"21 September 2018" Archive

Capital Gain tax payable on Sale of Land declared as non- Agricultural

Virvati Devi Vs Commissioner of Income Tax (ITAT Delhi)

Virvati Devi Vs CIT (ITAT Delhi) The Ld. CIT(A) correctly noted that possession of the property in question was not transferred at the time of Agreement to Sale. After the Agreement to Sale the SDM vide order dated 26.02.2009 changed the land use and declared the land as non- agricultural. The sale deed dated 24.03.2009 was […]...

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Insurance Premium for Family Members of Employees is Business Expense

Loesche India Pvt. Ltd. Vs ACIT (ITAT Delhi)

Loesche India Pvt. Ltd. Vs ACIT (ITAT Delhi) The record reveals that the assessee had paid the insurance premiums of the employees’ family members in terms of employment Rules framed by the assessee-company there for. Therefore, it can hardly be said that the impugned expenditure were not incurred wholly and exclusively for the purpose ...

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3% Tax Rate benefit under MVAT Act cannot be given prior to 14.10.2017

Deepak Fertilisers and Petrochemicals Corporation Ltd. Vs The State of Maharashtra (Bombay High Court)

Deepak Fertilisers and Petrochemicals Corporation Ltd. Vs The State of Maharashtra (Bombay High Court) The only question that we have to consider is whether this concessional rate of duty could be availed of by the petitioner from 24.08.2017 to 13.10.2017. The intervening period where the taxable person under MGST Act does not continue to...

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Compounding Fee paid to Legal Metrology Dept is allowable expense

Ocean Agro Vs DCIT (ITAT Ahmedabad)

Ocean Agro (India) Ltd. Vs DCIT (ITAT Ahmedabad) A short issue before us is, whether compounding fees expended by the assessee is compensatory in nature, and allowable expenditure under section 37(1) or not. We find that Explanation 1 appended to section 37(1) of the Income Tax Act prohibits allowance of any expenditure, if it was incurr...

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AO cannot ignore sale price declared by assessee without any basis

Flipkart India (P) Ltd. Vs Asstt. CIT (ITAT Bangalore)

Flipkart India (P) Ltd. Vs ACIT (ITAT Bangalore) Where the assessee sold goods at loss in order to create market for itself, AO disregarded the loss without any basis and converted the same into income then action of AO was not justified. What can be taxed is only income that accrues or arises as laid […]...

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Payment by Tenant for removal of Sub-Tenants from Property is Capital Expenditure

United Spirits Limited Vs CIT (Calcutta High Court)

United Spirits Limited Vs CIT (Calcutta High Court) The assessee contends that it was merely in possession of the premises. Litigation was continuing in this Court. They were allowed to retain possession of the premises, by the Court, on payment of occupation charges of Rs. 32,000/- per month. They say that they were not the […]...

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Extend Tax Audit Report Filing Due Date: SGTTA

South Gujarat textile traders association is the leading trade organization of south Gujarat. It is representing more than 40000 traders of surat and entire south Gujarat. The association has played vital role in disseminating awareness about GST and has held hundreds of meetings to clarify the doubts of the trade and industry....

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Posted Under: Income Tax |

Understanding Part III of GSTR – 9C Reconciliation of Tax Paid

The Central Board of Indirect Taxes and Customs, vide notification no. 49/2018 – Central Tax dated 13th September, 2018, has provided the format of FORM GSTR – 9C. As per section 35 (5) of the Central Goods and Service Tax Act, 2017, read with rule 80 (3) of the Central Goods and Service Tax Rules, 2017, […]...

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Posted Under: Income Tax |

Facility to upload Ledger Confirmation directly on mahagst.gov.in

Trade Circular No: 24 T of 2018 (21/09/2018)

The Input Tax Credit (ITC) claimed by the dealers is cross verified from matching of electronic Sales (Annex J 1) and Purchases (Annex J 2) annexures filed with the Audit Reports in Form 704 and the electronic returns is considered for allowance of ITC. ...

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KYC requirements for Foreign Portfolio Investors (FPIs)

Circular No. CIR/IMD/FPIC/CIR/P/2018/131 (21/09/2018)

KYC Review means steps taken to ensure that documents, data or information collected under the due-diligence process are kept up-to-date and relevant by undertaking reviews of existing records on a periodical basis. FPIs shall be subject to KYC review as and when there is any change in material information / disclosure. ...

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