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Archive: 15 July 2018

Posts in 15 July 2018

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

May 15, 2024 6459 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.

When sales are not doubted 100% disallowance for bogus purchase can’t be made

July 15, 2018 5250 Views 0 comment Print

This appeal by the assessee is directed against order of ld. Commissioner of Income Tax (Appeals)-1, Thane dated 13.07.2016 and pertains to the assessment year 2010-11

Addition for Share premium U/s. 68 cannot be made merely on the ground that directors of share subscribers did not turn up before AO

July 15, 2018 2991 Views 0 comment Print

ITO Vs. Wiz-Tech Solutions Pvt. Ltd (ITAT Kolkata)  The main plank on which the AO made the addition was because the directors of the share subscribers did not turn up before him. In such a case the Hon’ble Apex Court in the case of Orissa Corpn. (P) Ltd. (supra) 159 ITR 78 and the Hon’ble […]

Section 14A can be put in motion only when there is exempt income

July 15, 2018 2484 Views 0 comment Print

This appeal by the revenue arises out of the order of the Learned Commissioner of Income Tax(Appeals)-20, Kolkata [in short the ld CIT(A)] in Appeal No.1044/CIT(A)-20/CC-1(1)/15-16 dated 25.07.2016 against the order passed by the ACIT, CC-1(1), Kolkata

Depreciation allowable on Assets ready to use but not put to use

July 15, 2018 31638 Views 0 comment Print

Betterman Engineers Pvt. Ltd. Vs I.T.O. (ITAT Kolkata) In the instant case the assessee has acquired certain fixed assets on lease and has charged depreciation on the same. The assets being the godown building, office building, power house building, Weigh Bridge room and machinery. The ld. AO on the basis of the statement made by […]

S. 37(1) Settlement Charges Paid to SEBI for Violation of SEBI Provisions allowable

July 15, 2018 5676 Views 0 comment Print

The fact that the consent application proposed by the Respondent was accepted by SEBI also on the footing that the Respondent has paid the settlement “without admitting or denying the charges” indicates that the SEBI was not unaware of the outcome of its case against the Respondent. There is no reason to believe or infer that consent application without admitting guilt amounts to evidence of an offence having been committed.

Filing of return before due date is Mandatory to claim deduction u/s 80IA

July 15, 2018 3981 Views 0 comment Print

The AO was of the view that as per the provision of section 80AC of the Act any deduction under Chapter-VI A of the Act (Sec. 80IA of the Act is part of Chapter VIA of the Act) can be claimed only if the return of income for the relevant assessment year is filed on or before the due date prescribed u/s 139(1) of the Act. Since the assessee has not complied with the aforesaid conditions, the AO refused to allow deduction u/s 80IA of the Act.

ICAI- The Rebirth of Fixing Fee Undercutting

July 15, 2018 28722 Views 1 comment Print

The Institute of Chartered Accountants of India is contemplating conveying back regulation that prohibits undercutting of fees by audit firms. In a recent council meeting, council members discussed returning to the earlier ethical rule when firms weren’t allowed to undercut statutory audit fees. The members deliberated on the issue and directed the Ethical Standards Board […]

TDS & Tax Provisions for F.Y.2018-19

July 15, 2018 165477 Views 20 comments Print

TDS & Tax Provisions for F.Y.2018-19 TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department.

Justification of 100% penalty for non-compliance of E-way Bill Rules?

July 15, 2018 51768 Views 31 comments Print

Section 126 mandates that no penalty shall be levied for minor breaches of tax regulations or procedural requirements. Accordingly, non-mentioning of vehicle no. in part-B of E-way bill should be treated as minor breach specially where goods are carried with proper tax invoice, bilty no. showing vehicle No. and RC of vehicle etc.

Complete your Director’s KYC before 31st August, 2018 to save penalty of Rs.5,000/-

July 15, 2018 6102 Views 4 comments Print

MCA notifies format of e-form DIR-3 KYC under new Rule 12A (Directors KYC) along with procedure for restoration of deactivated DINs of Directors, applicable w.e.f. 10 July, 2018

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