

GSTN: 1200 employees but no HR Policy: Balance Sheet Available only till 2013-14

February 21, 2018 21267 Views 0 comment Print

HR Policy had not been finalized, the detailed norms including delegation of powers for discharge of GSTN functions was under preparation, the rules/regulations and manual etc. to be used by its employees for discharging their functions was also under preparation, the annual statement of accounts and balance sheet was available till the period 2013-2014 only and that it was reflected that on completion of manual, rules and regulations, recruitment etc.

No disallowance for commission paid to director which already been show in his ITR by Director

February 21, 2018 1446 Views 0 comment Print

M/s. Kshitij Interiors Pvt. Ltd. Vs. DCIT (ITAT Mumbai) From the record we found that commission was paid to Mr. Bhawarlal Sharma, whole time Director of the Company, for the services rendered by him to the Company. The Director has rendered technical services to the assessee company. The commission so paid is for the services […]

Media Monitoring Services cannot be taxed as Business Auxiliary Service

February 21, 2018 540 Views 0 comment Print

CST Vs. M/s IPAN (CESTAT Delhi) The Revenue contends that various ‘media monitoring services’, arranging press conference, interviews, education workshop, contact programme, etc. will directly or indirectly have relationship to the enhancement of sales and promotion of the product/services of the client. We are not convinced with such reasoning proposed in the appeal. It is […]

Addition for Bogus Purchase cannot be made merely based on information received from Sales Tax Department

February 21, 2018 3096 Views 0 comment Print

The assessee further contended that additions cannot be made towards purchases merely on the basis of third party information ignoring the evidences filed to justify purchases. The assessee further contended before the lower authorities that the assessing officer neither pointed out any error or discrepancy in the books of account nor did make out any case of sales made outside the books of account.

Notice U/s. 148 invalid if AO not issued notice U/s. 143(2)

February 21, 2018 8688 Views 0 comment Print

Pr. CIT Vs. Paramount Biotech Industries Ltd. (Delhi High Court) The proposal to reopen an assessment under section 147 of the Act is to be based on reasons to be recorded by the assessing officer. Such reasons have to be communicated to the assessee. However, merely because the assessee participates in the proceedings pursuant to […]

Cash Conversion Cycle Calculator in Excel

February 21, 2018 3504 Views 3 comments Print

Enter Stock, Creditors and Debtors Details, You Will Get Days Inventory Outstanding (DIO), Days Sales Outstanding (DSO), Days Payable Out Standing, Cash Conversion Cycle (CCC) Report.

Disqualification of directors- Option available to individual directors to remove disqualification!

February 21, 2018 28806 Views 7 comments Print

As we all are aware that in September, 2017 the government of India steps up its fight against the black money. The Government of India with the help of Ministry of Finance, pushes ahead with the efforts to weed out shell companies (a term used for entities that have not been carrying out business for […]

Compounding Application- Why and When..??

February 21, 2018 21390 Views 0 comment Print

Offences which are punishable with fine only, can be compounded either by Regional Director (RD) or by National Company Law Tribunal (NCLT). Offence which are punishable with imprisonment or fine, or offence punishable with imprisonment or fine or both shall be Compoundable with permission of Special Court.

CIT(A) cannot cancel order U/s. 127 transferring jurisdiction from one AO to another

February 21, 2018 3993 Views 0 comment Print

DCIT  Vs Shri Subhash Gandhi (ITAT Amritsar) An order passed u/s 127 of the Act is not appealable before the Ld. CIT(A). Since the first appellate authority has no jurisdiction to decide the validity or otherwise of an order passed u/s 127, transferring the jurisdiction from one Assessing Officer (AO) to another, it is, but, […]

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