"07 June 2018" Archive

Section 54F deduction not available on construction work prior to transfer of property

Ushaben Jayantilal Sodhan Vs ITO (Gujarat High Court)

What sub­section (1) of Section 54 of the Act requires is that the assessee, after the date of transfer, purchases or within three years after such date, constructs a residential unit, only then the benefit of deduction would be granted. This provision, therefore, provides that construction of the residential unit should be done after th...

CESTAT on inclusion of value of cotton and waste, for determining entitlement for DTA clearance

M/s Parasrampuria International Vs CCE Indore (CESTAT Delhi)

The SCN dated 01.12.2006 had also proposed demand of duty on the cotton waste which stands cleared by the appellant in the DTA. The SCN also proposed including the value of such cotton waste for re-determining the DTA entitlement. But the adjudicating authority dropped the demand of duty on cotton waste. Against such finding, Revenue is i...

Deduction U/s. 80IA not eligible to contractor on Income from maintenance work of Electricity Company

M/s. Covanta Samalpatti Operating Private Limited Vs ACIT (Madras High Court)

This appeal by the assessee is directed against the order passed by the Income Tax Appellate Tribunal in ITA.No.1496/Mds/2005 dated 19.12.2007 for the assessment year 2002-03. The above tax case appeal has been admitted on the following substantial questions of law...

Non-prosecution of appeal on account of tax effect involved being less than prescribed monetary limit

Pr. CIT Vs Choudhary Exports (Bombay High Court)

The learnedCounsel for the Appellant submits that the tax effect involved in the present appeal is less than Rs.20 lakhs and as per the CBDT Circular No.21 of 2015 dated 10th December, 2015, the Department has taken a policy decision not to prosecute the appeals wherein the tax effect is less than Rs.20 lakhs....

Disallowance cannot be made by mere intimation U/s. 143(1)(a)

Bajaj Auto Finance Ltd. Vs CIT (Bombay High Court)

Bajaj Auto Finance Ltd. Vs CIT (Bombay High Court) While mere making of provision for bad debts will not by itself (on application of amended law) entitle the party to deduction, yet it would be a matter where the assessee should be given an  opportunity to establish its claim. This by producing its evidence of the manner in which i...

How to change mobile number or email id in GST portal within 10 seconds

Hello Friends, I am here to solve one easy problem as how to change the mobile number or email id on the GST portal. 1. If Authorised signatory is the same person who is also the proprietor or partner of the business then:- a. Login & Click Registration tab & Select Non Core amendment. b. […]...

Posted Under: Income Tax |

RBI to introduce Single Master Form for reporting of Foreign Investment in India

RBI/2017-18/194 A.P (DIR Series) Circular No. 30 07/06/2018

Reserve Bank, with the objective of integrating the extant reporting structures of various types of foreign investment in India, will introduce a Single Master Form (SMF). The SMF would be filed online....

Monthly reporting via ECB 2 Return revised to capture hedge details

RBI/2017-18/193 A. P. (DIR Series) Circular No. 29 07/06/2018

It has been decided to capture the details of the hedges for ECBs through a simplified format of ECB 2 Return. Part E of the Return, accordingly, is modified so as to include only standard information on hedged/unhedged ECB exposure (Annex). ...

Reg. Sale in DTA of services classified under Heading 9988 & 9989 under GST

Notification No. 10/2015-2020-DGFT [S.O. 3225(E)] 07/06/2018

Sale in DTA in respect of certain services classified under Heading 9988 and 9989 under GST is continued to be covered under para 6.08(a) of FTP....

Rate of interest on unclaimed interest bearing deposit reduced to 3.50% p.a.

Notification No. RBI/2017-2018/191 DBR.DEA Fund Cell.BCNo.110/30.01.002/2017-18 07/06/2018

It has been decided that the rate of interest payable by banks to the depositors/claimants on the unclaimed interest bearing deposit amount transferred to the Fund shall be 3.5% simple interest per annum with effect from July 01, 2018....

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