"25 May 2018" Archive

RTI Information seeker cannot resort to penalty proceeding U/s. 20 RTI Act, 2005

Rajkumar Mishra Vs Chhattisgarh State Information Commission (Chhattisgarh High Court)

It is held that The information seeker is only entitled for damages and cost, if any, as there is no provision in the Act of 2005 for payment of penalty or part thereof recovered from Erring Information Officer to the information seeker and therefore information seeker cannot as a matter of right claim audience in the penalty proceedings ...

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Two flats in different locations cannot be considered as single residential house for section 54 / 54F

The Asst.Commissioner of Income-tax Vs Sri.N.S.Viswanathan (ITAT Cochin)

The learned Commissioner of Income Tax(Appeals) erred in allowing the assessees appeal relying on the decision of the Honble High Court of Karnataka in the case of Smt. K.G. Ruminiamma (2011 )331 ITR 211 when the facts of the case are distinguishable from the assessee's case. In the case of Smt. K.G Ruminiamma...

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Safe Harbor Rules – Transfer Pricing

The revised SHRs apply for AY 2017-18 and two immediately following AYs i.e. upto AY 2019-20. The earlier SHRs were applicable from AY 2013-14 and four immediately following AYs i.e. upto AY 2017-18. For AY 2017-18, the taxpayer can choose from old or new rules whichever are more beneficial....

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Posted Under: Corporate Law |

Marketing Intangibles- Transfer Pricing Challanges

Marketing activities undertaken by one enterprise not owning the trademark or brand name lead to the creation of marketing intangibles for the legal owner of such trademark or brand name. Indian enterprises having the right to use the brand name owned by their associated enterprises incurs the advertisement, marketing and promotional ex...

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Posted Under: Corporate Law |

Business Codes For ITR Forms For A.Y 2018-19

CBDT has changed nature of business codes for income tax return forms from A.Y. 18-19. Before filing of Income tax return ensure correct business sector along with correct business code has been selected....

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Posted Under: Corporate Law |

Reverse Charge Mechanism Under Goods & Services Tax (GST )

There are two scenarios provided in law when reverse charge is applicable. Section 9(3) and 9(4) of CGST/ SGST (UTGST) Act, 2017 and Section 5(3) and 5(4) of IGST Act, 2017 deals with reverse charge mechanism. Scenarios when reverse charge is applicable are as follows:...

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Posted Under: Corporate Law |

Officer Interface For Rectification of Errors In Respect of IGST Refund

Kind Attention Is Invited To All Exporters/Trade Associations That The Board Has Devised A Mechanism For Rectification/Correction Of Errors Through Officer Interface For Sanction Of IGST Refund In The Following Cases. The Exporters Are Advised To Approach The Customs At The Respective Ports/ICDs For This Purpose....

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Posted Under: Corporate Law |

GST: Completion Certificate or first Occupancy- An Understanding

One needs to thus understand as to when the completion certificate is issued and also when will first occupation take place. Only then can one determine the relevant date after which sale of units where entire consideration is received after such relevant date will not be subjected to GST....

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Posted Under: Corporate Law |

45% profit from educational activities establishes profit motive of trust and exemption U/s. 11 cannot be allowed

IILM Foundation Vs. ADIT (ITAT Delhi)

Where assessee- trust was earning profit up to 45% from its educational activities, it was clearly proved that it was existed for profit because profit up to 15% could be said reasonable and legitimate, hence, addition was rightly made....

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AO cannot pass assessment order U/s. 143(3) against dissolved Company

M/s. Anujay Hycare Products (P) Ltd. Vs The Income Tax Officer (ITAT Delhi)

This appeal by assessee has been directed against the order of the Ld. CIT(A)-22, New Delhi, dated 17th April, 2017, for the A.Y. 2009-2010....

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