"05 September 2018" Archive

Deemed Registration if CIT fails to dispose off sec. 12AA application within 6 months

Visvesvaraya Technological University Vs Commissioner of Income-tax (Exemptions) (ITAT Bangalore)

Visvesvaraya Technological University Vs CIT (Exemptions) (ITAT Bangalore) Assessee has moved an application for registration under section 12A on 25.05.1999, but this application was not disposed of by the CIT and it was kept pending and assessee was persuaded by the Revenue to file another application for registration. Vide letter dat...

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AO cannot ignore reply submitted by Assessee related to cash deposit for Reassessment

Hemant Manaharlal Shah (HUF) Vs ITO (Gujarat High Court)

Hemant Manaharlal Shah (HUF) Vs ITO (Gujarat High Court)  The Assessing Officer formed a belief that income chargeable to tax has escaped assessment, on the ground that noticing a big mismatch between the returned income and cash transactions in the assessee’s bank accounts, queries were raised, which remained un­replied. This is...

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Amalgamation scheme devised to benefit few shareholder and to huge avoid tax cannot be approved: NCLT

In re Gabs Investments Pvt. Limited Vs Ajanta Pharma Limited (NCLT Mumbai)

Scheme of Amalgamation and Arrangement between G Pvt. Ltd.  ('Transferor Company') and A Limited (`Transferee Company') and their respective shareholders appeared to be unfair, unreasonable and was not in the public interest as the scheme was devised mainly to benefit the four share holders of G who were also the promoters of A (common p...

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Posted Under: Income Tax | |

Significant Beneficial Owner- Conditions and Compliance

As per Section 90(1) - Every individual, who acting alone or together, or through one or more persons or trust, including a trust and persons resident outside India, holds beneficial interests, of not less than 25% or such other percentage as may be prescribed, in shares of a company or the right to exercise, or the actual exercising of s...

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Posted Under: Income Tax |

GST, Excise, Service Tax, Customs & VAT updates for August 2018

Indirect Taxes Updates- GST, Customs, Excise & Service Tax- Month – August 2018 (updated upto 5th Sept. 2018)  A. Amendment in Goods & Services Tax for the Month of August 2018 (updated upto 5th Sept. 2018) 1. Government notifies CGST GST Amendment Acts 2018 In order to give effect to decisions taken in 28th GST Council [&...

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Posted Under: Income Tax | ,

No legal bar on merger of an Indian LLP with an Indian Company

M/s. Real Image LLP  Vs  M/s. Qube Cinema Technologies Private Limited (NCLT)

M/s. Real Image LLP  Vs  M/s. Qube Cinema Technologies Private Limited (NCLT) Legislative intention behind enacting both the LLP act 2008 and The Companies Act 2013 is to facilitate the ease of doing business and create a desirable business atmosphere for companies and LLPs. For this purpose, both the Acts have provided provisions for...

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Posted Under: Income Tax | |

Analysis of Changes In GST Rules vide Notification dated 04.09.2018

Vide Notification No. 39/2018 – Central Tax dated 04.09.2018, CGST Rules have been amended for the eighth time in the current calendar year. Consequent amendments have also been made in the respective State Rules. Before we discuss the amendments, it may be noted that except otherwise stated, all the amendments shall come into force fro...

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Posted Under: Income Tax |

Evidence submitted during assessment cannot be rejected merely for non submission at the time of seizure

CIT Vs Rakesh Ramani (Bombay High Court)

There is no requirement in law that evidence in support of its case must be produced only at the time when the seizure has been made and not during the assessment proceedings. ...

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S.54 Assessee to offer exemption claimed to tax on return of money given to builder

Suhas Vasantrao Joshi Vs DCIT (ITAT Ahmedabad)

Suhas Vasantrao Joshi Vs DCIT (ITAT Ahmedabad) If an assessee booked a flat under self-finance scheme of DDA or any other similar situated institutions, then it would be construed that the assessee has fulfilled conditions enumerated in section 54 and would be entitled for the exemption. In the present case also the assessee has booked [&...

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No Anti-Profiteering Under GST In Online Discounts

As per GST law in India, the GST law contains a unique provision on anti-profiteering measure as a deterrent for trade and industry to enjoy unjust enrichment in terms of profit arising out of implementation of Goods and Services Tax in India, i.e., anti-profiteering measure would obligate the businesses to pass on the cost benefit arisin...

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Posted Under: Income Tax |

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