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Archive: 22 August 2018

Posts in 22 August 2018

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

May 15, 2024 6501 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.

Maintenance of Accounts And Records Under GST Regime

August 22, 2018 29022 Views 0 comment Print

Every registered person under GST must maintain all records at his principal place of business as prescribed under Section 35 of the Central Goods and Service Tax Act, 2017 read with Rule 56 of the Central Goods and Service Tax Rule, 2017.

Personal Loans: Focus on Need, Not Eligibility

August 22, 2018 6612 Views 1 comment Print

When you are going through a cash crunch, then a short-term personal loan can often be a life-saver. In fact, people take loans for all kinds of purposes- international trips, purchase of two-wheelers, and even marriages. However, are there some situations in which you should steer clear of getting a loan?

No Tax Exemption if society Fund was used to provide Scholarships to students for Business Need of group entity

August 22, 2018 837 Views 0 comment Print

M/s. Commitment Mortality Vision Education Society Vs ACIT (ITAT Delhi) In the instant case by way of collusion between the FIITJEE Group and the assessee, the funds have been given to the Group entities in the name of disbursement of scholarship etc. This collusion is evident from the statement of Sh. Aseem Gupta as how […]

Limitation Law not applies to Service Tax Refund Applications where Tax was paid by Mistake

August 22, 2018 11757 Views 0 comment Print

M/s. 3E Infotech Vs Customs (Madras High Court) we are of the opinion, that when service tax is paid by mistake a claim for refund cannot be barred by limitation, merely because the period of limitation under Section 11B had expired. Such a position would be contrary to the law laid down by the Hon’ble Apex Court, […]

Penalty cannot be imposed merely because AO did not allow claim of Assessee

August 22, 2018 1116 Views 0 comment Print

Recently, in Aristo Pharmaceuticals Pvt. Ltd. vs. ACIT [ITA No.6680/Mum/2012 with ITA No.5553/Mum/2014 and ITA No.5479/Mum/2015, A.Y.: 2009-10, 2011-12 & 2012-13, decided on 26.07.2018], briefly stated, the assessee-company was engaged in the business of manufacturing and sale of pharmaceuticals products filed its return of income for A.Y. 2005-06 on 31.10.2005

National Pension Scheme-NPS- Mix of EET & EEE (whether only for tax saving or investment for retirement life)

August 22, 2018 3969 Views 1 comment Print

Insertion of Section 10(12A) Finance Act (FA), 2016 was a welcome step by the CBDT to the NPS subscribers wherein 40% of the accumulated NPS corpus was made exempt from income tax on closure of NPS account at the time of withdrawal. Earlier, the entire amount was taxable. CBDT is introducing new provisions in IT Act to provide NPS a level playing field at par with the EPF, superannuation fund and other retiral plans so that it is also seen as tax friendly instrument.

Ownership and succession of HUF assets

August 22, 2018 39666 Views 5 comments Print

There is a misconception among people that an HUF can come into existence only if it owns any assets. An HUF and HUF assets are two different concepts. It is not necessary that an HUF should have an asset for coming into existence. There may be situation where an HUF exists on the basis of existence of persons but it may not own any asset.

Assessee cannot question jurisdiction of AO in case of non-compliance and/or after the stipulated period

August 22, 2018 11196 Views 0 comment Print

Abhishek Jain Vs ITO (Delhi High Court) Abhishek Jain, as an individual, has filed the present writ petition for quashing notice dated 18th February, 2016 issued under Section 148 read with Section 147 of the Income-tax Act, 1961 (hereinafter referred to as the ‘Act’) for the assessment year 2009-10 by the Income-tax Officer, Ward No.1 (1), […]

Closure of an Inactive Company under Companies Act, 2013

August 22, 2018 32625 Views 6 comments Print

In India more than 30% of the Companies registered are inactive as per Government data. Thus, MCA started using provision of Section 248(1) to cancel the registration of such Companies by sending notices to these Companies. So far, the government has de-registered over 2.25 lakh companies for non-filing of returns mandated. Directors associated with these […]

2nd proviso to section 158BC(a) do not prohibits an assessee from raising additional claim before appellate authorities

August 22, 2018 543 Views 0 comment Print

Bombay High Court ruling on revised income tax return. Second proviso to Section 158BC(a) discussed. Learn about the key legal considerations.

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