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Archive: 27 June 2018

Posts in 27 June 2018

Profit from share is assessable as business Income in case of short duration of holding of shares and lack of clarity in account books

June 27, 2018 1212 Views 0 comment Print

Facts of the case, in brief, are that the assessee is an individual and derives income from capital gain and other sources. She filed her return of income on 24.08.2011 declaring total income of Rs.8,60,074/-. During the course of assessment proceeding, the Assessing Officer observed that the assessee has sold share of M/s J.T.

AAR cannot decide if a transaction is an inter-state supply or intra-state supply

June 27, 2018 636 Views 0 comment Print

In re M/s. Fichtner Consulting Engineers (India) Private Limited (GST AAR Tamilnadu) The Authorised Representative of the Applicant was heard in the matter. They submitted that they are providing engineering consultancy services to a recipient in Chennai in relation to an immovable property, a coal mine located in North Karanpura Coalfields, Jharkhand for coal handling […]

Polysulphide sealants classifiable under CTH 32141000; 28% GST Payable

June 27, 2018 3138 Views 0 comment Print

In re Anabond Limited (GST AAR Tamilnadu) It is hereby clarified that the ‘Polysulphide Sealant’ manufactured by the applicant and marketed under the trade name ‘Anabond Tuffseald’ is classifiable under CTH 3214 10 00 of the First Schedule to the Customs Tariff Act, 1975 as applicable to GST as per Explanation (iii) to Notification 1/2017-Central […]

Lok Adalat cannot adjudicate a lis on merit except settlement

June 27, 2018 1374 Views 0 comment Print

Learned counsel for the petitioners submits that the Lok Adalat could not have passed the order on merits and should have been referred the case to the Regular Court for adjudication and if the orders are passed thereafter the substantial right of the petitioner would have been affected, therefore, the impugned order dated 09.09.2017 be set aside and the case be referred to the regular Court for decision on merits.

In case of finance lease, lessor eligible to claim depreciation

June 27, 2018 11718 Views 0 comment Print

This appeal by the Assessee is arising out of the order of Commissioner (Appeals)-5, Mumbai, (in short CIT(A)) in appeal No. CIT(A)-5/DCIT-2(2)/IT-118/2006-07 dated 15-11-2011. The Assessment was framed by the Deputy Commissioner, Circle-2(2), Mumbai (in short DCIT) for the assessment year 2004-05 vide order even dated 18-12-2006 under section 143(3) of the Income Tax Act, 1961 (hereinafter ‘the Act).

Know your income tax form ITR-3

June 27, 2018 9597 Views 1 comment Print

WHAT IS ITR 3 ITR-3 Form is for individuals and HUFs having income from a proprietary business or profession. ITR-3 APPLICABLE FOR: The persons having income from following sources are eligible to file ITR 3: Business or profession Return may include income from House property/ Salary/Pension and Income from other sources LIC Agents (Commission income) […]

Grant of Commendation Certificate on the occasion of GST Day-2018

June 27, 2018 1644 Views 0 comment Print

Board has gone through the list and decided the following names for Commendation Certificates on the GST Day, 2018. You are requested to kindly inform the awardees regarding their Commendation Certificate and provide any assistance required.

Appropriate use of Country by Country (CbC) Reports- CBDT instruction

June 27, 2018 4902 Views 0 comment Print

All the CbC Reports filed in India as well as exchanged by other jurisdictions shall be primarily accessed by the Competent Authority of India (Joint Secretary, FT & TR-1 and Joint Secretary, FT & TR-11 in CBDT) and DGRA in accordance with the provisions of the treaties and the Act, 1961.

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