"26 August 2018" Archive

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

United india insurance co. Ltd. Vs Indiro devi & ors. (Supreme Court of India)

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 […]...

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Set-off of unabsorbed depreciation allowable against Addition U/s. 68

Asst. Vs Sai Bhaskar Irons Ltd. (ITAT Visakhapatnam)

Asst. Vs Sai Bhaskar Irons Ltd. Once addition under section 68 was included in gross total income, AO had to allow set off of unabsorbed depreciation loss as provided under section 71 dealing with the set off of loss from one head against income from another head. FULL TEXT OF THE ITAT JUDGMENT This appeal […]...

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

Vijay Sachdev Vs JCIT (ITAT Delhi)

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 orde...

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Loans to Director under Section 185

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....

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Posted Under: Corporate Law |

Importance of GSTR-2A reconciliation

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 [&hell...

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Posted Under: Corporate Law |

Film distribution right acquisition expense cannot be claimed if Film is not commercially exploited

Malayala Manorama Co. Ltd. Vs Asst. Commissioner of Income Tax (Kerala High Court)

Malayala Manorama Co. Ltd. Vs ACIT (Kerala High Court) Rule 9B(5) starts with a non-obstante Under the said rule, it is laid down that deduction under Rule 9B shall not be allowed unless the distributor credits in the books of accounts, the amounts realised by the distributor in case where the distributor himself has exhibited […]...

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

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 Oppos...

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Posted Under: Corporate Law |

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

JCIT Vs M/s IMC Ltd (ITAT Kolkata)

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....

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Period of holding commences from Property Purchase agreement date

ACIT Vs Shri Michelle N. Sanghvi (ITAT Mumbai)

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...

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Capital Gains on Income From Sale of Agricultural Land

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....

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Posted Under: Corporate Law |