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Archive: 10 July 2018

Posts in 10 July 2018

Let your Investments Evolve With Your Life

July 10, 2018 1826 Views 0 comment Print

As we progress in life, our goals and milestones are modified. Not only have we changed the way we live but we also change our perception of the future. Our life’s goals include factors such as travelling, medical benefits, financial independence and zero liabilities.

Extend Income Tax Return due date & Relax application of Section 234F

July 10, 2018 95883 Views 100 comments Print

Representation On Relaxing The Application Of Section 234F Of Income Tax Act And Extension Of Due Date For Filing Income Tax Returns Of Individuals And Small Businesses

Penalty levied by IRDA for non-compliance of Regulation is allowable

July 10, 2018 1713 Views 0 comment Print

This appeal filed by the assessee is directed against the order of Ld. CIT (Appeals) – 18, Kolkata dated 15.04.2016 and the solitary issue involved therein relates to the disallowance of Rs. 5,00,000/- made by the A.O. and confirmed by the Ld. CIT(A) on account of penalty charges paid to Insurance Regularly and Development Authority (IRDA).

Bogus LTCG addition based on statement of others not sustainable if Assessee not been provided copy of such statement with Opportunity to cross-examination

July 10, 2018 906 Views 0 comment Print

Ld. CIT(A) erred in treating the income offered by the assessee under the head income from capital gains as against under the head income from other sources as assessed by the Assessing Officer treating the same as income from undisclosed sources.

Appearance of Women before ED not contrary to Section 160 of Code of Criminal Procedure

July 10, 2018 3243 Views 0 comment Print

Nalini Chidambaram Vs Directorate of Enforcement (Madras High Court) It is an admitted fact that initially the appellant was permitted to appear through the authorised agent. The impugned notice was issued on finding certain new facts and contradiction in the statements given, which could not be satisfactorily explained by the authorised agent. The appellant has been rendering a professional service by travelling extensively throughout the country. While doing so, the question of determination of sex did not stand in any way. However, for appearing before an authority, which is mandated by law, she seeks protective discrimination as a […]

Sec 153C: Mere hand written paper could not be construed as books of accounts

July 10, 2018 981 Views 0 comment Print

Mere hand written paper could not be construed as books of account or documents in terms of section 153C and such documents having no signature of assessee-company or its employees could not be stated as belonging to assessee, so as to invoke section 153C.

TDS on Electricity Bill reimbursement to landlord

July 10, 2018 72048 Views 2 comments Print

Issue: Whether the TDS provisions are applicable on payment of electricity reimbursement to landlord in case of there is no mark-up? Opinion The opinion is based on the following two questions: Whether the invoice from landlord as same from Electricity Department? Whether the invoice from landlord is composite supply? The first question here is to […]

Summary of Company law rules as amended on 05.07.2018 & 07/05/2018

July 10, 2018 5448 Views 0 comment Print

MCA vide notification dated: 05th July, 2018 has amended many rules of Companies Act, 2013 to support notified 75 sections of Companies Amendment Act, 2017. In this editorial author shall endeavor to briefly discuss such amended rules.

SC decision in Goetze (India) vis-à-vis Article 265 of Indian Constitution

July 10, 2018 16320 Views 1 comment Print

Hon’ble Supreme Court in the case of Goetze (India) Ltd. held that the Assessing Officer does not have the power to entertain a fresh claim raised before him otherwise than by filing a revised return. However, can this still hold good in view of Article 265 of the Constitution of India.

Requirement for KYC of Directors- Form No. DIR-3-KYC

July 10, 2018 32661 Views 9 comments Print

As the continuous effort from the Ministry toward the more complied environment the latest step has come to weed out bogus directorships and updating its registry, Ministry of Corporate Affairs (MCA) has decided to conduct KYC process for all directors, including those who have been disqualified, of all companies annually.

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