"20 May 2018" Archive

Best Investment Avenues of 2018

Here is a list of the top 10 investment avenues chosen across holding period and risk category that you can invest in 2018....

Posted Under: Finance |

Addition cannot be made for mere non-production of Directors and non-furnishing of their residential address

M/s Om Shubham Investment & Finance Pvt. Ltd. Vs. ITO (ITAT Delhi)

This appeal is filed by assessee against the Order dated 04.5.2016 passed by the Ld. CIT(A)-12, New Delhi relating to Assessment Year 2004-05 on the following grounds:-...

Your Complete Guide to Live The Mumbai Dream

Situated in the northeast quadrant of Mumbai, Mulund is a picturesque and calm habitat. Today, Mulund is considered one of Mumbai’s most sought-after places for settling down. Mulund is among the well-settled places in the city. There are a plethora of reasons making Mulund your ultimate destination when looking for your next home. ...

Posted Under: Finance |

Reopening proceedings without communicating reasons for reopening to assessee not valid

Stallion Garments Vs. Asst. CIT (Madras High Court)

Initiation of reopening proceedings without communicating the reasons for reopening to the assessee was not justified....

10 Frequently Asked Questions on Practical Issues of GST – II

GST is applicable if handed over before the issue of occupancy certificate. Reduction of price is one of the conditions for the fulfilment of Anti-profiteering provisions specified in section 171 of the CGST Act. In case if you find that the builder has not passed on the benefit, you can take it up with him or file a complaint for the sam...

Posted Under: Finance |

Depreciation on brand value allowed taking it as an intangible asset

DCIT Vs. Kuantum Papers Ltd. (ITAT Delhi)

In DCIT, Ghaziabad vs. Kuantum Papers Ltd. (ITAT Delhi) decided on 1.09.2017, Revenue contended that CIT(A) has erred in law and on facts in allowing the depreciation on paper brands, which is a non-depreciable asset because its life is not limited....

Delhi HC sets out Principles for launching prosecution U/s. 279 for late deposit of TDS

Indo Arya Central Transport Limited Vs. CIT (Delhi High Court)

Indo Arya Central Transport Limited Vs. CIT (Delhi High Court) M/s Indo Arya Central Transport Limited have filed the present writ petition praying for the following reliefs:- “(a) Issue a writ of certiorari setting aside/quashing the impugned order dated 14.03.2017 passed by the Respondent No. 1; (b) Restrain the Respondent No. 1 a...

S. 148 Notice issued in the name of Company due to clerical mistake which already gets converted into LLP is valid

Skylight Hospitality LLP Vs ACIT (Delhi High Court)

Sky Light Hospitality LLP, a limited liability partnership, who had on 13.05.2016 taken over and acquired rights and liabilities of M/s Sky Light Hospitality Private Limited upon conversion under the Limited Liability Partnership Act, 2008, has filed the present writ petition impugning notice dated 30.03.2017 for the assessment year 2010-...

Penalty leviable if Assessee not Discloses source of Income despite voluntary disclosure

Principal Commissioner Of Income Tax Vs. Smt. Ritu Singal (Delhi High Court)

Principal CIT Vs. Smt. Ritu Singal (Delhi High Court) In construing Section 271AAA one must not lose sight of its essential purpose which resulted in its enactment. There is a penalty at the rate of 10% of the undisclosed amount declared, if the conditions in Section 271AAA (2) are not met with. This is quite […]...

Assessee entitled to interest on refund arising on excess payment of self-assessment tax U/s. 244A

CIT Vs. P.N. Writer (Bombay High Court)

CIT Vs. P.N. Writer (Bombay High Court) Assessee was entitled to the interest on refund arising on excess payment of self-assessment tax under section 244A, despite the revenue’s contention that assessee had failed to produce any material which would demonstrate how this tax was worked out, and particularly during the course of self-ass...

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