"12 April 2018" Archive

Deemed Dividend applicable if Assessee diverted amount received for procuring Import Licenses for Share purchase

Commissioner of Income Tax Vs. M/s Prasidh Leasing Limited (Delhi High Court)

While hearing the case of Commissioner of Income Tax vs M/s Prasidh Leasing Limited, the Delhi High Court ruled that Provisions of Deemed Dividend applicable when Assessee diverted Advance amount received for procuring import licenses for purchase of shares under Section 2(22)(e) of the Income Tax Act 1961....

Loan sourcing fees paid is allowable as revenue expenditure

Dy. CIT Vs Citicorp Maruti Finance Ltd. (ITAT Mumbai)

Brief facts are, the assessee a non–banking finance company (NBFC) is engaged in hire, purchase, finance and loan business. For the assessment year under dispute, the assessee filed its return of income on 31-10-2007, declaring loss of Rs. 12,06,02,070. ...

Due-diligence of NBFC (Non Banking Financial Company).

NBFC remains for a non-banking financial company registered under section 45-I of Reserve Bank of India Act, 1934. This is an essential piece of financial service Industry in the nation, creating and deploying fund for infrastructure to micro and small-medium sized industries in India. Its a somewhere part of the alternative source of fun...

Posted Under: Income Tax |

E-Way Bill Registration separate from Registration on GST Portal

Yes. All the registered persons under GST need to register on: www.ewaybillgst.gov.in using GSTIN. GSTIN is entered, the system sends an OTP to registered mobile number, registered with GST Portal. After authentication, the system generates username and After generation of username and password, you may proceed to make entries to generate...

Posted Under: Income Tax |

Accounts and Records including Accounting Ledgers under GST

Maintenance of books of accounts and necessary supporting and relevant records are highly essential requirements for proper management and control of the business operations. This will facilitate the correct receipt and payment of cash and other transactions entered by the company. It is mandatory to maintain the books of accounts under I...

Posted Under: Income Tax |

Checkpoints for Websites of Listed Entities

Every Listed company shall have a functional website containing the basic information about the Listed entities. It shall disseminate the following information as per SEBI (Listing Obligation and Disclosure Requirement) Regulation 2015)...

Posted Under: Income Tax |

No TDS liability on Fee for transponder service not in the nature of royalty

United Home Entertainment Private Limited Vs The Dy. Commissioner of Income Tax (ITAT Mumbai)

United Home Entertainment Private Limited Vs DCIT (ITAT Mumbai) Fee for transponder service paid by the assessee to Intelsat was not in the nature of royalty and that the same was not taxable in India, and thus the remittance did not warrant any deduction of tax at source. FULL TEXT OF THE ITAT JUDGMENT The […]...

Validity of Addition based on statement retracted later on by assessee

Satish Chand Agarwal, Prop. Sumit Medical Hall Vs ITO (ITAT Jaipur)

Once the assessee retracts from the statement given during survey under section 133A then it is the duty of AO to establish beyond any doubt the issues on which the addition in income needs to be made and no addition can be sustained only on the basis of such statement recorded during the survey....

Enable Replacing Authorised Digital Signature of Deceased Director in GSTN Portal: Petition file in HC

M/s SRKM Steel Pvt. Ltd. Vs The State of Assam (Gauhati High Court) A petition has been filedon the ground of technical glitch in the Goods and Services Tax Network (GSTN) wherein the petitioner, M/s SRKM Steel Pvt. Ltd, was unable to replace Authorised Digital Signature of the Deceased Director with the Digital Signature of […]...

Posted Under: Income Tax |

GST payable on Long Term Lease Premium of Land

Builders Association of Navi Mumbai Vs Union of India (Bombay High Court)

Any lease or letting out of a building, including commercial, industrial or residential complex for business, either wholly or partly is a supply of service. It is settled law that such provisions in a taxing statute would have to be read together and harmoniously in order to understand the nature of the levy, the object and purpose of it...

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