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Archive: 26 August 2018

Posts in 26 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.

Salary Certificate is Not the Only Basis to calculate Motor Accident Compensation

August 26, 2018 5223 Views 0 comment Print

United india insurance co. Ltd. Vs Indiro devi & ors. (Supreme Court of India) There is no doubt that if the salary certificate is taken into account the salary of the deceased should be taken as Rs. 1,06,176/- since the gross salary was Rs.8848 per month. That, however, in our view does not mean that the income […]

Non-consideration of decision of jurisdictional High Court is mistake apparent from record

August 26, 2018 3624 Views 0 comment Print

Vijay Sachdev Vs JCIT (ITAT Delhi) It is well settled law that non-consideration of decision of Jurisdictional High Court is mistake apparent from record. Ld. Counsel for the assessee, therefore, rightly contended that Ld.CIT(A) did not follow the judgement of the Jurisdictional High Court and shall have to rectify the mistake in his order in […]

Loans to Director under Section 185

August 26, 2018 33624 Views 4 comments Print

This Article contains various provisions of Loans to Directors under Section 185 of the Companies Act, 2013. Author tries to simplify provisions of the same after incorporating changes done through Companies Amendment Act, 2017.

Importance of GSTR-2A reconciliation

August 26, 2018 42720 Views 13 comments Print

From the date of implementation of GST regime, the Government has mandated filing of GSTR-1 and GSTR-3B only. During this period, registered persons were allowed to take input tax credit (ITC) based on figure reported in GSTR-3B. Although filing of GSTR-2 was kept in abeyance but, by virtue of some provisions of GST legislation, it […]

What the IMF Had to Say About India in 2014 and Then in 2018

August 26, 2018 1179 Views 0 comment Print

The International Monetary Fund holds bilateral discussions with its members usually every year. On the basis of the consultations with various experts and after analysing the economic data, they come out with their staff report. What political parties and their representatives normally say depends on where they stand – whether in Opposition or in Government.

No disallowance U/s. 14A if Satisfaction as to incurring of expense against exempt income not recorded

August 26, 2018 1812 Views 0 comment Print

Where AO had directly made the disallowance under section 14A by abruptly rejecting workings of assessee without having any cogent reason to deny the claim made by the assessee no expenditure was incurred for earning exempt income, the disallowance was deleted.

Period of holding commences from Property Purchase agreement date

August 26, 2018 7461 Views 0 comment Print

On the facts and circumstances of the case and law, the Ld. CIT(A) has erred in not appreciating the action of the A.O. in making an addition of Rs. 2,,88,65,116/- treating the capital gain arising as a result of sale of flat No. 1807, Ashok Towers, Mumbai, as short term capital gain

Capital Gains on Income From Sale of Agricultural Land

August 26, 2018 258209 Views 41 comments Print

Sale of land resulting in business income The first and most important issue to be determined is whether the land is held as investment or stock in trade. If the agricultural land is held as stock in trade then the sale of such lands is taxable as business income and no exemption under the Act is provided in this regard.

Income From Capital Gain – Assessment , Case Laws

August 26, 2018 30049 Views 4 comments Print

The issue of short term capital gains (STCG) vs long term capital gains (LTCG) is an ongoing issue. In many of the cases, it is also intertwined with treating such gains as business income. Further, in some of the cases where claims of LTCG have been made, the AOs have treated them as sham transactions and taxed them under Section 69 of the Act, particularly with respect to dealings in penny stocks. The focus of this concept paper has been ke

Computer Software- Direct Tax Implication

August 26, 2018 43397 Views 3 comments Print

There is a never ending debate on whether software related payment made by a resident to a foreign recipient is in the nature of Royalties or Fees for Technical Services or Business Income.

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