"22 September 2018" Archive

Set off of long-term capital loss on sale of unquoted equity shares against gain on sale of property

Chandra N. Hingorani Vs ITO (ITAT Mumbai)

Merely because the assessee had sold the shares at face value in a distressed situation it could not be presumed that the assessee had engineered the transaction to manage its tax liability. Therefore, AO was not justified in disallowing the claim of assessee for set off of long-term capital loss on sale of unquoted equity shares against ...

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S. 195 TDS provisions applies only when remittance results in taxable income

Barclays Bank PLC Vs ADIT (ITAT Mumbai)

Where overseas HO was not liable to pay any tax on interest remitted by assessee, there was no obligation to deduct TDS under section 195(1) on such remittance because TDS provisions are attracted only when such remittance results in taxable income....

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Addition U/s. 69 justified on failure of Assessee to establish that cash deposited in her bank a/c belong to her clients

Leela Devi Bumb Vs ITO (ITAT Jaipur)

When assessee failed to file any reliable evidence or documents, which could establish that she was a sub-broker and cash deposited in her bank account belong to her clients, then action of treating the entire cash deposits as per section 69 as unexplained investment of the assessee was held to be fully justified....

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ITAT on Assessment of share capital/ premium as unexplained cash credit

M/s. Priyatam Plaschem Pvt. Vs The Income Tax Officer (ITAT Delhi)

Priyatam Plaschem Pvt. Ltd Vs ITO (ITAT Delhi) In this case ITAT explains  Law on whether share capital/ share premium received by a Company from investors can be assessed as ‘unexplained cash credit’  in the light of judgements of the Courts and Tribunal. In the case in hand Considering the facts of the case, in […]...

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Asset holding period should be computed from the date of allotment letter

Shri Sanjaykumar Footermal Jain Vs ITO (ITAT Mumbai)

Holding period should be computed from the date of issue of the allotment letter and not from the date of the conveyance deed (Rasiklal M. Parikh vs. ACIT 393 ITR 536 (Bom) distinguished)...

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Mere filing of an SLP would not make order of High Court bad in law

The Pr. Commissioner of Income Vs M/s. Associated Cables Pvt. Ltd, (Bombay High Court)

PCIT Vs Associated Cables Pvt. Ltd (Bombay High Court) Merely filing of an SLP from the order of CIT Vs. Hindustan Unilever Ltd. 394 ITR 73 would not make the order of this Court bad in law or give a license to the Revenue to proceed on the basis that the order is stayed and/or in […]...

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Understanding Part IV of GSTR 9C – Reconciliation of Input Tax Credit

The Central Goods and Service Tax Act, 2017 provides that an annual return in form GSTR 9C is required to be filed by every registered person whose turnover exceeds INR 2 crore in a financial year. The most important part under Goods and Service Tax is dealing with availment of input tax credit. Part IV […]...

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Posted Under: Income Tax |

No charity in Mere supply of food to poor received from Govt or Intermediaries

The commissioner of income tax Vs M/s. Annadan trust (Kerala High Court)

CIT Vs M/s. Annadan trust (Kerala High Court) The sub-contract of the assessee cannot be considered to be a charitable activity, especially since the supply of food is with the funds of the State Government, received by the assessee as contract amounts. The activity of the assessee confined to such sub-contracts cannot be deemed to b...

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Practical issues faced in TDS under GST

Brief summary regarding the definition of Value of supply and Contract under section 51, Situation when TDS is not deductible based on Place of supply....

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Posted Under: Income Tax |

TDS under GST (Section 51- CGST Act.) -Applicable from 1st October 2018

Recently Central Government has issued notification No. 50 – 2018; Dated 13/09/2018,  giving a final green signal for the implementation of TDS under GST (Section 51 of CGST) with effect from 1st October 2018. I tried to compile the provisions of the section 51 in One Single Table to understand the same quickly and effectively. [&h...

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Posted Under: Income Tax |