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Archive: 08 July 2018

Posts in 08 July 2018

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

May 15, 2024 7113 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.

Director cannot be disqualified for failure of company to effect statutory compliances

July 8, 2018 2721 Views 2 comments Print

Petitioners had ceased to be the Directors of the Company, as stated by them, on 8thApril, 2011 and that they could not have been penalized for the failure of the company to effect statutory compliances.

Section 269SS not applies to Loan transaction between husband & wife

July 8, 2018 21417 Views 0 comment Print

Since in the present case also the assessee had taken the loan from his wife for the purchase of house which is for the benefit of the whole family, therefore, following the decision cited [supra], we hold that penalty levied u/s 271D of the Act in the instant case is not justified.

Addition cannot be made merely for sale of Flat at an undervaluation

July 8, 2018 1992 Views 0 comment Print

The fact that the assessee has sold flats at an undervaluation does not mean that he has understated the consideration and earned undisclosed ‘on money’. The mere presumption that excess price could have been charged is not a ground for coming to the conclusion that the assessee did charge a higher price. The burden of proving such understatement or concealment is on the Revenue

CSR expense incurred on peripheral development prior to 01.04.2014 allowable

July 8, 2018 1611 Views 0 comment Print

This appeal filed by the assessee is directed against the order of Ld. CIT(A) – 2, Kolkata dated 30.01.2017 and the solitary issue involved therein relates to the disallowance of Rs. 3 6,92,842/- made by the AO and confirmed by the Ld. CIT(a) on account of peripheral development expenses.

Expense on Pujas, Functions & related donations at construction sites is allowable

July 8, 2018 1827 Views 0 comment Print

At the time of hearing before the Tribunal, the learned counsel for the assessee has not pressed ground no 1 raised in the appeal of the assessee. It is also noted that ground no 4 raised by the assessee in this appeal in general which does not call for specific adjudication.

Synopsis of Company Law Rules Amended/ Notified in Year 2018

July 8, 2018 3225 Views 0 comment Print

Synopsis of Rules under the Companies Act, 2013: Amended; Notified In Year 2018 Please to share the article on the summary of updated/ amended Rules under the Companies Act, 2013, in year 2018 from the Month of January to July 2018 at glance with respective notification dates and effective dates Chapters Section Title Sections Applicable […]

Profit / Loss from Trading in currency derivatives cannot be treated as Speculative

July 8, 2018 21186 Views 0 comment Print

Because on due consideration of facts, circumstances of the case more particularly in view of the fact that transactions in currency derivatives made by the assessee which were all supported by time-stamped contract notes conducted at the floor of recognized stock exchange resulting into loss of Rs. 1,709,121, learned ‘CIT (Appeals) has erred in law holding the same as speculative transactions and thereby not allowing set off of same against other business income of the assessee

Compliance Under Profession Tax (West Bengal)

July 8, 2018 47550 Views 13 comments Print

Profession Tax is a tax levied on a person engaged in any profession, trade, calling and employment in West Bengal. Profession Tax is payable at the rates specified in the Profession Tax Schedule. For Tax Schedule Click Here- Profession Tax Rate Schedule West Bengal

Analysis of Disclosure of Beneficial Interest under Companies Act, 2013

July 8, 2018 38766 Views 3 comments Print

Article aims to bring clarity on new Section 90 of Companies Act, 2013 introduced by Companies (Amendment) Act, 2017 and Companies (Significant Beneficial Owner) Rules, 2018

Taxation of maturity proceeds of LIC Wealthplus policy

July 8, 2018 28473 Views 18 comments Print

Lakhs of people have received their maturity proceeds under LIC Wealthplus Insurance policies during the year ended 31-3-2018 and they have to submit their income tax return on due dates in this year on different dates according to their status.

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