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Archive: 03 March 2018

Posts in 03 March 2018

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 5100 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4395 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Revenue cannot treat LTCG as STCG on the ground that assessee deliberately waited for lapse of 36 months

March 3, 2018 1917 Views 0 comment Print

The objection of the revenue that the assessee intentionally waited for mechanical lapse of 36 months and deliberately put the date on agreement as 18-11-2009 to avoid the payment of tax is not tenable.

Registration U/s. 12A/12AA cannot be denied for non-production of books & vouchers

March 3, 2018 4113 Views 0 comment Print

CIT is not justified in rejecting registration on the ground that the non-production of books and vouchers means that the genuineness of the charitable activities cannot be verified. The CIT is entitled only to examine the objects of the trust at the stage of registration and not the books of account

Addition cannot be made on the basis of unsigned impounded dumb document

March 3, 2018 2874 Views 0 comment Print

Devaram C. Bhavani Vs. ITO (ITAT Mumbai) We have given a thoughtful consideration to the notings in the impounded document, viz. Annexure A-2– Page 37 & Page 105 and are unable to persuade ourselves to be in agreement with the view taken by the lower authorities. We find that as against the working of the amount […]

Explanation to section 73 supersede provision of section 43(5)(d)

March 3, 2018 3588 Views 0 comment Print

ITO Vs. M/s. Arandi Investments Pvt. Ltd. (ITAT Mumbai) Assessing Officer treated loss in future and options (F&O) transactions as speculation loss and disallowed the same. We find that on this issue, the A.O. has referred to Honorable Delhi High Court decisions on identical issue. The Honorable Delhi High Court in the case of CIT […]

ITAT upheld tax on LTCG on sale of shares for substantial price hike in short time

March 3, 2018 1944 Views 0 comment Print

ITAT held that fantastic sale price was not at all possible as there was no economic or financial basis as to how a share worth Rs. 5 of a little known company would jump from Rs. 5 to Rs. 485. AO was justified in denying exemption under section 10(38) to assessee, being fantastic sale price was not at all possible in such a short time.

18% GST applies on Setting up & operation of solar power plant: AAR

March 3, 2018 4008 Views 0 comment Print

In re Fermi Solar Farms Private Ltd. (AAR Maharashtra) Q.1 Whether in case of separate contracts for supply of goods and services for a solar power plant, there would be separate taxability of goods as ‘solar power generating system’ at 5% and services at 18%? A.1 The agreements tendered in support of this question reveal […]

NFRA – A Quick Review

March 3, 2018 8469 Views 2 comments Print

As announced by Central Govt. on the approval for the Constitution of NFRA for regulating accounting and auditing related aspects.

Summary of Proposed Fugitive Economic Offenders Bill, 2018

March 3, 2018 4752 Views 0 comment Print

I have tried to outline and summarize the bill cleared by the cabinet on the fugitive economic offender and related provisions.

How to Convert GSTR 2A JSON File to Excel Format

March 3, 2018 31074 Views 24 comments Print

We have given a simple solution where you can download the .json file from the GSTR2A and upload it on our system. You can download an excel file with all the necessary details. Please check out at http://dev.opalcrm.com/converter

Lets Understand 1st GST Fraud Case

March 3, 2018 71157 Views 16 comments Print

After the big bank ‘PNB scam’, another scam came into picture on March 1, 2018 in Mumbai, but this time this fraud is under Goods & Services Tax (GST). In this write-up, the author explains the actual case in a layman language along with the intention behind this fraud.

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