"September, 2018" Archive

Join Online GST Certification Course by TaxGuru & GST Professionals

TaxGuru and GST Professionals announces its 7th and most comprehensive Online GST Certification Course after successfully completing its previous 6 batches with more than 6000 successful participants. Online Course involves 2 classes a week for 3 hrs on weekends for one and half months (30 hrs detailed course). Batch start date 14th Octo...

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Resolution vs. Liquidation: The Real Spirit of Insolvency and Bankruptcy Code, 2016

Revival of the stressed company may be the primary objective of the Code, but official data show that more companies have gone for liquidation in the new regime so far than the resolution as lenders have failed to endorse any viable plan for their revival. According to the data available on the IBBI website, till the end of June 2018, tot...

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E-Commerce Meets its Darling GST Compliance….Section 51

The Long awaited Section 51 of CGST Act 2017 related to Tax Deduction at Source is finally going to be  fortunate for the E-Commerce operator from 1st Oct 2018. With view to understand the E-commerce modal and applicability of GST on this business an effort is made to lay down the principle compliance in most […]...

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Disallowance justified for non deduction of TDS on Provision for Audit Fees

Citadel Fine Pharmaceuticals (P.) Ltd. Vs Asstt. CIT (ITAT Chennai)

Since assessee had made provision for audit fees to account of payee, provisions of section 194J were clearly attracted and non-deduction of tax at source would automatically invite disallowance under section 40(a)(ia)....

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Profits from sale of land with well thought business project is Business Income

Smt. Anita Singh Vs ACIT (ITAT Indore)

Smt. Anita Singh Vs ACIT (ITAT Indore) in the year 2006 itself the assessee along with other persons initiated the process of developing a colony which is proved by the Registration No.40/2006 issued on 21.8.2006. Few months before and the period thereafter all these 18 persons kept on purchasing the land from various land owners and pa...

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“Event” Or “Occasion” In Section 269ST of Income Tax Act: An Analysis

According to Section 269ST No person shall receive an amount of two lakh rupees or more— (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use o...

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ITAT on release of person arrested for non-payment of tax dues on subsequent Stay

Sh. Devinder Singh Gill Vs The DCIT (ITAT Chandigarh)

Devinder Singh Gill Vs DCIT (ITAT Chandigarh) Since the recovery in this case has been stayed subject to the deposit of Rs. 20 lacs, in total, and if the assessee deposit Rs. 20 Lacs as ordered above, in that event, there will be no reason left with the TRO to keep the assessee in jail. […]...

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Notice issued in the name of a dead person is unenforceable despite non-intimation of death

Alamelu Veerappan Vs ITO (Madras High Court)

Alamelu Veerappan Vs ITO (Madras High Court) Admittedly, the limitation period for issuance of notice for reopening expired on 31.3.2017. The impugned notice was issued on 30.3.2017 in the name of the dead person. On being intimated about the death, the Department sent the notice to the petitioner – his spouse to participate in the ...

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Gain from sale of shares with Short holding- Business Gain or Capital Gain

Ramilaben D. Jain Vs ACIT (Bombay High Court)

Ramilaben D. Jain Vs ACIT (Bombay High Court) Details of the sales and purchase in shares during the year resulted in the conclusion of the Tribunal that total 73 transactions were disclosed. Only one transaction is shown in long term capital gain category. The other transactions are sales and purchase of shares during the year itself. [...

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Bombay High Court passes strictures against Income Tax Department

Pr. CIT vs Radan Multimedia Ltd. (Bombay High Court)

We have found that the Revenue's advocates are often handicapped for neither the records are produced nor are officers competent to give instructions to these advocates for the Revenue present in the Court. It is time to remind the Revenue that arguing legal matters or proceedings before the highest court in the State should not be taken ...

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