"18 June 2018" Archive

5 things everyone should know before investing in Mutual funds

5 things everyone should know before investing!! Stock market is not a gamble, it is a business. However, we make it a gamble by investing without knowledge. With market high and down can be frustrating for a new investor...

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Posted Under: Finance |

Even Sec.143(1) assessment cannot be reopened without proper reason to believe

Principal CIT Vs Manzil Dineshkumar Shah (Gujarat High Court)

Principal CIT Vs Manzil Dineshkumar Shah (Gujarat High Court) It is well settled that even in case where the original assessment is made without scrutiny, the requirement of the Assessing Officer forming the belief that income chargeable to tax has escaped assessment, would apply. Reference in this respect can be made of the judgment in [...

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Addition cannot be made on estimate basis without rejection of Books of Accounts

Arup Kumar Hazra Vs I.T.O. (ITAT Kolkata)

This is an appeal filed by the assessee directed against the order of the Commissioner of Income Tax (Appeals)-11, Kolkata, (hereinafter the Ld. CIT(A)), dt. 22/09/2017, passed u/s 250 of the Income Tax Act, 1961 (hereinafter the Act), relating to Assessment Year 2012-13...

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Registration U/s. 12AA cannot be denied for registration of society twice with Registrar of Societies

CIT (Exemptions) Vs Shri Mahavir Jain Society (Regd.)( Punjab and Haryana High Court)

A persual of rule 17A shows that the only requirement to seek registration under section 12A is to furnish documents evidencing creation of trust or establishment of institute in original, which assessee had duly furnished in the form of trust deed, therefore, denial of registration on the ground of registration of the society twice with ...

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Motor Insurance Policy – What all should be Covered?

For motor vehicle owners in India, not having insurance for their vehicles is not an option. Irrespective of whether a vehicle is personal or commercial, all car owners within the nation are mandated to have at least a minimum level of insurance by law, as clearly specified under the Motor Vehicles Act of 1988. Today, […]...

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Posted Under: Finance |

Gift of property in pursuance of family arrangement cannot be taxed

Mrs. Jyoti Rakesh Kapoor Vs Income Tax Officer (ITAT Mumbai)

The learned CIT (Appeal) has erred in law and on the facts of the case in sustaining the order of the assessing officer holding that gift made by the assessee towards relinquishing 50% interest in the flat No. 52 at Ajanta Apartment, Colaba, Mumbai is a transfer within the meaning of section 2(47) of the Income Tax Act....

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Addition U/s. 69 cannot be made for investment out of Salary Received in Cash

Sri Sudipta Ghosh Vs DCIT (ITAT Kolkata)

As assessee received salary in cash, his claim that investments were made from such salary could not be brushed aside and keeping in view the overall facts and capacity of the assessee, addition under section 69 was deleted....

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Second proviso to section 40(a)(ia) must be read and given effect to retroactively

Principal CIT Vs M/S Manoj Kumar Singh (Allahabad High Court)

It is not disputed that section 40(a)(ia), Second proviso is for the benefit of the assessee and when a provision has been made in fiscal statute for benefit of assessee, in the absence of any express provision or a provision which by necessary implication gives a different impression, such provision which is beneficial to the assessee m...

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DGFT & CBIC: Real doomsayers of Indian Economy? 2nd Story

In this case, you can very well safely add the name of RBI also in the doomsayers of the Indian economy. Its an old adage that politics is the game of scoundrels. Therefore you can never expect anything good from them. However, the institutions are the custodians of the faith of the people & the conscious keepers....

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Posted Under: Finance |

RBI’s ban on Bitcoin turned out ungrounded!

What’s Bitcoin! Bitcoin is an electronic or digital currency that works on a peer-to-peer basis. This means that it is decentralized and has no central authority controlling it. Like currency notes, it can be sent from one person to another, but without a central bank or the government attempting to track it. ...

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Posted Under: Finance |