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Archive: June, 2018

Posts in June, 2018

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7170 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Due date to link Aadhaar with PAN extended till 31.03.2019

June 30, 2018 6339 Views 0 comment Print

CBDT had allowed time till 30th June, 2018 to link PAN with Aadhaar while filing the tax-returns. Upon consideration of the matter, the CBDT further extends the time for linking PAN with Aadhaar till 31st March, 2019.

1st July 2018 to be celebrated as ‘GST day’

June 30, 2018 5244 Views 1 comment Print

1st July 2018 to be celebrated as ‘GST day’, to commemorate the first year of the unprecedented reform of Indian taxation GST is a fitting tribute to spirit of cooperative federalism as all decisions in the 27 meetings of GST Council taken by consensus GST – ‘ONE NATION, ONE TAX, ONE MARKET’- binds India into […]

Shri S. Ramesh takes over as Chairman, CBIC

June 30, 2018 624 Views 0 comment Print

Shri S. Ramesh takes over as Chairman, Central Board of Indirect Taxes and Customs Shri S. Ramesh, IRS(C&CE:1981) has taken over as Chairman, Central Board of Indirect Taxes and Customs [CBIC], on superannuation of Smt. Vanaja N. Sarna today . Prior to his elevation, he was Member (Administration) in the Board. Shri S. Ramesh began […]

Tribunal should pass the order within three months of the hearing

June 30, 2018 6669 Views 0 comment Print

Ms. G. Shoe Exports Vs ACIT (ITAT Mumbai) In this case, admittedly the Tribunal order was passed beyond three months from hearing. No reason whatsoever for the delay has been recorded. As held by the Hon’ble jurisdictional High Court above, such delay is incurable and even administrative clearance cannot cure the same. As held by […]

Onus on assessee to justify allottment of shares to outsiders at exorbitant premium

June 30, 2018 1065 Views 0 comment Print

M/s. Pratik Syntex Private Ltd Vs. ITO (ITAT Mumbai) In the instant appeal before us, the inspector was deputed by the AO to make field enquiries who could not locate these three shareholders and the assessee also could not furnish the current addresses of these three new shareholders. These in the instant case before us, […]

Power of AO to change assessee’s status while processing Return and issuing intimation U/s. 143(1)

June 30, 2018 4497 Views 0 comment Print

It is clear from bare reading of section 143(1) that change of status as done by AO does not fall within any of the clauses thereof. Also, it could not be said that change of status of assessee fell within the meaning of expression ‘an incorrect claim apparent from any information in the return’ as laid down in Explanation (a) to section 143(1). Accordingly, intimation issued under section 143(1) changing the status of assessee was not in accordance with law and AO was, therefore, directed to modify the intimation accepting the return of income as it was.

UPS is Integral part of Computer and eligible for 60% Depreciation

June 30, 2018 15837 Views 0 comment Print

The aforesaid appeal has been filed by the Revenue against the impugned order dated 12.09.2014, passed by the Ld. CIT(Appeals)-XX, New Delhi for the quantum of assessment passed u/s.144C(3) for the Assessment Year 2007-08. In the grounds of appeal, following grounds have been raised.

ITAT on Genuineness of Gift of Shares by A Company to other Group Company

June 30, 2018 9111 Views 0 comment Print

That the order passed by Assessing Officer (‘AO’) dated 30.12.2016 as upheld by the Commissioner of Income Tax (Appeals) (‘CIT(A)’) dated 29.12.2017 and the additions/disallowances made and upheld are illegal, bad in law and without jurisdiction.

Claim though ineligible in law but based on CA certificate does not amounts to making false claim

June 30, 2018 846 Views 0 comment Print

ITAT held that, if book profit and tax payable u/s 115JB was based on certificate issued by Chartered Accountant then it cannot be held that, assesses claim was not bonafide or it has furnished inaccurate particulars of income, penalty so levied deleted.

Mandatory KYC update for Directors of Indian Inc.

June 30, 2018 4140 Views 0 comment Print

As a part of maximum governance slogan of current central government, Ministry of Corporate Affairs (MCA) is launching a new form soon, which will require KYC of all existing directors of companies registered with Registrar of Companies (ROC).

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