"23 September 2018" Archive

Addition for Cash Received Against Sale of Agricultural Land Not Disclosed In Sale Deed

Shri Jafrudin Kaji Vs The Income Tax Officer (ITAT Ahmedabad)

Shri Jafrudin Kaji Vs The ITO (ITAT Ahmedabad) It is an undisputed fact that the assessee sold land for Rs.72 lakhs as evident from the sale deed. Therefore, the argument of the learned counsel for the assessee that the amount of cash deposits represents the sale consideration of agriculture land is without any substance. However, [&helli...

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MCA Updates For The Month Of August 2018

Rules 1. Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2018 MCA has notified the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2018, which shall come into force from the date of their publication in the Official Gazette i.e 07-08-2018. Ministry of Corporate Affairs has notified the...

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Posted Under: Income Tax |

Invocation of rule 8D justified if exempt income is earned

Outsource Partners International (P.) Ltd. Vs DCIT (ITAT Bangalore)

Outsource Partners International (P.) Ltd. Vs DCIT (ITAT Bangalore) It was not a case where no exempted income is earned and AO applied rule 8D for as rule 8D of Income Tax Rules takes care of all aspects of interest bearing funds and interest free funds and expenditure incurred in management of portfolios, etc., once […]...

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Tax cannot be levied On Gain from Sale of Agricultural land based on intention of Buyer to use the land for business purpose

Principal CIT Vs Heenaben Bhadresh Mehta (Gujarat High Court)

the land was sold as an agricultural land and in fact, what was sold was agriculture land. What was the intention of the purchaser cannot be the determinative factor to treat the profit earned by the assessee on sale of agriculture land as business income....

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HC explains Accrual of liability under mercantile system of accounting

CIT Vs The KCP Limited (Andhra Pradesh High Court)

CIT Vs The KCP Limited (Andhra Pradesh High Court) In this case High Court explains Entire law on accrual of liability under mercantile system of accounting explained read with Accounting Standard 4 (AS-4) (contingencies and events occurring after the balance sheet date) issued by the ICAI and Section 211 of the Companies Act, 1956. FULL ...

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Understanding Newly Notified Form GSTR- 9C

The imposition of Goods and Service Tax Act has brought along with it lots of compliance in the form of return filing. Apart from monthly / quarterly return filing, the taxpayer also needs to file an annual return. As per provisions of section 35 (5) of the Central Goods and Service Tax Act, 2017, every […]...

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Posted Under: Income Tax |

Goods Transported without E-Way Bill; HC refuses to provide relief to Habitual Offender

Vanrajbhai Hasmukhbhai Chauhan Vs State of Gujarat (Gujarat High Court)

Vanrajbhai Hasmukhbhai Chauhan Vs State of Gujarat (Gujarat High Court) Issue in brief- petitioner is a habitual offender and is in habit of transporting goods without e-way bill and similar modus operandi is adopted to pay tax, the moment he is caught. There were 10 instances wherein the petitioner is caught without e-way bill and [&hell...

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No exempt income is received or receivable- No disallowance u/s 14A

PCIT Vs Ballarpur Industries Limited (Bombay High Court)

It is not the case of the Assessing Officer that any actual income was received by the assessee and the same was includible in the total income. In the facts of the case, the Authorities held that since the investments made by the assessee in the sister concerns were not the actual income received by the assessee, they could not have bee...

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Maintenance of Accounts in India by a Person Resident outside India

FEMA regulates, prohibits and restricts acceptance of deposits by Person Resident in India from a Person Resident outside India (PROI) and prescribes maintenance of accounts in India by PROI. This article provides an insight to the same....

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Posted Under: Income Tax |

Tax Audit under Section 44AB of Income Tax Act

Tax Audit under Section 44AB of Income Tax Act A tax audit is an examination of an organization’s or individual’s tax return to verify that financial information is being reported correctly. Tax Audit is attracted on an Individual or an organisation on fulfilling the required conditions of the Income Tax act. 1. What are the [...

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Posted Under: Income Tax |

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