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Archive: 24 June 2018

Posts in 24 June 2018

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

May 15, 2024 6429 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.

Deduction U/s. 36(1)(vii) for Bad debts for income offered to tax during earlier year cannot be disallowed

June 24, 2018 3453 Views 0 comment Print

The very fact that balances were shown under sundry debts itself went to prove that same had emanated out of sales of assessee and hence, income relatable thereto in the form of sales and services had been duly offered to tax in the earlier years in accordance with section 36(2) and therefore, disallowance made towards bad debts was not justified.

Bifurcation of consideration into land and building separately necessary for claiming depreciation

June 24, 2018 9228 Views 0 comment Print

Where assessee made no bifurcation of land and building and claimed depreciation on entire amount, therefore the case was remanded back to AO for bifurcating consideration into land & building and depreciation was to be allowed only on building portion.

Deduction U/s. 54F available on Payment towards construction of house prior to sale of flat

June 24, 2018 16101 Views 0 comment Print

Tarun Jalali Vs Dy. DIT (ITAT Delhi) sub-section 4 of section 54F prescribes appropriation of sale consideration of original asset towards provision of new asset made within one year before the date of transfer of original asset, two years from the date of transfer or construction of new in-house property, within three years from the […]

Merely nomenclature of expense does not conclusively determine character and nature of expense

June 24, 2018 1278 Views 0 comment Print

Moreover, it has to be kept in mind by the AO that merely because nomenclature of expense is given as ‘Labour Charges Paid’ does not conclusively determine the character and nature of the expense claimed.

To achieve targets Dept official ignores Principles of law & cross their limits: ITAT

June 24, 2018 738 Views 0 comment Print

The present Misc. Application has been moved by the applicant – assessee pleading that though the Tribunal vide order dated 20.12.2017 had stayed the recovery of the balance amount to be recovered by the Department from the assessee for the assessment year 2009-10,

Upfront fees paid to AAI is a commercial right entitled to depreciation @ 25%

June 24, 2018 1113 Views 0 comment Print

Mumbai International Airport : Upfront fees paid to the Airports Authority of India (AAI) is a commercial right entitled to depreciation @ 25% relating to intangible assets

No Service Tax on Commercial Construction Service by an Individual prior to 01.05.2006

June 24, 2018 486 Views 0 comment Print

The present appeal challenges the Order-in-Appeal No.8/2010 dated 24.02.2010. The demand covered the period 2004-05 to 2006-07. The appellant was engaged in providing Construction Service and Commercial or Industrial Construction service

Robotics and Artificial Intelligence in Finance world

June 24, 2018 2973 Views 1 comment Print

With everyday grooming world and innovative environment, traditional way of working is changing now. There were a time when people were not familiar with computer and typical accountant were there to maintain the books, but with the passage of time we even cannot think to do the accounting without technology, whether its computer hardware or software available to us.

Received notice for removal of Company Name from ROC Register- What to do?

June 24, 2018 17298 Views 1 comment Print

ACTION to be taken against ROC Notice in FORM No. STK – 5 Pursuant to sub-section (1) and sub-section (4) of section 248 of the Companies Act, 2013 and rule 7 of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016.

ICAI expresses concern to CVC on Auditor appointment through tendering

June 24, 2018 2028 Views 0 comment Print

ICAI is always ready to extend its support to Central Vigilance Commission to have the uniformity and devise a rationale in the entire process of tendering of services.

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