"22 April 2018" Archive

Life is Priceless: Understanding your Life Insurance needs

Your Life is Priceless, Really…? When we say Our life is Priceless, Do we really mean it? But for our loved ones it is Truly Priceless. A few days ago I was at a bank for some work and while I was waiting for my turn, a lady in her mid twenties came up to the […]...

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Posted Under: Finance |

IMA opposes remarks of PM Modi on Indian Doctors

The patriarch of the family always speaks about his sons and daughters with pride especially with the strangers. This is our culture. Indian doctors have brought international acclaim and repute due to their world class proficiency and skill. Engaging in small talk and maligning the entire medical fraternity in India with broad brush on f...

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Posted Under: Finance |

Depreciation on Motor Car cannot be disallowed partly on Personal use assumption

ACIT Vs. Claridges Hotels Pvt. Ltd. (ITAT Delhi)

When motor vehicles are in the gross block of the company and used for business it cannot ipso facto lead to an inference that the depreciation has to be partly disallowed on the assumption that these are partly used for personal use: Claridges Hotels case....

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Know your Jurisdiction Under GST

One of the Key feature of GST is Concurrent jurisdiction for levy & collection of GST by the Centre & the States. This feature of GST lead assessee to Know the one Jurisdiction between Central and State. Since two Central and State jurisdictions are involved in GST administration, knowing whether assess has been assigned to Central gove...

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Posted Under: Finance |

ICAI not bound to take disciplinary action against its member merely because of receipt of reminder from SFIO

Vijay Kumar Gupta Vs Director (Discipline), Institute Of Chartered Accountants Of India (ICAI) And Anr. (Delhi High Court)

Petitioner is a Chartered Accountant against whom information within the meaning of Rule 7 of the Chartered Accountants (Procedure of Investigation of Professional and other Misconduct and Conduct of Cases) Rules, 2007 was provided by Serious Fraud Investigation Office...

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Assessee cannot adopt valuation of DVO after adopting stamp value

Narendra Singh Vs. Asst CIT & Vice-Versa (ITAT Jaipur)

When assessee himself had adopted value of land as per Stamp Duty Authority for computation of long-term capital gain, then he could not claim adoption of the value of land as estimated by DVO, as he filed return of income and paid taxes, also there was no scope of reduction....

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CIT not to examine books while granting of registration U/s. 12A

Vidyadayani Shiksha Samiti Vs. CIT (Exemptions) (ITAT Delhi)

Vidyadayani Shiksha Samiti Vs. CIT (Exemptions) (ITAT Delhi) Coming to the powers of the Commissioner as to whether while granting registration under section 12A he is required to examine the books of account etc. or he is only to satisfy himself regarding the objects of the trust and genuineness of the activities of the trust, […]...

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Mere furnishing of confirmations & PAN not sufficient to prove creditworthiness of creditors

Mayuri Infrastructure (P) Ltd. Vs ITO (ITAT pune)

Mayuri Infrastructure (P) Ltd. Vs ITO (ITAT pune) Mere furnishing of confirmations and PAN are not sufficient to prove the creditworthiness of the creditors. The assessee has to prove financial capacity of the creditors. The assessee was required to furnish evidence that would show financial worth of the creditors, such as bank statements...

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Statement U/s. 132(4) Whether binding upon assessee or not

Pr. CIT Vs Manoj Hora (Delhi High Court)

Principal CIT Vs Manoj Hora (Delhi High Court) The text of section 132(4), clarifies that the presumption arises in the case of the searched party. In case the statements by the party whose premises are searched, or to be attributed to a third party – as in the case of the assessee, there has to […]...

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NCCL submits letter on GST, Income Tax, Benami Transactions, PMLA issues

The compliance burden of filingGST returns should be made simple by way of single return and that too in greater intervals of say six monthly instead of monthly or quarterly....

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