"08 July 2018" Archive

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

Vikas Goel & ANR Vs Union of India & ANR (Delhi High Court)

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....

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

Shri Sunil Kumar Sood Vs The JCIT (ITAT Delhi)

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. ...

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Addition on the basis of bounced cheques- ITAT Slams Revenue officials

Dy. Commissioner of Income Tax Vs Smt. Shashikala Ramkumar (ITAT Hyderabad)

CIT Vs Smt. Shashikala Ramkumar (ITAT Hyderabad) First of all it is not understandable how an AO can make addition on the bounced cheques. It is a general banking practice that once cheques are presented for clearance, bank credits out of its own funds, subject to clearance and when cheques are not cleared, the amounts […]...

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

M/s Shah Realtors Vs. ACIT (ITAT Mumbai)

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 under...

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CSR expense incurred on peripheral development prior to 01.04.2014 allowable

Ms. Misrilall Mines Pvt. Ltd. Vs Dcit circle (ITAT Kolkata)

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....

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

M/s. Power Max (India) Pvt. Ltd. Vs Dcit Circle (ITAT Kolkata)

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....

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Synopsis of Company Law Rules Amended/ Notified in Year 2018

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 ...

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Posted Under: Company Law |

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

Nand Nandan Agrawal Vs Dy. CIT (ITAT Agra)

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 e...

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Compliance Under Profession Tax (West Bengal)

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...

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Posted Under: Company Law |

Analysis of Disclosure of Beneficial Interest under Companies Act, 2013

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 ...

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Posted Under: Company Law |

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