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Archive: 13 July 2018

Posts in 13 July 2018

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 609 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

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

May 15, 2024 7503 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.

Use PAN to check compliance for a single foreign portfolio investor: SEBI

July 13, 2018 1059 Views 0 comment Print

a) Use Permanent Account Number (PAN) issued by Income Tax Department of India for checking compliance for a single foreign portfolio investor; and b) Obtain validation from Depositories for the foreign portfolio investors who have invested in the particular primary market issuance to ensure there is no breach of investment limit within the timelines for issue procedure, as prescribed by SEBI from time to time.

CBDT amends Income Tax Advance ruling Forms

July 13, 2018 2289 Views 0 comment Print

Income-tax (7th Amendment) Rules, 2018- CBDT seeks unique number for identification of non-resident- CBDT amends Forms for advance ruling -Notification No. 31/2018-Income Tax Dated 13th July, 2018 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 31/2018-Income Tax New Delhi, the 13th July, 2018 G.S.R. 647(E).―In exercise of the powers conferred […]

No tax on Mesne Profits for wrongful deprivation of use & occupation of property

July 13, 2018 3354 Views 0 comment Print

Special Bench of Mumbai Tribunal in the case of Narang Overseas Pvt Ltd vs ACIT reported in 111 ITD 1 (Mum ITAT ) (SB) had held that mesne profits received by assessee for wrongful deprivation of use and occupation of property constitutes capital receipt and hence not chargeable to tax. Respectfully following the same , we hold that the ld CITA had rightly granted relief to the assessee by holding that the receipt of Rs 90 lacs by the assessee is a capital receipt not chargeable to tax.

E-way bill declaration made after detention of goods cannot absolve assessee from penalty

July 13, 2018 4107 Views 0 comment Print

Asstt. STO Vs Indus Towers Ltd. (Kerala High Court) In the present case the delivery chalan which accompanied the transport is one issued by the assessee respondent, over which the assessee has absolute control and could be subject to manipulation. The assessee having transported the goods with delivery chalan, could very well sell the goods […]

Goods not liable for confiscation for non compliance of GST rules in absence of taxable supply

July 13, 2018 2856 Views 0 comment Print

In one of the recent judgment of Kerala High Court in M/S Indus Towers Limited Vs. The Assistant State Tax Officer, it was held that goods cannot be confiscated for every non- compliance of the provisions of the act.

Addition for Difference between incomes in TDS certificate and declared in return

July 13, 2018 3747 Views 0 comment Print

ACIT Vs Rajiv Nayar (ITAT Delhi) The AO, based on TDS  information, assessed the corresponding professional income, on accrual basis, in the relevant year. Whereas the appellant’s contention is that since he has offered professional receipts for tax on cash/receipt basis as he follows cash system of accounting; therefore, charging of certain professional income on accrual […]

Amount received towards reimbursement of cost cannot be taxed

July 13, 2018 3258 Views 0 comment Print

Tribunal after going through the terms of the agreement has held that the reimbursement of cost cannot be considered to be part of fee for technical services, hence, is not taxable.

Addition for Bogus expenditure U/s. 69C justified on failure to prove rendition of services

July 13, 2018 3321 Views 0 comment Print

Where assessee had not proved actual rendition of the foundation services and also whether alleged service providers possessed necessary expertise and infrastructure to render the foundation services, AO was justified in making addition of payments made to them, under section 69C.

No addition in Section 153A assessment for unexplained share capital In absence of incriminating material

July 13, 2018 2049 Views 0 comment Print

In respect of assessments completed prior to date of search that have not abated, the scope of proceedings under section 153A has to be confined only to material found during search. As no material, whatsoever, was found in the course of search, question of making addition on account of unexplained share capital could not have been the subject-matter of proceedings under section 153A.

NOIDA authority is not Municipality and not eligible for exception U/s. 10(20)

July 13, 2018 8361 Views 0 comment Print

New Okhla Industrial Development Authority Vs CCIT (Supreme Court) Appellant namely ‘New Okhla Industrial Development Authority; claimed that he is covered by Clause (ii) of the Explanation to Section 10(2) i.e. Municipality as referred to in clause (e) of Article 243P of the Constitution. We, while discussing above provisions, have already held that the appellant […]

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