"September, 2018" Archive

Join Online GST Certification Course by TaxGuru & GST Professionals

TaxGuru and GST Professionals announces its 9th and most comprehensive Online GST Certification Course after successfully completing its previous 8 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 20th Janu...

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

Article give Introduction of Section 269ST further article explains Ambiguity Relating To The Words 'Event' / 'Occasion' Used In Section 269ST, Requirements To Ensure Compliance With Clause (c) of Section 269/ST, Different Type Of Events / Occasions for Section 269ST, Separatebility / Inseparatibility Of Transactions and  Some Suggested ...

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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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ITAT allows Proportionate Vacancy Allowance for period of Vacancy

Saif Ali Khan Pataudi Vs ACIT (ITAT Mumbai)

Saif Ali Khan Pataudi Vs ACIT (ITAT Mumbai) In case the property or part thereof was vacant during the period, the proportion deduction should be allowed from the sum on which the property might reasonably be let out from year to year. We find that it is the plea of the assessee that due to […]...

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Voluntary Liquidation under Insolvency and Bankruptcy Code, 2016

Introduction  The Provisions of voluntary winding up have been removed from the Companies Act, 2013 and are now governed by the IBC, 2016. Ministry of Corporate Affairs vide notification dated 30th March, 2017 notified Section 59 of the Insolvency and Bankruptcy Code, 2016 which is relating to Voluntary Liquidation of Corporate persons...

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